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StanChart Q1 2013 Profit Before Tax down 16%
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mwekez@ji
#1 Posted : Tuesday, May 28, 2013 6:01:09 PM
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Joined: 5/31/2011
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obiero
#2 Posted : Tuesday, May 28, 2013 7:11:19 PM
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Joined: 6/23/2009
Posts: 14,251
Location: nairobi
mwekez@ji wrote:

https://www.nse.co.ke/listed-com...d-bank-quarterly-results

This and NBK could easily be among the few that have uncooked books
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muganda
#3 Posted : Tuesday, May 28, 2013 7:56:25 PM
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Joined: 9/15/2006
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My first reaction: "I should've expected this..."

SCB has this habit of alternating between bliss and pain, one year to another. Also the habit of losing money when all banks make money and vice versa.
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maka
#4 Posted : Tuesday, May 28, 2013 8:21:36 PM
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Joined: 4/22/2010
Posts: 11,522
Location: Nairobi

13.2 Fair value changes in available for sale financial assets

Q1 2012:- 1,157,145

End year 2012:- 3,212,461

Q12013:- (527,727)
possunt quia posse videntur
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  | | Edit by user: Tuesday, May 28, 2013 8:25 PM | Reason: Not specified
muganda
#5 Posted : Tuesday, May 28, 2013 8:51:32 PM
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Posts: 3,907
@maka heading says PBT down even before comprehensive income which accounts for the fair value changes.

The culprit in my view is decrease in Other Income (450m) and increase in OPEX (450m).
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maka
#6 Posted : Wednesday, May 29, 2013 9:12:53 AM
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Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
muganda wrote:
@maka heading says PBT down even before comprehensive income which accounts for the fair value changes.

The culprit in my view is decrease in Other Income (450m) and increase in OPEX (450m).

yes yes you are right...
possunt quia posse videntur
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mwekez@ji
#7 Posted : Wednesday, May 29, 2013 12:58:48 PM
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This is the 1st bank i've seen that has no government securities Held To Maturity. All its government securities are Available For Sale
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mwekez@ji
#8 Posted : Wednesday, May 29, 2013 1:50:01 PM
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Joined: 5/31/2011
Posts: 5,121
muganda wrote:
...
The culprit in my view is decrease in Other Income (450m) and increase in OPEX (450m).


Concurs. They must have bagged a one off gain in Q1 2013 which was in the other income then. On OPEX, staff cost (+21.3% y/y, +11.3% q/q) and loan loss provision (+89.3% y/y, +305.0% q/q) did it. Its however also notable that NPL have spiked but NPL ratio remains low compared to industry.
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mwekez@ji
#9 Posted : Wednesday, May 29, 2013 2:04:32 PM
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Customer deposits have grown and similarly the loans. .... &this bank has no external borrowing. only relys on cheap funds from group
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mwekez@ji
#10 Posted : Wednesday, May 29, 2013 2:07:09 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Verdict:
Income Statement Performance; D
Balance Sheet Performance; B
Overall Performance; C-D
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