30th May 2016
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Company Data
Co-operative Bank of Kenya Ltd.
Par Value:                  1/-
Closing Price:           18.05
Total Shares Issued:          4889316295.00
Market Capitalization:        88,252,159,125
EPS:             2.31
PE:                 7.814

FY Loans and advances to customers 208.571920b vs. 179.486355b +16.205%
FY Customer deposits 265.398587b vs. 217.698323b +21.911%
FY Loans and advances income 30.039822b vs. 24.713355b +21.553%
FY Total interest income 36.791204b vs. 29.352011b +25.345%
FY Customer deposit expense [12.183736b] vs. [5.957719b] +104.503%
FY Net interest income/ [loss] 23.204293b vs. 21.275858b +9.064%
FY Other fees & commission 7.162155b vs. 6.565180b +9.093%
FY Total operating income 36.389778b vs. 32.085762b +13.414%
FY Loan loss provision [2.019295b] vs. [1.175598b] +71.767%
FY Staff costs [8.925220b] vs. [8.438158b] +5.772%
FY Other operating expenses [6.543423b] vs. [6.722174b] -2.659%
FY Profit before tax 15.38302b vs 10.916210b +40.920%
FY Profit after tax and exceptional items 11.705558b vs. 8.014997b +46.046%
FY Gains/[losses] from translating the financial statements of foreign operations [979.654m] vs 30.384m -3,324.243%
EPS 2.31 vs. 1.69 +36.686%
Dividend per share 0.80 vs. 0.50 +60.000%
Liquidity ratio 37.1% vs. 35.3% +1.800%
Total NPL 7.130565b vs. 7.669784b -7.030%


Strong Numbers. Navigated South Sudan apparently. +60% Dividend Hike will go down well

First Half Earnings through 30th June 2015 versus through 30th June 2014
First Half Total Assets 325.076787b versus 266.672685b +21.9%
First Half Loans and Advances [Net] to Customers 204.839981b versus 165.759035b +23.57%
First Half Total Interest Income 16.683949b 13.651045b
First Half Net Interest Income 11.774278b versus 9.930198b
First Half Total Non-Interest Income 5.970216b versus 6.238414b -4.299%
First Half Total Operating income 17.744494b versus 16.168612b
First Half Total Operating Expenses 9.058693b versus 9.440957b -4.04%
First Half Profit before Tax 8.752912b versus 6.755655b +29.56%
First Half Profit after Tax 6.240278b versus 4.715331b +32.34%
First Half EPS 1.28


Really sparking H1 Earnings. Costs down 4.04% is commendable.

Group Full Year Earnings through 31st December 2014 versus through December 2013
Full Year Total Assets 285.396067b versus 231.215359b +23.433%
Full Year Loans and Advances to Customers [net] 179.846355b versus 137.087227b +31.19%
Full Year Total Interest Income 29.352011b versus 24.541725b
Full Year Total Interest Expenses 8.076154b versus 5.915815b
Full Year Net Interest Income 21.275858b versus 18.625910b
Full Year Total Non-Interest Income 10.809905b versus 9.263893b
Full Year Total Operating Income 32.085762b versus 27.889803b
Full Year Loan Loss Provision 1.175598b versus 0.778157b
Full Year Total Operating Expenses 20.098019b versus 17.382727b
Profit before Tax and Exceptional Items 11.987743b versus 10.507075b +14.092%
FY Exceptional items -Early Retirement Costs [1.342509b] versus 0.00
Share of profit of Associate 270.976m
Full Year Profit Before Tax 10.916210b versus 10.872444b +0.4025%
Full Year Tax 3.453288b versus 1.996713b +72.94%
Full Year Profit after Tax 8.014997b versus 9.108185b -12.002%
Full Year Earnings Per Share 1.64 versus 2.17 -24.42%
Final Dividend 0.50cents a share unchanged

The lender, which serves individuals and co-operatives in the east African nation, said it incurred a one-off payment of 1.34 billion shillings to cut staffing as part of its restructuring programme, and projected a 30 percent growth in profitability in 2015 resulting from the restructuring


The One-Off Redundancy Charge crimped Earnings.
Has a Strong franchise.

Group First Half Earnings through 30th June 2014 versus through 30th June 2013
Loans and Advances [Net to Customers] 165.759035b versus 124.922159b +32.689%
First Half Total Assets 266.672685b versus 225.252258b
First Half Total Interest Income 13.651045b versus 11.743502b
First Half Total Interest Expenses 3.720848b versus 2.881310b
First Half Net Interest income 9.930198b versus 8.862192b
First Half Fees and commissions on Loans and Advances 1.028917b versus 0.868748b
First Half other Fees and Commissions 3.869909b versus 2.434541b
First Half Total Non Interest Income 6.238414b versus 4.498174b
First Half Total Operating Income 16.168612b versus 13.360366b
First Half total Staff Costs 4.037123b versus 3.286978b
First Half Profit before Tax 6.755168b versus 5.870886b +15.062%
First Half Profit After Tax 4.715331b versus 4.714073b +0.266%
First Half Earnings Per share 1.13 versus 1.12 +0.89%


an increase in its effective tax rate (+1,050 bps y/y to 30.2%) informs us why PBT was +15.062% versus PAT +0.266%
The effective tax rate increased following the expiry of the bank’s grant of a lower tax rate for the 5-year period between 2008 and 2013, as a benefit following its listing on the NSE in 2008.
Not factoring in the higher effective tax rate, the bank’s performance improved, with its PBT growing 15.1% y/y to KES 6.8bn.

FY Earnings through Dec 2013 versus FY through December 2012
FY Loans and Advances to customers [net] 137.087227b versus 119.087748b
FY Total Assets 231.215359b versus 200.886582b
FY Customer Deposits 175.425121b versus 162.083580b +8.231%
FY Total Interest Income 24.541725b versus 24.356127b
FY Total Interest Expenses 5.915815b versus 8.680008b -31.8455%
FY Net Interest Income 18.625910b versus 15.676118b
FY Total Non-Interest Income 9.263893b versus 8.169217b
FY Total Operating Income 27.889803b versus 23.845336b
Loan Loss Provision 778.157m versus 999.882m
Staff Costs 8.013780b versus 6.096093b +31.457%
FY Total Operating Expenses 17.382727b versus 14.235196b +22.11090%
FY Profit Before Tax 10.872444b versus 9.983772b +8.901%
FY Profit After Tax 9.108185b versus 7.723858b +17.922%
FY Earnings Per share 2.17 versus 1.84 +17.934%
Full Year Dividend 50 cents a share and unchanged

Company Commentary

Bonus Share of 1 for every 6 held.


Probably aims higher and through 21.70 on some bonus Euphoria. More than
solid Earnings.
The Co-operative Bank of Kenya Limited ('the Bank') is incorporated in Kenya under the Companies Act and is licensed to do the business of banking under the Banking Act.

FY Earnings through December 2012
Total Assets 200.773298b versus 168.311601b +19.2866%
Total Interest Income 24.627027b versus 16.390715b
Customer Deposits Interest Expense 8.013587b 3.851297b
Total Interest Expense 8.680008b 4.505915b
Net Interest Income 15.947019b versus 11.884801b
Total Non Interest Income 7.812677b versus 6.451051b
Total Operating Income 23.759696b versus 18.335851b
Loan Loss 999.882m versus 709.903m
Staff Costs 6.118728b versus 5.511355b
Other Operating Expenses 4.701362b versus 3.873854b
FY PBT 9.970537b versus 6.362562b +56.7062%
FY PAT 7.707986b versus 5.362602b +43.735%
FY EPS 1.84 versus 1.54 +19.4.085%
Final Dividend 0.50 versus 0.40 +25%


Strong Results. Dividend lifted 25%. PE Ratio of 7.255 means There is Head Room.

Q3 2012 versus Q3 2011
Total Assets 197.671556b versus 166.937290b
Loans And Advances net to Customers 118.350779b versus 106.443801b +11.186%
Profit and Loss Before Tax 7.490112b versus 5.452809b +37.362%
Profit and Loss After Tax 5.915956b versus 4.362247b +35.617%
Q3 Earnings Per Share 1.41 versus 1.25 +12.8%

H1 through June 2012 compared with H1 through June 2011
Loans and Advances Net to Customers 112.605b versus 109.408815b End Dec 2011+2.922%
Customer Deposits 145.682875b versus 130.711834b and [versus 142.632308b End Dec 2011]
Total Operating Income 11.482376b versus 9.331292b +23.052%
Staff Costs 3.066664b versus 2.549525b +20.283%
Profit Before Tax 5.006698b versus 4.145107b +20.785%
Profit After Tax 4.025372b versus 3.298420b +22.03%
Earnings Per Share 0.96 versus 0.95 +1.0526%


Earnings Per Share +1.0526% versus PBT +20.785% is because of the 1 for 5 Bonus that was effected in 2012.

FY Results 2011 versus FY Results 2010
Total Assets 168.311601b versus 154.339991b
Customer Deposits 142.632308b versus 123.878422b +15.14183%
Interest Income Loan and Advances 13.292373b versus 9.274912b
Interest Income Government Securities Interest 3.005299b versus 2.519198b
Total Interest Income 16.390715b versus 11.826746b
Total Interest Expense 4.505915b versus 2.638132b
Foreign Exchange Trading 1.013213b versus 0.621201b +63.1055%
Operating Income 18.335851b versus 15.671914b
Other Operating Expenses 3.873854b versus 3.144511b -> Not Sure what comprises this Genre
Total Operating Expenses 12.127233b versus 10.029273b
PBT 6.362562b versus 5.772618b +10.219696%
PAT 5.362602b versus 4.580698b +17.069538%
EPS 1.53 versus 1.31 +16.793%
Dividend 40 Cents a Share
Bonus Share of 1 for Every 5 held


PAT was +41.34% at H1 2011 versus +17.069538% FY 2011. COOP has clearly decelerated through H2. It trades on a PE 8.62745 X 2011 FY.

Swot Analysis 6 months to June 2011 versus six Months to June 2010
PBT 4.145107b versus 2.910854b
PAT 3.305483b versus 2.338512b +41.34%
EPS 0.95 versus 0.67 +.41.79%


At +40% and change and on a straight Line basis the Forward Implied PE is sub 8. The Regional Play is also interesting.

FY Results 2010 versus FY 2009
Total Assets 154.399b versus 110.678b
PAT 4.580698B versus 2.967962B
Fist and Final Dividend 0.40
4.580698B/ 3,492,369,920 = 1.311 Eps versus 0.85 last time = +54.235%


COOP Bank reported EPS of 1.311 per shares versus 0.85 last time +54.235%.
The Dividend is 0.40.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 30 May 2016
  18-MAY-2016 ::  Quartely Results
  Group Financial Results for the Period Ended 31st March 2016.

Download N.S.E Announcement
  03-MAY-2016 ::  Notice of Annual General Meeting.
  Notice of Annual General Meeting.

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  17-MAR-2016 ::  Financial results for the period ended 31st December 2015
  Financial results for the period ended 31st December 2015

Download N.S.E Announcement
  05-NOV-2015 ::  Financial Statements for the Period Ended 30th September 2015
  Financial Statements for the Period Ended 30th September 2015

Download N.S.E Announcement
  12-AUG-2015 ::  Financial results for the period ended 30th June 2015
  Financial results for the period ended 30th June 2015

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