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I&M Bank FY13 PBT up 27.4%
mwekez@ji
#1 Posted : Monday, March 24, 2014 8:12:16 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
Steady P&L and BS performance *applause*

https://www.imbank.com/im-bank-g...-2013-financial-results/
mwekez@ji
#2 Posted : Monday, March 24, 2014 8:22:28 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
murchr
#3 Posted : Tuesday, March 25, 2014 4:10:21 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
Interesting that @VVS hasn't commented yet....or are you crunching the numbers? smile
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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madebe
#4 Posted : Tuesday, March 25, 2014 8:30:05 AM
Rank: Member


Joined: 10/7/2010
Posts: 251
Location: nairobi
Hi all. Wat is the EPS, DPS of this company. and payment dates. and is this the same earnings for I&M Holdings???
muganda
#5 Posted : Tuesday, March 25, 2014 10:40:44 AM
Rank: Elder


Joined: 9/15/2006
Posts: 3,905
madebe wrote:
Hi all. Wat is the EPS, DPS of this company. and payment dates. and is this the same earnings for I&M Holdings???


I estimate EPS to be 11.77
Which means at a price of 127
...P/E to be 10.8

Dividends/payment not stated outright.
From balance sheet, I estimate it to be about 2.50
...Dividend yield then would be 2%

Cost to income ratio for group at surprising 41%
madebe
#6 Posted : Tuesday, March 25, 2014 11:18:29 AM
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Joined: 10/7/2010
Posts: 251
Location: nairobi
Good Numbers. NSE and CMA should provide a standard way of reporting adequately
mwekez@ji
#7 Posted : Thursday, March 27, 2014 10:40:41 AM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
muganda wrote:
madebe wrote:
Hi all. Wat is the EPS, DPS of this company. and payment dates. and is this the same earnings for I&M Holdings???


I estimate EPS to be 11.77
Which means at a price of 127
...P/E to be 10.8

Dividends/payment not stated outright.
From balance sheet, I estimate it to be about 2.50
...Dividend yield then would be 2%

Cost to income ratio for group at surprising 41%


I&M Holdings FY13 results coming up in second week of April. Wikileaks available via @muganda
VituVingiSana
#8 Posted : Thursday, March 27, 2014 9:25:25 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,122
Location: Nairobi
murchr wrote:
Interesting that @VVS hasn't commented yet....or are you crunching the numbers? smile
Can't I take a holiday? d'oh! d'oh! d'oh! ... I saw the numbers. Healthy increase. There will be a slight decrease for I&M Holdings PAT (vs I&M Bank PAT) since there are expenses unique to I&M Holdings including:

1) Costs to (reverse takeover) acquire I&M Bank [City Trust bought I&M Bank & then changed its name to I&M Holdings].
2) Costs for running I&M Holdings e.g. directors, Co Sec, etc [I&M Bank has its own directors, etc].
3) Other misc expenses.

@Madebe - CMA folks would not know it if a crocodile bit their bums! CBK does have a Standard Reporting format for banks thus what you see is I&M Bank (Kenya) detailed Financial Statements. What we will miss will be detailed Quarterly Reports for those subsidiaries that are transferred to I&M Holdings out of I&M Bank.

The results were quite good when one considers that Mauritius made a huge 1Q 2013 loss while the 4Q 2013 for Rwanda was quite poor. Kenya was the star performer in 2013. I expect 2014 to be better since:

1) Mauritius losses (in 2013) are now history.
2) Rwanda saw 20+% gains in Deposits & Loans (2013 vs 2012) which should translate into larger Net Interest Income in 2014. The CoW will help as Kenyan businesses continue expanding into Rwanda and I am sure I&M will look for clients who need services in KE & RW,
3) Tanzania's economy will grow faster than Kenya's for the next 2 years. And I&M is positioned as a bank which wants to do business. I don't have 2013 numbers but new branches are being opened.
4) Kenya will be tough but after raising a KES 3.8bn bond as Tier 2 Capital, KE can expand its lending substantially. And they can raise another KES 6.2bn if they want to.
5) Apparently a greenfield for UG is in the works if buying a UG bank is too pricey. Note that ALL of I&M's expansion has been via acquisitions so don't rule that out.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
moneydust
#9 Posted : Thursday, June 19, 2014 1:09:31 PM
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Joined: 1/31/2007
Posts: 304
Who has information on the 1st Qtr 2014 results for I&M bank? Could it have anything to do with the current rally?
mwekez@ji
#10 Posted : Thursday, June 19, 2014 2:18:08 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
moneydust wrote:
Who has information on the 1st Qtr 2014 results for I&M bank? Could it have anything to do with the current rally?


https://www.imbank.com/wp-conten...s/2014/05/March-2014.pdf
moneydust
#11 Posted : Thursday, June 19, 2014 3:01:27 PM
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Joined: 1/31/2007
Posts: 304
mwekez@ji wrote:
moneydust wrote:
Who has information on the 1st Qtr 2014 results for I&M bank? Could it have anything to do with the current rally?


https://www.imbank.com/wp-conten...s/2014/05/March-2014.pdf


Thanks...
VituVingiSana
#12 Posted : Thursday, June 19, 2014 5:01:38 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,122
Location: Nairobi
When other banks had 0-20% growth, I&M beat that plus the results are for I&M Bank not I&M Holdings so there are more goodies [good results] relating to Rwanda that might not be included in the 1Q as shown.

There was a huge turnaround in Mauritius from a loss in 1Q 2013 to a solid profit in 1Q 2014. So expect further profit growth y-o-y.

Consider that Rwanda's profits are NOT included in the 1Q results for the BANK. So when the HOLDINGS reports, it will include Rwanda.

Finally, I&M said in its Annual Report that non-payment by GoK to its contractors meant there were additional NPLs & provisions but with the successful Eurobond this amount can be reduced as the bank is repaid. This will do the following in 2Q or 3Q reporting:
1) add back both Suspended Interest
2) writeback of any amount provided for under CBK rules
3) reduce NPLs thus increasing the amount I&M can lend out by improving capital ratios
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#13 Posted : Thursday, June 19, 2014 5:10:29 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,122
Location: Nairobi
Compare Loan Loss Provisions for 1Q 2013 vs FY 2013 vs 1Q 2014. Do the same for Gross NPLs as well as Interest In Suspense.

These will drop significantly if & when GoK pays the contractors after the Eurobond proceeds are received and released.

http://www.businessdaily.../-/13s0kuc/-/index.html

Payment in 3Q of these amounts means I&M can start lending to other customers. Add the proceeds [3.6bn] from the Bond they sold which improves the Capital Ratios [which are solidly higher than the minimums] and allows them to lend to more to more customers.

New branches in Thika and Gigiri where the population has grown substantially with increased economic activity. They slacked in opening new branches vs DTB, Prime and NIC so it will be an uphill battle to get new customers but I am sure they have an existing base amongst the Industrial firms in Thika.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
moneydust
#14 Posted : Thursday, June 19, 2014 6:58:27 PM
Rank: Member


Joined: 1/31/2007
Posts: 304
VituVingiSana wrote:
When other banks had 0-20% growth, I&M beat that plus the results are for I&M Bank not I&M Holdings so there are more goodies [good results] relating to Rwanda that might not be included in the 1Q as shown.

There was a huge turnaround in Mauritius from a loss in 1Q 2013 to a solid profit in 1Q 2014. So expect further profit growth y-o-y.

Consider that Rwanda's profits are NOT included in the 1Q results for the BANK. So when the HOLDINGS reports, it will include Rwanda.

Finally, I&M said in its Annual Report that non-payment by GoK to its contractors meant there were additional NPLs & provisions but with the successful Eurobond this amount can be reduced as the bank is repaid. This will do the following in 2Q or 3Q reporting:
1) add back both Suspended Interest
2) writeback of any amount provided for under CBK rules
3) reduce NPLs thus increasing the amount I&M can lend out by improving capital ratios

Very informative..thank you for sharing.Am very invested in this share and was just wondering if the time was ripe to take my profits...
VituVingiSana
#15 Posted : Thursday, June 19, 2014 7:14:22 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,122
Location: Nairobi
moneydust wrote:
VituVingiSana wrote:
When other banks had 0-20% growth, I&M beat that plus the results are for I&M Bank not I&M Holdings so there are more goodies [good results] relating to Rwanda that might not be included in the 1Q as shown.

There was a huge turnaround in Mauritius from a loss in 1Q 2013 to a solid profit in 1Q 2014. So expect further profit growth y-o-y.

Consider that Rwanda's profits are NOT included in the 1Q results for the BANK. So when the HOLDINGS reports, it will include Rwanda.

Finally, I&M said in its Annual Report that non-payment by GoK to its contractors meant there were additional NPLs & provisions but with the successful Eurobond this amount can be reduced as the bank is repaid. This will do the following in 2Q or 3Q reporting:
1) add back both Suspended Interest
2) writeback of any amount provided for under CBK rules
3) reduce NPLs thus increasing the amount I&M can lend out by improving capital ratios

Very informative..thank you for sharing.Am very invested in this share and was just wondering if the time was ripe to take my profits...
Performance of the firm and share price are 2 different things... I am looking at performance of +20% vs 2013 PAT barring any shocks.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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