23rd April 2018
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Company Data
 
I & M Holdings Ltd
http://www.imbank.com/
Par Value:                  
Closing Price:           125.00
Total Shares Issued:          413405369.00
Market Capitalization:        51,675,671,125
EPS:             16.47
PE:                 7.590
 

I&M Holdings Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Kenya government securities held to maturity 20.747773b vs. 16.848441b +23.144%
FY Loans and advances to customers (net) 153.018152b vs. 134.675332b +13.620%
FY Total assets 240.110741b vs. 210.542393b +14.044%
FY Customer deposits 169.282314b vs. 146.514406b +15.540%
FY Total shareholders equity 44.319853b vs. 37.029748b +19.687%
FY Loans and advances interest income 18.879611b vs. 19.217129b -1.756%
FY Government securities interest income 5.360089b vs. 5.055282b +6.029%
FY Total interest income 24.423762b vs. 24.451398b -0.113%
FY Customer deposit interest expense [7.571926b] vs. [7.712342b] -1.821%
FY Total interest expense [8.869275b] vs. [8.929722b] -0.677%
FY Net interest income/ [loss] 15.554487b vs. 15.521676b +0.211%
FY Fees and commission on loans and advanced 2.259757b vs. 1.852600b +21.978%
FY Foreign exchange trading income/ [loss] 1.828903b vs. 1.797461b +1.749%
FY Total Non interest expense 5.762826b vs. 4.973136b +15.879%
FY Total operating income 21.317313b vs. 20.494812b +4.013%
FY Loan loss provision [4.133170b] vs. [2.956979b] +39.777%
FY Staff costs [3.752209b] vs. [3.595375b] +4.362%
FY Other operating expenses [2.779830b] vs. [2.669659b] +4.127%
FY Total other operating expenses [11.977704b] vs. [10.335592b] +15.888%
FY Profit/ [loss] before tax and exceptional items 9.339609b vs. 10.159220b -8.068%
FY Profit/ [loss] after tax and exceptional items 7.264249b vs. 7.760162b -6.390%
Basic and diluted EPS 16.47 vs. 17.73 -7.107%
Dividend per share 3.50 vs. 3.50
Gross NPL and Advances 19.484638b vs. 9.427978b +106.668%
Net NPL and Advances 11.693109b vs. 4.038925b +189.510%
Liquidity ratio 35.67% vs. 37.24% -1.570%

I&M Holdings FY17 Results via Kestrel
Net interest income remained relatively unchanged y/y at KES 15.5bn, while non-interest income was up 15.5% y/y to KES 5.8bn.
Earnings were mainly impacted by 40% y/y increase in provisions, opex in turn went up by 15.9% y/y.
NPL ratio stood at 11.3% compared to FY16s 6.5%.
Loan book expanded by 13.6% y/y, faster than our estimated 8.0% y/y growth.
Deposit book grew 15.5% y/y against our estimated 9.0% growth.
Yield on interest earning assets stood at 11.6%, while cost of funds stood at 4.7%, leading to NIMs improvement.
Dividend has been maintained at KES 3.50 per share.

Conclusions

In line with its Peer Average.

I&M Holdings Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Kenya government securities held to maturity 20.747773b vs. 16.848441b +23.144%
FY Loans and advances to customers (net) 153.018152b vs. 134.675332b +13.620%
FY Total assets 240.110741b vs. 210.542393b +14.044%
FY Customer deposits 169.282314b vs. 146.514406b +15.540%
FY Total shareholders equity 44.319853b vs. 37.029748b +19.687%
FY Loans and advances interest income 18.879611b vs. 19.217129b -1.756%
FY Government securities interest income 5.360089b vs. 5.055282b +6.029%
FY Total interest income 24.423762b vs. 24.451398b -0.113%
FY Customer deposit interest expense [7.571926b] vs. [7.712342b] -1.821%
FY Total interest expense [8.869275b] vs. [8.929722b] -0.677%
FY Net interest income/ [loss] 15.554487b vs. 15.521676b +0.211%
FY Fees and commission on loans and advanced 2.259757b vs. 1.852600b +21.978%
FY Foreign exchange trading income/ [loss] 1.828903b vs. 1.797461b +1.749%
FY Total Non interest expense 5.762826b vs. 4.973136b +15.879%
FY Total operating income 21.317313b vs. 20.494812b +4.013%
FY Loan loss provision [4.133170b] vs. [2.956979b] +39.777%
FY Staff costs [3.752209b] vs. [3.595375b] +4.362%
FY Other operating expenses [2.779830b] vs. [2.669659b] +4.127%
FY Total other operating expenses [11.977704b] vs. [10.335592b] +15.888%
FY Profit/ [loss] before tax and exceptional items 9.339609b vs. 10.159220b -8.068%
FY Profit/ [loss] after tax and exceptional items 7.264249b vs. 7.760162b -6.390%
Basic and diluted EPS 16.47 vs. 17.73 -7.107%
Dividend per share 3.50 vs. 3.50
Gross NPL and Advances 19.484638b vs. 9.427978b +106.668%
Net NPL and Advances 11.693109b vs. 4.038925b +189.510%
Liquidity ratio 35.67% vs. 37.24% -1.570%

I&M Holdings FY17 Results via Kestrel
Net interest income remained relatively unchanged y/y at KES 15.5bn, while non interest income was up 15.5% y/y to KES 5.8bn.
Earnings were mainly impacted by 40% y/y increase in provisions, opex in turn went up by 15.9% y/y.
NPL ratio stood at 11.3% compared to FY16s 6.5%.
Loan book expanded by 13.6% y/y, faster than our estimated 8.0% y/y growth.
Deposit book grew 15.5% y/y against our estimated 9.0% growth.
Yield on interest earning assets stood at 11.6%, while cost of funds stood at 4.7%, leading to NIMs improvement.
Dividend has been maintained at KES 3.50 per share.

Conclusions

In line with its Peer Average.

I&M Holdings Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Kenya government securities held to maturity 20.747773b vs. 16.848441b +23.144%
FY Loans and advances to customers (net) 153.018152b vs. 134.675332b +13.620%
FY Total assets 240.110741b vs. 210.542393b +14.044%
FY Customer deposits 169.282314b vs. 146.514406b +15.540%
FY Total shareholders equity 44.319853b vs. 37.029748b +19.687%
FY Loans and advances interest income 18.879611b vs. 19.217129b -1.756%
FY Government securities interest income 5.360089b vs. 5.055282b +6.029%
FY Total interest income 24.423762b vs. 24.451398b -0.113%
FY Customer deposit interest expense [7.571926b] vs. [7.712342b] -1.821%
FY Total interest expense [8.869275b] vs. [8.929722b] -0.677%
FY Net interest income/ [loss] 15.554487b vs. 15.521676b +0.211%
FY Fees and commission on loans and advanced 2.259757b vs. 1.852600b +21.978%
FY Foreign exchange trading income/ [loss] 1.828903b vs. 1.797461b +1.749%
FY Total Non interest expense 5.762826b vs. 4.973136b +15.879%
FY Total operating income 21.317313b vs. 20.494812b +4.013%
FY Loan loss provision [4.133170b] vs. [2.956979b] +39.777%
FY Staff costs [3.752209b] vs. [3.595375b] +4.362%
FY Other operating expenses [2.779830b] vs. [2.669659b] +4.127%
FY Total other operating expenses [11.977704b] vs. [10.335592b] +15.888%
FY Profit/ [loss] before tax and exceptional items 9.339609b vs. 10.159220b -8.068%
FY Profit/ [loss] after tax and exceptional items 7.264249b vs. 7.760162b -6.390%
Basic and diluted EPS 16.47 vs. 17.73 -7.107%
Dividend per share 3.50 vs. 3.50
Gross NPL and Advances 19.484638b vs. 9.427978b +106.668%
Net NPL and Advances 11.693109b vs. 4.038925b +189.510%
Liquidity ratio 35.67% vs. 37.24% -1.570%

I&M Holdings FY17 Results via Kestrel
Net interest income remained relatively unchanged y/y at KES 15.5bn, while non interest income was up 15.5% y/y to KES 5.8bn.
Earnings were mainly impacted by 40% y/y increase in provisions, opex in turn went up by 15.9% y/y.
NPL ratio stood at 11.3% compared to FY16s 6.5%.
Loan book expanded by 13.6% y/y, faster than our estimated 8.0% y/y growth.
Deposit book grew 15.5% y/y against our estimated 9.0% growth.
Yield on interest earning assets stood at 11.6%, while cost of funds stood at 4.7%, leading to NIMs improvement.
Dividend has been maintained at KES 3.50 per share.

Conclusions

In line with its Peer Average.

I&M Holdings Limited H1 2017 results through 30th June 2017 vs. 30th June 2016

H1 Loans and advances to customers 144.546775b vs. 132.463686b +9.122%
H1 Investment securities 50.371550b vs. 48.605745b +3.633%
H1 Total assets 229.223755b vs. 210.337904b +8.979%
H1 Deposits from customers 161.526916b vs. 146.416925b +10.320%
H1 Total shareholders equity 44.367619b vs. 36.531292b +21.451%
H1 Interest income 11.090527b vs. 11.826385b -6.222%
H1 Interest expense [4.229236b] vs. [4.647603b] -9.002%
H1 Net interest income 6.861291b vs. 7.178782b -4.423%
H1 Net fee and commission income 1.370010b vs. 1.174418b +16.654%
H1 Revenue 8.231301b vs. 8.353200b -1.459%
H1 Operating income 9.566204b vs. 9.586654b -0.213%
H1 Operating expenses [3.881909b] vs. [3.281678b] +18.290%
H1 Operating profit before impairment losses and taxation 5.684295b vs. 6.304976b -9.844%
H1 Net impairment losses on loans and advances [965.564m] vs. [719.743m] +34.154%
H1 Profit before income tax 4.964193b vs. 5.825294b -14.782%
H1 Profit for the period 3.430086b vs. 4.176807b -17.878%
Basic and diluted EPS 7.86 vs. 9.45 -16.825%
Interim dividend
Cash and cash equivalents at the end of the period 15.743032b vs. 12.217230b +28.859%

Company Commentary

1 REPORTING ENTITY
I&M Holdings Limited (the Company ), a non operating holding company licensed by the Central Bank of Kenya under the Kenyan Banking Act (Chapter 488) and its subsidiaries (together, the Group) provide banking, Bancassurance and Real Estate services.
I&M Holdings Limited is incorporated in Kenya under the Companies Act as a public limited liability company and is domiciled in Kenya. The Banks shares are listed on the Nairobi Securities Exchange (NSE). I&M Holdings Limited and its subsidiaries operate in Kenya, Tanzania, Rwanda, Uganda and Mauritius.
The Company owns the following entities directly
(i) I&M Bank Limited 100% shareholding
(ii) Giro Limited 100% shareholding
(iii) I&M Bank (Rwanda) Limited effective interest of 54.99% in I&M Bank (Rwanda) Limited through a 68.742% holding in BCR Investment Company Limited (Mauritius) which owns 80% shareholding in I&M Bank (Rwanda) Limited.
(iv) I&M Capital Limited 100% shareholding
(v) Bank One Limited 50% interest in Bank One Limited, a joint venture in a bank licensed in Mauritius and
(vi) I&M Realty Limited (incorporated on 30 October 2014) 100% shareholding
(vii) I&M Burbidge Capital Limited, Kenya and Burbidge Capital (U) Limited , Uganda 65% shareholding
It also owns the following entities through I&M Bank Limited
(i) 70.38% shareholding in I&M Bank (T) Limited and
(ii) 100% shareholding in I&M Insurance Agency Limited (incorporated on 23 July 2014).

Conclusions

Behind its peer Group

FY Kenya government securities 21.592575b vs. 15.670421b +37.792%
FY Loans and advances to customers (net) 134.675332b vs. 127.823778b +5.360%
FY Total assets 210.542393b vs. 191.656837b +9.854%
FY Customer deposits 146.514406b vs. 132.980678b +10.177%
FY Total shareholders equity 37.029748 vs. 31.448133b +17.749%
FY Loans and advances to customers (net) 19.217129b vs. 17.742321b +8.312%
FY Total interest income 24.451398b vs. 21.869337b +11.807%
FY Customer deposit interest expense [7.712342b] vs. [8.017621b] -3.808%
FY Total interest expense [8.929722b] vs. [9.222172b] -3.171%
FY Net interest income [loss] 15.521676b vs. 12.647165b +22.729%
FY Fees and commission on loans and advanced 1.669783b vs. 1.646458b +1.417%
FY Foreign exchange trading income/ [loss] 1.797461b vs. 1.852429b -2.967%
FY Total Non interest expense 5.234287b vs. 4.915239b +6.491%
FY Total operating income 20.755963b vs. 17.562404b +18.184%
FY Loan loss provision [2.956979b] vs. [0.982495b] +200.966%
FY Staff costs [3.595375b] vs. [3.266810b] +10.058%
FY Other operating expenses [2.493228b] vs. [2.078688b] +19.942%
FY Total other operating expenses [10.152775b] vs. [7.394743b] +37.297%
FY Profit [loss] before tax and exceptional items 10.603188b vs. 10.167661b +4.283%
FY Profit [loss] after tax and exceptional items 7.760162b vs. 7.144411b +8.619%
Basic and diluted EPS 18.56 vs. 17.12 +8.411%
Dividend per share 3.50 vs. 3.50
Cash and cash equivalents at the end of the period 11.868769b vs. 4.378074b

Commentary

Final Dividend 3.50 unchanged from FY 15

Conclusions

On a PE pf 5.00 its inexpensive.

Loans and advances to customers 132.463686b vs. 123.121122b +7.588%
Total assets 210.337904b vs. 189.300939b +11.113%
Deposits from customers 146.416925b vs. 129.496175b +12.835%
Total shareholders equity 36.531292b vs. 30.186506b +21.019%
H1 Interest income 11.826385b vs. 10.107376b +17.007%
H1 Interest expense [4.647603b] vs. [4.216389b] +10.227%
H1 Net interest income 7.178782b vs. 5.890987b +21.860%
H1 Net fee and commission income 1.174418b vs. 1.143788b +2.678%
H1 Revenue 8.353200b vs. 7.034775b +18.742%
H1 Operating income 9.586654b vs. 8.205039b +16.839%
H1 Operating expenses [3.281678b] vs. [3.037467b] +8.040%
H1 Operating profit before impairment, losses and taxation 6.304976b vs. 5.167572b +22.010%
H1 Net impairment losses on loans and advances [719.743m] vs. [467.278m] +54.029%
H1 Profit before income tax 5.825294b vs. 4.837404b +20.422%
H1 Profit for the period 4.176807b vs. 3.396307b +22.981%
EPS 9.95 vs. 8.12 +22.537%
Dividends per share
Cash and cash equivalents at the end of the period 12.217230b vs. 11.176111b +9.316%
Investment Securities 48.605745b versus 38.185217b

Strong contribution from regional subsidiaries (18% of the overall group). Looking ahead, we expect this segment to be the key driver of earnings given the uncertainty in the Kenyan market. The improved earnings were attributed to improvements in the Companys NIMS by 50bps yy to 7.6%, resulting from lower cost of funds which were stable, though yields grew by 50bps to 12.5%. This was coupled with a 5.4% yy growth in other operating income to KES 1.2bn. Net interest income also increased by 21.9% yy to KES 7.2bn, though decreased by 43.2% ytd. The Companys investment securities increased by 1.3x to KES 48.6bn and placements with financial institutions increased by 1.6x to KES 8.1bn. Customers deposits with the bank increased by 13.1% yy to KES 146.4bn and loans and advances also grew by 7.6% yy to KES 132.5bn. Cost to income ratio improved by 280bps yy to 34.2%, mainly on account of operating income growing by 16.8% yy compared to operating expenses growing by 8.0% yy. Please find attached the Companys financial statement. (Source Company, Kestrel Research)

Conclusions

On a Trailing PE of 4.585 and having accelerated H1 16 EPS +22.537% This looks a good price.

FY Loans and advances to customers 127.823778b vs. 112.491329b +13.630%
FY Investment securities 39.135807b vs. 38.461486b +1.753%
FY Total assets 191.723542b vs. 176.464451b +8.647%
FY Deposits from customers 132.980678b vs. 114.201280b +16.444%
FY Net interest income 12.647165b vs. 10.404084b +21.560%
FY Operating income 17.238941b vs. 14.252432b +20.252%
FY Operating expenses [6.412248b] vs. [5.332354b] +20.954%
FY Net impairment losses on loans and advances [982.495m] vs. [857.788] +14.538%
FY Profit before income tax 10.167661b vs. 8.229894b +23.545%
FY Profit for the year 7.144411b vs. 5.734013b +24.597%
EPS 17.12 vs. 13.56 +26.254%
Dividend per share 3.50 vs. 2.90 +20.690%
Cash and cash equivalents at end of the year 4.378074b vs. [4.906044b]

Conclusions

Strong Earnings. Cheap PE Ratio. Has room to the topside

Group First Half Earnings through 30th June 2015 versus 6 months through 30th June 2014
First Half Total Assets 189.300939b versus 158.197690b +19.66%
First Half Loans and Advances Net to Customers 123.121122b versus 102.095020b +20.594%
First Half Net Income 5.890987b versus 4.975389b
First Half Net Fee and commission income 1.194522b versus 0.964673b
First Half Revenue 7.085509b versus 5.940061b
First Half Other Operating Income 1.170264b versus 0.687841b +70.13%
First Half Operating Income 8.255773b versus 6.627902b
First Half Staff Costs [1.651929b] versus [1.398208b]
First Half General administrative expenses [1.033987b] versus [0.789954b] +30.89%
First Half Operating Expenses [3.088200b] versus [2.547828b]
First Half Net Impairment Losses on Loans and Advances [467.278m] versus [373.786m]
First Half Profit before Income Tax 4.837405b versus 3.796185b +27.42%
First Half Profit after Tax 3.396308b versus 2.621765b +29.54%
First Half EPS 8.12 versus 6.18 +31.39%
No Interim dividend

From the Notes
The Group I&M Bank Limited [compromising I&M Bank Kenya limited, I&M Bank [T] Limited and I&M Capital Limited and Bank One Limited Mauritius
Company has 55.03% shareholding in I&M Bank [T] limited
I&M Realty
an Insurance Agency
50% interest in Bank One Limited a joint venture in a Bank licensed in Mauritius
effective interest in I&M Bank [Rwanda] 54.99%

Conclusions

Interesting geographical spread. Has a lower Base effect which probably supports this shape of Earnings Trajectory for more than 24 months.
Looks a cheap share on a Forward Price Earnings Ratio Basis

I&M reports 11 Month Earnings through June 2013 here
http://www.rich.co.ke/media/docs/I_M%20Holdings%20Ltd%20-%20unaudited%20interim%20financial%20results.pdf

FY Earnings through 31st December 2014 versus through 31st December 2013
FY Total Assets 176.464451b versus 141.200545b +24.97%
FY Interest Income 17.591479b versus 14.483258b
FY Interest Expense [7.187395b] versus [5.595544b]
FY Net Interest Income 10.404084b versus 8.887714b
FY Fees and Commissions Net 2.139456b versus 1.895754b
FY Revenue 12.543540b versus 10.783468b +16.32%
FY Other Operating Income 1.708892b versus 1.542237b
FY Operating Income 14.252432b versus 12.325705b
FY Operating Expenses [5.332354b] versus [4.672154b] +14.13%
FY Operating Profit before Impairment losses and Taxation 8.920078b versus 7.653551b
FY Net Impairment losses on Loans and Advances [857.788m] versus [472.089m] +81.700%
FY Profit before Tax 8.229894b versus 7.257794b +13.393%
FY Profit after Tax 5.734013b versus 4.974956b +15.25%
Full Year Earnings Per Share 13.56 versus 11.75 +15.404%
Final Dividend 2.90 a share

Conclusions

Strong Headline Growth FY Total Assets +24.97% Year on Year
Single Digit PE
Strong and growing Franchise

I M Holdings reports First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Loans and Advances Net to Customers 102.095020b versus 83.986547b +21.561%
First Half Total Assets 158.197690b versus 134.357888b +17.743%
First Half Net Interest Income 4.975389b versus 4.140039b
First Half net Fee and commission income 964.673m versus 913.542m
First Half other operating Income 687.841m versus 841.605m
First Half Operating Income 6.627902b versus 5.895186b
First Half Operating Expenses [2.547828b] versus [2.235674b]
First Half Net Impairment [373.786m] versus [161.362m] +131.644%
First Half Profit before Tax 3.796185b versus 3.477815b +9.1543%
First Half profit after Tax 2.621765b versus 2.390520b +9.6743%
First Half Earnings Per Share 12.46 versus 12.21

Conclusions

Fairly priced.

FY Earnings through 31st December 2013 versus FY through December 2012
Full Year Loans and advances to Customers 91.882664b versus 71.012960b +29.388%
FY Total Assets 141.200545b versus 119.233345b +18.423%
FY Deposits from Customers 97.145568b versus 87.774149b
FY Net Interest Income 8.887714b versus 5.995006b +48.25%
Net Fee and Commission Income 1.895754b versus 1.511564b +25.416%
FY Other Operating Income 1.542237b versus 1.477393b
FY Operating Income 12.325705b versus 8.983963b +37.196%
FY Operating Expenses [4.672154b] versus [3.576541b] +30.633%
FY Profit Before Tax 7.257794b versus 5.702304b +27.27%
FY Profit After Tax 4.974956b versus 4.119557b +20.764%
FY Earnings Per Share 11.75 versus 9.84 +19.41%
Interim Dividend 2.50 a share

Conclusions

Fairly priced versus its Peers.

11 Months through 30th June 2013 versus 12 months through June 2012
Total Operating Income 758.829m versus 57.465m +1,320%
Admin and Operating Expenses [16.713m] versus [5.508m]
11 Months PBT 742.116m versus 51.957m
11 Months PAT 741.646m versus 48.420m +1,531%
EPS 1.89 versus 1.69 +11.834%

Conclusions

On a Trailing PE of 60.355, Investors are taking a lot of the Growth Story on Trust.
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: 20 Apr 2018
 
Downloads
 
  05-APR-2018 ::  Public Announcement
  Acquisition of all of the Issued Share Capital of Youjays Insurance Brokers Ltd.

Download N.S.E Announcement
   
  28-MAR-2018 ::  Full Year Results
  Audited Results of the Group for the Year Ended 31st December 2017.

Download N.S.E Announcement
   
  28-AUG-2017 ::  HALF YEAR RESULTS
  Unaudited Interim Condensed Financial Statements for the Period Ended 30th June 2017.

Download N.S.E Announcement
   
  05-JUL-2017 ::  AGM Resolutions
  Annual General Meeting Resolutions

Download N.S.E Announcement
   
 
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