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I&M Bank FY13 PBT up 27.4%
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moneydust
#11 Posted : Thursday, June 19, 2014 3:01:27 PM
Rank: Member

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

Joined: 1/3/2007
Posts: 18,356
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
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VituVingiSana
#13 Posted : Thursday, June 19, 2014 5:10:29 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,356
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
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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...
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VituVingiSana
#15 Posted : Thursday, June 19, 2014 7:14:22 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,356
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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