NIC Bank 1Q 2011 Earnings Analysis
2011 vs 2010 (KSh Billions)
Total Interest Income 1.3 vs 1.1
Total Non Interest Income 0.47 vs 0.48
Total Operating Income 1.4 vs 1.1
Total Operating Expenses 0.62 vs 0.58
Profit Before Tax 0.80 vs 0.52
Profit After Tax 0.55 vs 0.35
EPS 1.4 vs 0.87
Commentary
Strong results once again from the local banks, i really cant find flaws in their perfomance apart from the increase in staff costs which surged a little bit this quater otherwise its a good job done by NIC Bank and i believe the mid tier banks in Kenya still have a lot of room for growth. On a straight line barring any hiccups Year end EPS will be Ksh 5.6 that will give a forward PE of 8.2 at the closing price of Ksh 46 which is quiet CHEAP and to me NIC Bank is a BUY at this levels.
Courtesy of
http://contrarianinvesti...1-earnings-analysis.html