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CFC Stanbic H1 2010 Results
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mwanahisa
#1 Posted : Monday, August 30, 2010 4:16:53 PM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
CFC Stanbic has just released H1 2010 results. In my view the EPS of Kshs 2.48 is rather low in comparison with other financial counters.

PBT has however increased by 68% from 794,876,000 to Kshs 1,332,227,000, so NOT bad on that front.
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the deal
#2 Posted : Monday, August 30, 2010 5:48:15 PM
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Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
the insurance business is also doing well...unnderwriting income is up 31%....
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mukiha
#3 Posted : Tuesday, August 31, 2010 10:00:40 AM
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Joined: 6/27/2008
Posts: 4,114
...anualised EPS comes to 4.96, i.e. P/E of 17.75. Now that's quite high, but as I mentioned several month back, many of us are banking on the impending de-merger
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Gatheuzi
#4 Posted : Tuesday, August 31, 2010 4:47:23 PM
Rank: Veteran

Joined: 8/16/2009
Posts: 994
6 pages of results!!!!! look at smart co. from pg 10- 15. Not bad. If the results were poor all should have been squeezed in one pageLaughing out loudly
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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the deal
#5 Posted : Tuesday, August 31, 2010 11:49:25 PM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
that Cfc life when it lists here how much will it cost?...*somebody the calculation here*
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sparkly
#6 Posted : Wednesday, September 01, 2010 12:02:21 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Sh 6 to 10
the deal wrote:
that Cfc life when it lists here how much will it cost?...*somebody the calculation here*

Life is short. Live passionately.
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the deal
#7 Posted : Wednesday, September 01, 2010 12:10:04 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
sparkly wrote:
Sh 6 to 10
the deal wrote:
that Cfc life when it lists here how much will it cost?...*somebody the calculation here*


Asante sana...
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mukiha
#8 Posted : Wednesday, September 01, 2010 9:18:06 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
sparkly wrote:
Sh 6 to 10
the deal wrote:
that Cfc life when it lists here how much will it cost?...*somebody the calculation here*


And how did you arrive at that?

Show the calculation as requested
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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mwanahisa
#9 Posted : Wednesday, September 01, 2010 11:41:22 AM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
@Mukiha. I guess you are the most knowledgeable (or perhaps the most passionate) CFC Stanbic Holdings follower here, so I will pose this question to you (or to anyone else in a position to answer).

Could you help us understand the results. The bank's profits are still HIGHER than the aggregate results of the bank + subsidiaries, notwithstanding that they are ALL in PROFIT.

I believe the bank as well as CFC Life and CFC Financial Services are VIRTUALLY fully (almost 100%) owned by the Holding company while CFCS Holdings owns a substantial part of Heritage Insurance as well as Stanbic Management Services.

However, in this case the sum of the parts is LESS than the whole. Could it be that the Holding company has extremely LARGE overheads or could they be RESTRUCTURING/DE-MERGER costs being borne by the Holding Company?
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mukiha
#10 Posted : Thursday, September 02, 2010 3:20:51 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
It's a convoluted group, though not as complex as Unga Group.

CFC Stanbic Holdings [CFC-SH] owns 100% of CFC Stanbic Bank [CFC-SB]; 100% of CFC Financial Services [CFC-FS]; and 53% of CFC-Insurance Holdings [CFC-IH]

CFC-IH owns 100% of Heritage Ins, 100% of CFC Investments, and 100% of CFC Life.

CFC-SB owns 24% of Stanbic Management Services EA

Heritage owns 60% of Herita Ins Co (Tanzania), which in turn owns 45% of Alliance Ins and 39% of Strategies Ins.

====

The PBT for the various entities directly under CFC-SH group were:

CFC-SB = sh1,157m

CFC-IH = sh252m

CFC-FS = sh25m

The total comes to sh1,434m; which higher than the sh1,332m recorded by the whole group.

The reason it is higher is that we have not accounted for the fact that CFC-SH owns only 53% of CFC-IH. Thus only sh133m from CFC-IH belongs to the group.

Re-doing the math gives a total of sh1,313 from the individual units. This is still sh19m short of the sh1,332m announced by the group...and I can't figure out where it came from.

Any helper in the house? I'm not an accountant, you know....
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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