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DTB Diamond Trust Bank FY2010 results
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erifloss
#1 Posted : Thursday, March 10, 2011 10:21:09 AM
Rank: Member


Joined: 6/21/2010
Posts: 514
Location: Nairobi
DTB:
PBT up 79%
PAT up 83%
EPS up 83% to 14 for basic & 11.68 for diluted.
DPS 1.6
Bonus 1:5
http://www.nse.co.ke/new...nts/Diamond%20Trust.pdf

COOP:
PBT up 55%
PAT up 54%
DPS 40 Cents.
http://www.nse.co.ke/new...op%20Bank%20%282%29.pdf

Guys expected almost 100% growth for DTB though the bonus is good.
Now i see why guys are jumping ship at coop.
'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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VituVingiSana
#2 Posted : Thursday, March 10, 2011 10:23:47 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,221
Location: Nairobi
DTBK's PBT has 1bn in Other Income. Sustainable?
Good show no matter what... The bond income is icing on the cake...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mkonomtupu
#3 Posted : Thursday, March 10, 2011 10:48:49 AM
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Joined: 2/10/2010
Posts: 1,001
Location: River Road
That DTB bonus+dividend looks good, Let's see how much lower it goes
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erifloss
#4 Posted : Thursday, March 10, 2011 11:13:25 AM
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Joined: 6/21/2010
Posts: 514
Location: Nairobi
I think DTB will be ok with my capital retention strategy during this unusual period so its a hold.
I think their performance is sustainable:
Their loan book has grown.
They've kept a lid on their expenses.
They are not highly exposed on loans.
Their interest income is growing modestly.
'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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mwanahisa
#5 Posted : Thursday, March 10, 2011 11:21:34 AM
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Joined: 6/2/2008
Posts: 1,438
Hurrah for DTK.

Coop - Not so good!
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Genghis Khan
#6 Posted : Thursday, March 10, 2011 11:30:30 AM
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Joined: 8/5/2010
Posts: 335
Location: Nairobi
DTB looks good.

A friend who works there says their business model is focussed on SME & mid-high end retail... mostly asset finance. Cars, trucks, buses etc. They have a very good loan book, loans with 2-3 years repayment and most are almost fully secured on assets. Little in the way of ODs or long term mortgages...

Seems to be paying off.
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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VituVingiSana
#7 Posted : Thursday, March 10, 2011 11:33:26 AM
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DTBK does ODs for businesses but solid management with long-term relationships with some major players... I betcha all Aga Khan firms use DTBK including Nation & Serena...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mwanahisa
#8 Posted : Thursday, March 10, 2011 11:37:05 AM
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Joined: 6/2/2008
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VituVingiSana wrote:
DTBK does ODs for businesses but solid management with long-term relationships with some major players... I betcha all Aga Khan firms use DTBK including Nation & Serena...


They sure do. This is the beauty of buying into a group like the Aga Khan's. They have a minimum assured level of income from their related parties, most of which are leaders in their chosen area of operation.
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Genghis Khan
#9 Posted : Thursday, March 10, 2011 12:00:44 PM
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Joined: 8/5/2010
Posts: 335
Location: Nairobi
VituVingiSana wrote:
DTBK's PBT has 1bn in Other Income. Sustainable?
Good show no matter what... The bond income is icing on the cake...


Good observation, anyone with any clues on what this could be? 92m in 2009 to 1,094m in 2010?

Its not in any of the usual income lines and I've not heard of any services / deals they did last year?

Its not treasury trading on securities... they hold under 1B.
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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selah
#10 Posted : Thursday, March 10, 2011 12:04:32 PM
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Joined: 10/13/2009
Posts: 1,950
Location: in kenya
mwanahisa wrote:
Hurrah for DTK.

Coop - Not so good!


I think COOP has done very well especially reducing its non performing Loan exposure by about 80% thats a good thing.

DTB growth was greatly helped by other incomes which last year was too low.

Once Coop start expanding into south sudan it will be a great stock.

'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Aguytrying
#11 Posted : Thursday, March 10, 2011 12:06:34 PM
Rank: Elder


Joined: 7/11/2010
Posts: 5,040
Where are the mafans wa dtb. These are amazing results not the 100 percent everyone was expecting, but look at the bonus. I almost did a backflip- which i cant do. Guru u were right about the bonus. Results have come out at a bad time. I think the share will hold. Whether i sell for capital gains or not and get the bonus. Win win.
The investor's chief problem - and even his worst enemy - is likely to be himself
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selah
#12 Posted : Thursday, March 10, 2011 12:30:55 PM
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Joined: 10/13/2009
Posts: 1,950
Location: in kenya
I think DTB should explain where that 'Other Income' came from. Such a leap is quite interesting.I have looked at the assets and nothing seems to have been written off.

Please can someone explain in layman terms how they made that Income.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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mwanahisa
#13 Posted : Thursday, March 10, 2011 12:34:05 PM
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Joined: 6/2/2008
Posts: 1,438
selah wrote:
mwanahisa wrote:
Hurrah for DTK.

Coop - Not so good!


I think COOP has done very well especially reducing its non performing Loan exposure by about 80% thats a good thing.

DTB growth was greatly helped by other incomes which last year was too low.

Once Coop start expanding into south sudan it will be a great stock.



There is a lot more business (and profits) in Kenya relative to the other neighbouring countries. Moving into a new territory does not necessarily result in a big increase in profits. E.g. Equity Bank made less than 5% of its net profits from S.Sudan while they made a big loss in Uganda. Same case certainly goes for KCB's greenfield operations in Uganda and Rwanda. Having said that I still believe Regional expansion is the way to go. However, we should not expect an overnight increase in profits as a consequence.
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VituVingiSana
#14 Posted : Thursday, March 10, 2011 12:34:50 PM
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@selah - Could be bond trading income but not specified since CBK does not require breakdown. I expect this will change in future years.

The Annual Report may have more - when it is released.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mwanahisa
#15 Posted : Thursday, March 10, 2011 12:37:47 PM
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Joined: 6/2/2008
Posts: 1,438
selah wrote:
mwanahisa wrote:
Hurrah for DTK.

Coop - Not so good!


I think COOP has done very well especially reducing its non performing Loan exposure by about 80% thats a good thing.

DTB growth was greatly helped by other incomes which last year was too low.

Once Coop start expanding into south sudan it will be a great stock.



There is a lot more business (and profits) in Kenya relative to the other neighbouring countries. Moving into a new territory does not necessarily result in a big increase in profits. E.g. Equity Bank made less than 5% of its net profits from S.Sudan while they made a big loss in Uganda. Same case certainly goes for KCB's greenfield operations in Uganda and Rwanda. Having said that I still believe Regional expansion is the way to go. However, we should not expect an overnight increase in profits as a consequence.
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selah
#16 Posted : Thursday, March 10, 2011 12:38:40 PM
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Location: in kenya
@mwanahisa I think COOP strategy of co-owning its SS operation with the government will give it an upper hand given that pple tend to be loyal to brands thats are locally owned.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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mwanahisa
#17 Posted : Thursday, March 10, 2011 12:42:59 PM
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selah wrote:
@mwanahisa I think COOP strategy of co-owning its SS operation with the government will give it an upper hand given that pple tend to be loyal to brands thats are locally owned.


No doubt about that. My contention is that even if Coop goes and makes 400 million like Equity did in 2010 that will only be about 10% of total profits which will not change its outlook materially.

I like Coop, but in my view it has underperformed its peers - Equity and KCB, hence I would only buy it at comparable PEs - higher than KCB but lower than Equity Bank.
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Agra
#18 Posted : Thursday, March 10, 2011 12:49:26 PM
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Joined: 4/22/2007
Posts: 96
Location: Agra, India
The results are very impressive but i feel its already factored by the price of 135 its a shame that a bonus cannot even excite this mkt.
It's easy for investors to get emotional and prejudiced when trading, but computers don't
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QD
#19 Posted : Thursday, March 10, 2011 12:56:14 PM
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Joined: 8/5/2009
Posts: 597
DTB best result going by all the parameters . their loans and advances fully covered by the customer deposits with a surplus which can be invested else where i.e. in the regional expansion given also the low leveraging and high earnings retention.

Long term holding.
The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
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VituVingiSana
#20 Posted : Thursday, March 10, 2011 12:57:50 PM
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QD wrote:
their loans and advances fully covered by the customer deposits
Most Kenyan banks have the same deposit/loan profile. Nothing extraordinary about it.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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