Par Value: 5/-
Closing Price: 157.00
Total Shares Issued: 277,454,016
Market Capitalization: 43,560,280,512
EPS: 18.58
PE: 8.450
A leading institution as the oldest foreign Bank in Kenya (97 years).
6 Months to June 2011 versus 6 months to June 2010
PAT 2.500116b versus 2.839024b
Loans and Advances +67% 83.7b
Operating Costs +21.7% to 3.4b due to Goodwill Amortisation Re Custody
Business
EPS 8.71 versus 10.13 -14.01%
Bonds hit StanChart Kenya's H1 profit Reuters
http://j.mp/r1UOdH
Standard Chartered Bank of Kenya posted a 14.6 percent fall in first-half
profit, as operating costs rose and a jump in interest rates devalued its
bond portfolio, it said on Wednesday.
"Standard Chartered have marked their bond portfolio to market. This is
something many of its peers avoided ... I thought the results were more than
respectable," said Aly Khan Satchu, an independent analyst.
The bank said it was positive about the second-half outlook as it unwinds
corrosive trading positions in the bond market and increases lending to
customers.
"The overall financial results for the first half were significantly
impacted by the sharp rise in interest rates, which resulted in the
revaluation of our trading book," Chief Executive Richard Etemesi said in a
statement.
The revaluation caused a mark to market unrealised loss in the bank's bond
trading portfolio and derivatives, leading to the drop in profit to 3.5
billion shillings ($37.8 million) from 4.1 billion shillings in the
year-earlier period.
During the period under review, the bank cut its investment in government
securities by 39.6 percent to 31.5 billion shillings.
StanChart's loan book grew by 67 percent during the period to 83.7 billion
shillings, lifted by demand from the corporate and small to medium-sized
enterprises sectors.
"The bank has apparently repositioned its lending towards customers and the
underlying organic growth metrics indicate a more forward posture," Satchu
said.
The Star Mark your Bonds to Market May 30th
http://j.mp/kC1NpF
PBT and Exceptional Items 7.681844b versus 6.728441b
PAT 5.376191b versus 4.732754b
EPS 18.58 versus 16.45
Total Dividend Pay Out 13.50 Interim 5.00 Final 8.50
Conclusions
StanChart reported FY Earnings somewhat behind its Peer Group and this
was signalled at the 3rd Quarter 2010 Point. At a PE of 14.8008, It
looks squarely priced. |
