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CFC registers 64% growth
Rank: Member Joined: 10/7/2010 Posts: 251 Location: nairobi
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Reuters has a story about the same. Who has the details with the numbers. More details needed.
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Are you refering to this http://mobile.reuters.co...N0BTC5O20130301?irpc=932 Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Thats my bank...PE is now below 5...with South Sudan coming onstream this year...good times ahead.
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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This is one neglected stock! Maybe I should start looking at it... Mark 12:29
Deuteronomy 4:16
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Rank: Member Joined: 3/20/2008 Posts: 503
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Net Interest Income, up 8.29% to 6,542,787 from 6,042,024
Non Interest Revenue, up 58.71% to 7,549,557 from 4,756,855
Total Income, up 29.98% to 14,092,344 from 10,842,117
Credit Imparement Charges, down 2.67% to 635,429 from 652,853
Income after Imparement Charges, up 32.07% to 13,456,915 from 10,189,264
Total Operating Expenses, up 20.01% to 8,868,827 from 7,390,363
Profit Before Tax, up 63.92% to 4,588,088 from 2,798,901
Profit After Tax, up 63.67% to 3,009,891 from 1,838,992
Loans and Advances, down 17.28% to 78,483,828 from 94,884,596
Customer Deposits, down 6.70% to 100,463,247 from 107,681,320
>above figures are in KES “000”
The growth has been boasted by growth in Non Interest Revenue (details need on this. They failed to provide)
Loans and Advances are down a whopping 17.28% - Are they diverging from core banking business?
Customer Deposits down 6.70% - Other Banks have reported increase in customer deposits
CFC Bank has packed a lot of money in banks, 2012 KES 23,366,583,000 up from 2011 KES 7,104,647,000 – They reduced Loans to pack the money in banks¿
KES 4B raised in Oct is yet to be deployed
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Why dint they use the normal bank's reporting template???? With the shallow CFC reporting, we cannot tell details of a number of revenue and expense items, loan book quality, capital adequacy ratios, liquidity ratio
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Foreigners have been driving our market lately. What becomes of this counter now that the foreigners have already hit their maximum allowed threshold and so they cant buy anymore from the locals?
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Rank: Member Joined: 3/20/2008 Posts: 503
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it is the usual reporting by the holding company. the banks financials will have all that. however i know that cfc stanbic is strong on corporate banking hence the balances due from banks. Theres also bound to be a lot of fx trading income
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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xxxxx wrote:it is the usual reporting by the holding company. the banks financials will have all that. however i know that cfc stanbic is strong on corporate banking hence the balances due from banks. Theres also bound to be a lot of fx trading income Corporate banking involves big ticket lending to large companies and HNI, not interbank lending. However, if this substantial growth in Non Interest Revenue is attributable to their fx trading desk, then it'll be congrats from me with a Q on how sustainable it is .... any link to the said banks financials?
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Rank: Member Joined: 4/14/2011 Posts: 639
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Whats its relationship with CFCI in terms of shareholding and can one deduce performance of the latter from the former(cfc stbc bank)?
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Hunderwear wrote: Whats its relationship with CFCI in terms of shareholding and can one deduce performance of the latter from the former(cfc stbc bank)? Prior to 11 April 2011, CSH (CfC Stanbic Holdings Limited) was the holding company of the following main entities: CfC Stanbic Bank Limited (100%); CfC Life Assurance Company Limited (100%); The Heritage Insurance Company Limited (64%); and CfC Financial Services Limited (100%). In 2009, CSH began restructuring its group corporate structure including the demerger of the Insurance Businesses into CfC Insurance Holdings Limited (CfCIH) (the “Restructuring and Demerger”). The Restructuring and Demerger exercise was completed on 21 April 2011 with the listing of CfCIH on the NSE. The consequence of the Restructuring and Demerger was to consolidate the Insurance Businesses under one holding company, CfCIH and to list CfCIH on the Nairobi Securities Exchange separately from CSH. The Banking and Financial Services Businesses were retained in CSH and remain the core business of CSH. The Restructuring and Demerger occurred in five main stages. As at 31 December 2010, the first four stages had been completed and the consolidated financial statements of CSH at that date reflected the Restructuring and Demerger up to that stage. The last stage of the Restructuring and Demerger was completed in April 2011 when CfCIH was listed on the Nairobi Securities Exchange. This last stage involved CfCIH being demerged from CSH through a distribution as dividend in specie to CSH’s shareholders of the entire shareholding of CSH in CfCIH. Full details of the Restructuring and Demerger are set out in the Demerger Circular which is listed in Section 12.7 as a document available for inspection at the Registered Office of CSH. (Source: CSH IM) In short, one can't tell CFCIH performance via CSH results
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Rank: Member Joined: 3/20/2008 Posts: 503
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Corporate banking involves big ticket lending to large companies and HNI, not interbank lending. However, if this substantial growth in Non Interest Revenue is attributable to their fx trading desk, then it'll be congrats from me with a Q on how sustainable it is .... any link to the said banks financials?[/quote]
They actually do a lot of inter bank lending (actually its more of inter group/bank lending since their parent is a bank) to support their corporate banking model mainly due to their low level of local customer deposits.
The banks results will be published in the press this week.
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Rank: Member Joined: 4/14/2011 Posts: 639
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mwekez@ji wrote:Hunderwear wrote: Whats its relationship with CFCI in terms of shareholding and can one deduce performance of the latter from the former(cfc stbc bank)? Prior to 11 April 2011, CSH (CfC Stanbic Holdings Limited) was the holding company of the following main entities: CfC Stanbic Bank Limited (100%); CfC Life Assurance Company Limited (100%); The Heritage Insurance Company Limited (64%); and CfC Financial Services Limited (100%). In 2009, CSH began restructuring its group corporate structure including the demerger of the Insurance Businesses into CfC Insurance Holdings Limited (CfCIH) (the “Restructuring and Demerger”). The Restructuring and Demerger exercise was completed on 21 April 2011 with the listing of CfCIH on the NSE. The consequence of the Restructuring and Demerger was to consolidate the Insurance Businesses under one holding company, CfCIH and to list CfCIH on the Nairobi Securities Exchange separately from CSH. The Banking and Financial Services Businesses were retained in CSH and remain the core business of CSH. The Restructuring and Demerger occurred in five main stages. As at 31 December 2010, the first four stages had been completed and the consolidated financial statements of CSH at that date reflected the Restructuring and Demerger up to that stage. The last stage of the Restructuring and Demerger was completed in April 2011 when CfCIH was listed on the Nairobi Securities Exchange. This last stage involved CfCIH being demerged from CSH through a distribution as dividend in specie to CSH’s shareholders of the entire shareholding of CSH in CfCIH. Full details of the Restructuring and Demerger are set out in the Demerger Circular which is listed in Section 12.7 as a document available for inspection at the Registered Office of CSH. (Source: CSH IM) In short, one can't tell CFCIH performance via CSH results Thanks for the candid explanation.Appreciated.
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Rank: User Joined: 6/18/2009 Posts: 271
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What is wrong with this stock. ? Imerogwa ?
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Rank: Member Joined: 1/25/2010 Posts: 344
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any dividend payment? when is book closure?
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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The Fx Trading Desk did indeed boost the Non Interest Revenue. The Fx Trading Income was up 205% q/q and 71% y/y to KES 3,016,000,000/- from FY11A of KES 1,766,000,000/-. Hongera. I now ask, how sustainable is this
sbg securities in their report on CFC titled “Trading Income Unique among Peers” dated 05.03.2013 have also noted that bad debt recoveries played a significant role in the final numbers. Based on a quarterly assessment of impairments, they estimate that recoveries were about Ksh1.1bn during the FY12A.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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sbg securities on 05.03.2013 >>> CfC is expected to hold its investor presentation on Thursday 7th March 2013. As such, we seek guidance from the bank regarding the numbers. We see little room for reviewing our numbers at this stage. On our estimates, CfC (HOLD, TP Ksh53) trades at FY13E P/E of 5.3x and P/B of 0.9x. Relative average valuations of the Kenyan banks is 7.3x and 1.7x for the FY13E P/E and P/BV, respectively (our estimates).
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Rank: Member Joined: 3/20/2008 Posts: 503
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mwekez@ji wrote:The Fx Trading Desk did indeed boost the Non Interest Revenue. The Fx Trading Income was up 205% q/q and 71% y/y to KES 3,016,000,000/- from FY11A of KES 1,766,000,000/-. Hongera. I now ask, how sustainable is this
sbg securities in their report on CFC titled “Trading Income Unique among Peers” dated 05.03.2013 have also noted that bad debt recoveries played a significant role in the final numbers. Based on a quarterly assessment of impairments, they estimate that recoveries were about Ksh1.1bn during the FY12A.
@mwekezaji, please share that sb report on wazua. ASANTE
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CFC registers 64% growth
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