PBT up 14%. I expected 16%. Not been a great yr for StanChart

Dividend upto Ksh13.50 http://af.reuters.com/ar.../idAFJOE72603J20110307. It pays to hold this stock. Might add some more for the next generation.

Okay looking for these results, but I must say I've come to admit StanChart is the classic contrarian.

When financial industry has stellar results they always perform modestly. And if the opposite happens, they have incredible performance, as was the case FY2009.

Must be as a result of being conservative.

Disspointing results in my view. 4th Qtr (Oct-Dec) 2010 results are down a massive 27% relative to Q3 2010 (Jul-Sep). This compares to drops of 5% and 9% for Equity and NIC Banks being the other banks that slowed down in Q4.

SCBK has now slipped to 4th on the profitability rankings and with the way CoopBank is moving, it will probably be 5th by June this year. Note that SCBK is already No. 5 in terms of the size of their balance sheet.

I would certainly not be buying into SCBK at the 2nd highest PE of the NSE listed banks (which have already reported) with possibly the lowest growth rate in profitability, even after all others report.

@Gordon

I thought most of the rights cash went to paying for the 3.5 billion custodial business of BBK?

More data on SCBK

v Total interest income rose by 3% to KSh.9.9 Bn arising from a 3.6% increase in interest income from loans and advances to KSh.6 Bn and a 16.6% increase in interest income from Government Securities to KSh.3.66Bn.

v Interest expense on customer deposits went down by 31% to KSh.1.1 Billion due to reduced cost of funds.

v Net interest income grew by 8.5% to stand at KShs. 8.4 Billion following a 6.4% increase in the bank’s loan book to KShs.60 Bn.

v Total operating income was up 13.8 % to KShs.14 Bn compared to a marginally lower increment in total operating expenses of 13.3% to KShs.6.5 Bn.

v Profit before tax rose by 14.2 % to KShs. 7.7 Billion.

v Profit after-tax grew to KShs. 5.4 Billion, a 13.6 % increment.

v Earnings per share (basic and diluted) hit Kshs.18.58 from the previous year’s KShs. 16.45.

v The directors recommended a final dividend per share of KSh.8.50 .An interim dividend per share of KSh 5 was paid in December 2010.Books close on 5th,April 2011 and the final dividend will be paid on or after 19th May,2011.

v The bank’s asset base stands at 142 Billion KShs.

v Liquidity ratio stands at 55 % which is above the statutory minimum of 20 %.