Stanbic bank Uganda announced its results today.
Loans and advances grew 20% from 340BN to 478BN
Net Interest Income increased 20% from 89BN to 107BN
Operating expenses grew by only 12% from 112BN to 126BN
Profit before tax increased by 37% from 50BN to 69BN
EPS grew 34% from 7.72 to 10.36
Dividend Per Share grew 9.57% from 6.06 to 6.64
As at 22/4/2008, given that Stanbic is trading at a share price of 230, this implies a dividend yield of 2.89%, PE ratio of 22.2 and a PBV of 9.6.
What can I say? Good results per se! But then again where's the bar set? For the second year running, Stanbic continues to at least meet expectations of shareholders. Other factors constant, this share has potential for appreciation in the near future especially given that the institutional investors will be swooping for all dividend payments in the next 31 days. Place your buy orders now lest you wake up after the share has peaked by doubling the current price.
On a lighter note, the Safaricom IPO comes to an end in less than 24 hours which is quite good since we will be back to the business of considering fundamentals all over the Nairobi and Kampala bourse. Believe me they are quite difficult to identify given the high levels of irrational exuberance.
Elsewhere, in search of growth, we ditched the fundamentals this week and decided to pick up some AccessKenya shares. Given the levels of IT penetration in East Africa and the potential, we believe there is long term value in this little minx of a share and we'll see how it goes.....the key being the investment horizon.
Besides, how bad can it get????????????????????????????????????????Ta
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