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CFC Stanbic Bank's splendid Q1 2013
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timuka
#11 Posted : Tuesday, May 21, 2013 10:39:11 AM
Rank: Member

Joined: 1/21/2013
Posts: 427
VituVingiSana wrote:
Hmmm, looks interesting but the Balance Sheet has shrunk. Considerably.
Assets down by 4.5bn [3.5%]
I find that odd when most other (large) banks were increasing their footprint.


Excuse me for my ignorance am not an expert in financial matters but why are there so many variations between the December 2012 audited results in their FY2012 financial report and what they have on the newspaper article as the December 2012 numbers? For instance - Total assets as per the financial report 125b(143b-18b)vs 133b on the newspaper article?
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hisah
#12 Posted : Tuesday, May 21, 2013 10:39:37 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
the deal wrote:
What did i tell ya folks???

Shhh... This is a private party smile Don't attract attention. Wacha tukule kwanza...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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the deal
#13 Posted : Tuesday, May 21, 2013 10:40:08 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
Splendid...q/q the loan book is growing...customer deposits are growing...the quality of our loan book should be among the best in the industry Gross NPL/Advances at 2.1%....impressive growth in NIR...Q2 expect more NIR since the CIB division won advisory mandates for the Rwanda Eurobond...this thing is undervalued folks.
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  | | Edit by user: Tuesday, May 21, 2013 10:41 AM | Reason: Not specified
mwanahisa
#14 Posted : Tuesday, May 21, 2013 10:53:05 AM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
You are probably looking at the Annual Report for CFC Stanbic Holdings while this thread is about CFC Stanbic Bank Ltd. CFC Stanbic Holdings owns the bank as well as CFC Financial Services. I think other items such as goodwill on purchase of CFC Bank by CFC Stanbic Holdings are captured in the books of the Holding company and not in the bank's accounts. NOTE: CFC Stanbic Bank is NOT the listed entity.

timuka wrote:
VituVingiSana wrote:
Hmmm, looks interesting but the Balance Sheet has shrunk. Considerably.
Assets down by 4.5bn [3.5%]
I find that odd when most other (large) banks were increasing their footprint.


Excuse me for my ignorance am not an expert in financial matters but why are there so many variations between the December 2012 audited results in their FY2012 financial report and what they have on the newspaper article as the December 2012 numbers? For instance - Total assets as per the financial report 125b(143b-18b)vs 133b on the newspaper article?

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timuka
#15 Posted : Tuesday, May 21, 2013 11:01:59 AM
Rank: Member

Joined: 1/21/2013
Posts: 427
mwanahisa wrote:
You are probably looking at the Annual Report for CFC Stanbic Holdings while this thread is about CFC Stanbic Bank Ltd. CFC Stanbic Holdings owns the bank as well as CFC Financial Services. I think other items such as goodwill on purchase of CFC Bank by CFC Stanbic Holdings are captured in the books of the Holding company and not in the bank's accounts. NOTE: CFC Stanbic Bank is NOT the listed entity.

timuka wrote:
VituVingiSana wrote:
Hmmm, looks interesting but the Balance Sheet has shrunk. Considerably.
Assets down by 4.5bn [3.5%]
I find that odd when most other (large) banks were increasing their footprint.


Excuse me for my ignorance am not an expert in financial matters but why are there so many variations between the December 2012 audited results in their FY2012 financial report and what they have on the newspaper article as the December 2012 numbers? For instance - Total assets as per the financial report 125b(143b-18b)vs 133b on the newspaper article?




Thanks mwanahisa - i was looking at the wrong report
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stocksmaster
#16 Posted : Tuesday, May 21, 2013 11:06:15 AM
Rank: Member

Joined: 9/26/2006
Posts: 463
Location: CENTRAL PROVINCE
the deal wrote:
Splendid...q/q the loan book is growing...customer deposits are growing...the quality of our loan book should be among the best in the industry Gross NPL/Advances at 2.1%....impressive growth in NIR...Q2 expect more NIR since the CIB division won advisory mandates for the Rwanda Eurobond...this thing is undervalued folks.


I just changed my intention for this stock from a speculative play to a Buy.

This is the stock to watch for this year especially if this trend is maintained for the other three quarters of the year......an EPS of about Ksh 11 even at a P/E of 8 is Ksh 88....

Happy hunting

x handle: @stocksmaster79
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mwekez@ji
#17 Posted : Tuesday, May 21, 2013 11:17:38 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
smile
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VituVingiSana
#18 Posted : Tuesday, May 21, 2013 11:20:00 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,343
Location: Nairobi
Where does one get the (e-copy) Annual Report for CFC Holdings?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mwekez@ji
#19 Posted : Tuesday, May 21, 2013 11:49:15 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
VituVingiSana wrote:
Where does one get the (e-copy) Annual Report for CFC Holdings?


http://www.cfcstanbicbank.co.ke...tatements20122604203.pdf
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Aguytrying
#20 Posted : Tuesday, May 21, 2013 12:27:47 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
My buy trigger button was at the ready when it touched sub 60 last week, but no conviction then to buy, but now.... food for thought
The investor's chief problem - and even his worst enemy - is likely to be himself
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