|
December 2011 Millions Ksh |
December 2010 Millions Ksh |
|
|
Net Interest Income |
23,286 |
19,645 |
|
Non Interest Revenue (NIR) |
16,022 |
11,016 |
|
Total Operating Income (TOI) |
39,309 |
30,661 |
|
Total Operating Expenses |
24,179 |
20,863 |
|
PBT |
15,129 |
9,797 |
|
PAT |
10,981 |
7,177 |
|
Net Interest Margin % |
7 |
7.8 |
|
Return on Assets (ROA) % |
3.3 |
2.86 |
|
Return on Equity (ROE) % |
24.7 |
18.3 |
|
NIR to TOI |
41 |
36 |
|
Expense Ratio % |
61.5 |
68 |
|
EPS |
3.72 |
2.76 |
|
Dividend |
1.85 |
1.25 |
|
Liquidity Ratio % |
31.3 |
30.7 |
|
Total Capital/Risk Weighted Assets (RWA) % |
20.7 |
23.7 |
|
Net Non Performing Loans/Net loans and Advances % |
3.32 |
5 |
Commentary
Strong headline numbers from KCB, this is turning out to be a purple patch. Total Operating Income (TOI) surged by 28.2% year on year (y/y) to stand at Sh39.3 Billion vs Sh30.6 Billion in 2010 on the back of an 18.5% increase in net interest income and a 45.4% expansion in Non Interest Revenue (NIR). NIR now contributes 41% of TOI. KCB expanded its total assets y/y by 31.5% or Sh79 Billion to stand at Sh330 Billion in 2011 on the back of fresh capital from the 2010 rights issues and the recent IFC loan however Q/Q KCB only expanded its assets by 2.4%. Net interest margin dropped to 7% in 2011 from 7.8% in 2010 on the back of expensive deposits in Q4 2011.