Beruflich Dokumente
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September2009
Lookingforabiggerpieceofthepie!
Analyst:AnthonyLopesPinto
Tel:+244921647045
Email:anthonyl@imaraangola.com
EQUITYRESEARCH
ZAMBIA
RESEARCH
PotentiallythemostprofitablebankinSSA
01SEPTEMBER2009
TheZambianNationalCommercialBank(ZANACO)was Zambias
lastandarguablysweetestprivatisationsuccess,consideringthat
the timing of listing coincided with the demise of Lehman
brothers!In2007,theGovernmentofZambiasolda49%stake
to the
Dutch financial group Rabobank, and further reduced its
interest to 25% following the IPO and capital raise. ZANACO is
lookingtoconsolidateitspositionfurtherbyaddingtoitstier2
capitalbaseviatheissueofbondsamountingtoZMK300billion
(US$62,5m).Thiswillplacethebankonasurefootingtobenefit
fromthecontinuedgrowthinthecountrysdevelopingeconomy.
BLOOMBERG:ZANACO:ZL
Currentprice(ZMK)
Targetprice
Upside/Downside
Liquidity
MarketCap(ZMKm)
MarketCap(US$m)
Shares(m)
FreeFloat(%)
AveMonthlyvaluetraded(US$m)
AveMonthlyvolume(m)
SharePricePerformance
6months(%)
Relativechange(%)*
Relativechange(%)**
12months
Relativechange(%)*
Relativechange(%)**
halfofthecapitalisation.ThethatfactbanksinZambiaonly
makeup10%ofthemarketisaclearindicationthatthelocal
banks are undercapitalised, relative to the funding
requirements of the countrys productive sectors. This
argument is further underlined in that total loans for the
Zambianbankingsectorstandatonlyjust9%ofGDP.
Apart from a high cost to income ratio and a slightly sour
advancesbook,Rabobankpurchasedasoundfinancialgroup.
Already, the interim results indicate significant progress in
streamliningcostsandincreasinglendingcapacitytoenableit
to exploit the abundant funding opportunities emerging in
oneofSSAsmostprogressivedemocracies.TheplannedTier
2 capital injection is the next step in this journey that will
consolidatethegroupsmarketdominance.
2008 2009F
260,746 401,723
86,050 195,491
51,985 140,754
16.1%
1.8%
71.8%
43.0%
29%
3.9%
58%
55.0%
554,312.9
115.5
1,154.8
*RelativetoLuSEindex
**RelativetoMSCIEMindex
FINANCIALSUMMARY(ZMKm)
Netinterestincome
Profitbeforetax
Attributableearnings
RATIOS
ROE
ROA
Cost/IncomeRatio(%)*
Advances/Deposits(%)
VALUATIONRATIOS
PBV(x)
PER(x)
DividendYield(%)
Dividendpayoutratio(%)
*Preprovisionforimpairedadvances
BUY
480
2010F
482,067
250,260
180,188
Financials
EPS(ZMK)
DPS(ZMK)
NAV/Share(ZMK)
NetInterestMargin(%)
2008
45.0
15.8
279.0
12.4
STRENGTHS
Reputablemajorshareholder:Rabobank
Oneofthetop4banksinZambia
Solidbalancesheet
Largestbranchnetwork
Conservativemanagementteam
OPPORTUNITIES
Capitalraisetogrowcapacity
Furthergrowthofdepositsandloanbook
Improvementinprofitabilityand
qualityofloanbook
WEAKNESSES
Relativelysmallbalancesheet
HighCost/Incomeratio
HighNPLslegacyissue
2010F
156.0
54.6
410.0
12.4
THREATS
Kwachaweakness
Commoditypriceshocks
Wellestablishedcompetition
andthreatofnewcomers
30%
4.1%
54%
55.0%
2009F
121.9
42.6
344.8
12.4
ExecutiveSummary
TheprivatisationandlistingofZANACOontheLusakaboursewastheZambiangovernmentslastand
probably,mostsuccessfulprivatisationendeavour,havingtakeplaceatthesametimeasthedemise
of Lehman brothers and significant global financial market turbulence. Despite the surrounding
depression, the bank emerged from 2008 virtually unscathed, and reported strong double digit
growthinabovethelineprofitsduringH12009.
UnderthestewardshipofanewmanagementteamappointedbytheDutchfinancialservicesparent
Group, Rabobank the H109 and FY08 results have already registered a notable improvement over
previousyearsandconsequently,thegroupisemergingasaleanerandmoreprofitableplayerinthe
evolvingZambianFinancialservicesphere.
Whilethemarketischaracterisedbywellestablishedinternational(mostlyBritish)financialservices
groups,severalmetricspointtoenhancedpotentialforgrowthofthelocalfinancialservicesindustry.
Inthefirstinstance,asat30thJune2009,aggregateassetsofthebankingsector(US$2,9bn)standat
1
.Consequently,the
justover19%ofGDP,whiletotalloansandadvancesstandatapaltry9%ofGDP
countrys growing mining and agricultural industries are starved of credit, and where it becomes
availabledoessoatapunitivecost,infact,oneofthehighestinSSA.Withlimitedaffordablelending
options, Zambian banks have had to jostle for cheap deposits and maintain an ultraconservative
policies, characterised by an inordinately high CAR ratios. ZANACOs CAR as at the end of
lending
Decemberwas21%atthetieroneleveland22%includingtiertwocapital.
Asaprefacetothebankseffortstobeefupitstiertwocapitalandincreaseitslendingcapacity,we
conductthisstudyintoZANACOtoderiveanideaofthegroupsstrength,relativetoitspeersinthe
Zambianmarket.WealsobenchmarkthegroupagainstitspeersinSubSaharanAfrica,toguagethe
groupsrenewedpotential,sinceprivatisation.
Ourfindingsareprofound.Onthegroupsnewtrajectory,webelieveacontinueddeliberatefocus
onimprovingoperatingefficiencieswillreapsignificantrewardsforthebottomline.Theruleoftwo
hasheldtrueforthisformerparastatalandasattheendof2008therewasagaping20percentage
pointgap between the groups cost to income ratio and the weighted average for the SSA peer
grouping.ThesepotentialcashsavingsaloneamounttoaboutaUS$17mboosttoPBT!Secondly,
there had not been a very specific emphasis on loan growth, a situation that had been eroding
market share. The change in strategy and increased aggression is most clearly marked by the
increaseintheloantodepositratiofrom48%atendH108to60%atendH109,whichatconstantfat
marginsshouldresultinamuchimprovedresultforFY09.
andsomeofthehighestnetinterestmarginsinSSA.Therearesomelegacyissuessurroundingthe
qualityoftheadvancesbook,andalthoughimpairmentsat7%arenotalarminglyhigh,theyarestill
out of sync with the weighted average for our SSA peer group of 3.3%. We expect that organic
growthoftheloanbookwilldilutethisratioquickly,andweexpectabetterqualityloanbookgoing
forward.
Finallywebelievetheretobeadisconnectbetweenthedemandforcapitalinthecountryandthe
quantum
of leverage capital available. We see ZANACOs capital buttressing as a positive that will
makeitoneofthemostprofitablebanksinSSA.
1
ZambianGDPwasestimatedat$15,2bnin2008byCIAFactbook
Top5Shareholders
RabobankGroup
GRZ
Public
ZNFU
Employees(ESOP)
%
46%
25%
25%
3%
1%
100%
ZanacoOverviewof2009InterimFinancialResults
In under two years since Rabobank took over control of the Zanaco group, significant strides in the improvement of asset
qualityandprofitabilityhaveoccurred.TheimprovementisparticularlyvisibleintheinterimresultstoH109asoutlinedbelow.
Historicallythegrouphasenjoyedaboveparnetinterestmarginsonitsbook,howeverthesehavebeendilutedbypoorcost
containmentandinefficienciesinmanagingthecountryslargestbranchnetwork(with44branches).ForH109,thebanksRoE
andRoAhavesurgedby11and2percentagepointsrespectively,asignificantfeatposttheslumpinthecountrysfundamentals
broughtbythedropincopperpricesandZMKweaknessinQ408.
AnimprovementinliquiditywasregisteredbyanincreaseinourrudimentaryCARcomputation(seepage7)attheinterimfrom
9%to12%whiledepositsgrewby16%andloansandadvancesby45%.Thecomplexionofthebalancesheetchangedtoo,with
theintroductionofsubordinateddebt,whichwasusedtopropeladvances.Inthemediumtermweexpectthebalancesheetto
takeonmoregearingatslimmernetinterestmargins,butwithgreatereconomiesofscale.
H12008
H12009
%ch
Netinterestincome
109,679
143,748
31%
Otherincome
63,600
77,578
22%
TotalIncome
173,279
221,326
28%
Provisions
(9,149) (24,344)
166%
Expenses
(140,561) (140,499)
0%
Profitbeforetax
23,569
56,483
140%
Attributableearnings
23,702
33,191
40%
600,000
Figure2:ZambianBanks TotalIncome
500,000
ZMKmillion
IncomeStatement(ZMKm)
400,000
300,000
200,000
100,000
2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
Barclays
H12008
H12009
CashatcentralBank
315,650
333,712
6%
Cashonhand
48,222
67,067
39%
Balanceswithbanks
57,565
203,490
253%
Securities
543,139
609,964
12%
Loans&Advances
813,645
1,177,930
45%
2,500,000
FixedAssets
125,060
146,117
17%
1,500,000
Other
54,807
92,874
69%
500,000
TotalAssets
1,958,088
2,631,154
34%
Deposits
1,697,287
1,965,350
16%
Duetobanks
1,773
96,226
5327%
BorrowedFunds
176,814
n/a
Otherliabilities
111,947
129,830
16%
Shareholders'funds
147,081
262,934
79%
Totalliabilitiesandequity
1,958,088
2,631,154
34%
15.0%
14.0%
7%
81%
63%
22%
RoE
32.0%
43.0%
34.1%
RoA
2.4%
4.3%
78.3%
9%
12%
27.8%
48%
60%
25.0%
Costtoincomeratio
RoughCAR
Loan/Deposit
Stanbic
Finance
%ch
Netinterestmargin
SCB
Citibank
Source:StockbrokersZambia
ZMKmillions
BalanceSheet(ZMKm)
Zanaco
Figure3:ZambianBankingStatistics
4,500,000
TotalAssets
4,000,000
Deposits
LoansandAdvances
Barclays seemsoverstretchedcontraryto
ZANACOwhichseemsunderlent
3,500,000
3,000,000
2,000,000
1,000,000
2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
Barclays
Zanaco
SCB
Stanbic
Finance
Citibank
Source:StockbrokersZambia
Figure4:Zanaco Advancesdisaggregation
Dec2008
Personal
Loans
29%
Mortgages
2%
commercial
Loans
41%
Overdrafts
28%
Source:ZANACO
14%
RelativeComparisons
Figure5:NetInterestMargin(%)
12%
80%
70%
60%
50%
40%
SouthAfrica
Mauritius
Uganda
Morocco
Nigeria
Ghana
Botswana
InvestrustZambia
0%
WeightedAvgincSA
Zambia
2%
Kenya
4%
Coted'Ivoire
6%
StanchartZambia
8%
ZANACO
10%
ZANACOenjoyssomeofthehighestnetinterestmargins
Source:ImaraAfricaSecurities
Figure6:Costtoincomeratio(%)
Efficiencyalegacyproblemthatwillreaphugerewards
WeightedAvgincSA
30%
20%
Uganda
Coted'Ivoire
Ghana
Nigeria
Zambia
Kenya
Botswana
SouthAfrica
Morocco
Source:ImaraAfricaSecurities
Figure7:EffectiveTaxRate(%)
TaxationforZambianbanks,aparticularlythornyissue
TheZambiantaxationpolicyisretrogressiveinthatittaxesbanks
at a higher rate of 40% than other companies that are taxed at
35%.Thisisoneofthereasonsforthehighcostofcapitalinthe
country and a consequence that retards and repels investment
andgrowth. Of the10countries covered in this study,Zambia
hasthehighestweightedaverageeffectivetaxratethatputsitat
asignificantdisadvantagetoneighbouringBotswanaandalsoto
Mauritius, another established International Financial Services
Centre(IFSC).Inouropinion,aslessseveretaxationregimefor
the financial services sector would promote investment therein,
with positive implications for not only the capital intensive
Mining and Agricultural sectors, but far reaching implications in
areaslikeMicrofinanceandpersonalcredit,twoareasthatcould
beexpandedfortheirimmediatepotential.
Zambia
Morocco
Coted'Ivoire
Uganda
Kenya
Nigeria
Ghana
SouthAfrica
Mauritius
Botswana
ZANACO
StanchartZambia
InvestrustZambia
Source:ImaraAfricaSecurities
70%
Figure8:ReturnonEquity RoE(%)
60%
50%
40%
30%
20%
10%
Coted'Ivoire
Nigeria
Uganda
Morocco
SouthAfrica
Mauritius
Kenya
Zambia
Ghana
Botswana
ZANACO
StanchartZambia
0%
InvestrustZambia
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Mauritius
ZANACO
StanchartZambia
0%
InvestrustZambia
10%
Source:ImaraAfricaSecurities
14%
Uganda
Morocco
Coted'Ivoire
Nigeria
SouthAfrica
Figure10:DividendYields(%)
12%
10%
8%
6%
WeightedAvgincSA
4%
2%
12.0
Coted'Ivoire
Morocco
Zambia
Mauritius
Uganda
SouthAfrica
Botswana
Nigeria
Ghana
Kenya
ZANACO
StanchartZambia
0%
Source:ImaraAfricaSecurities
Figure11:Advances/Equity(x)
10.0
WeightedAvgincSA
8.0
6.0
4.0
2.0
80%
SouthAfrica
Morocco
Botswana
Uganda
Ghana
Zambia
Mauritius
Kenya
Nigeria
Coted'Ivoire
InvestrustZambia
Source:ImaraAfricaSecurities
Figure12:AdvancesGrowthyoy(%)
70%
60%
WeightedAvgincSA
50%
40%
30%
20%
10%
Mauritius
SouthAfrica
Coted'Ivoire
Zambia
Botswana
Morocco
Uganda
Kenya
Ghana
Nigeria
ZANACO
StanchartZambia
0%
InvestrustZambia
Zambia
Source:ImaraAfricaSecurities
BalanceSheetleveragerelativelylow
Limited access to international financial liquidity pools leaves most
African banks of a higher risk of closure in the event of an abnormally
highdefault.Themajorityofthebankshavelittleoptionotherthanto
maintain
much higher than first world liquidity ratios. Figure 11 may
indeed be a measure of the level of the evolution and maturity of
markets. The progression would be about right, excluding
financial
Mauritius,wherehighercorrelationwithglobalmarketsandparticularly
the dependence
on tourism, has prompted banks to be more cautious
when growing their book. Zanaco leveraged at about 3x seems that at
theexistingfundinglevels,thebankhastheabilitytogrowitsadvances
book organically. Indeed this is a healthy picture, indicating that the
bank has not over streched itself. On the whole, it can be concluded
Mauritius
Ghana
Botswana
Kenya
ZANACO
StanchartZambia
InvestrustZambia
WeightedAvgincSA
InvestrustZambia
By and
large, banks in SSA tend to be small, stable and for their size,
solidlycapitalised,mostlybecauseoftheirexclusionfromglobalcapital
marketsandhencerelativeisolation.InSSA,onlySouthAfricaistheonly
real exception, intricately linked to the European, American and Asian
Nigeria,whoseweightandcloutismoreaconsequenceofthesizeofits
economy,asinfluencedbysignificantoilrevenues,butalsobythesizeof
its real economy, being the most populous country on the continent.
disintermediation is patchy at best and the country lacks the
Financial
legal and physical infrastructures to benefit from the unbanked
population.Indeedtherecentcarnagecausedbythemarginloanfiasco
is a reminder of just how much behind the curve that market is.
Thankfullythesubsequentdramaticandunprecedentedactiontakenby
theCentralBankofNigeriahastakenthecountryagiantleapforwards
initsmaturity.
Figure9:ReturnonAssets RoA(%)
ZANACO
BalancesheetAnalysis
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
StanchartZambia
Havingoutlinedthesignificantlyhigherinefficienciesandtaxationlevels
in Zambia it necessarily follows that ZANACO has historically ranked
lower than its peers profitability metrics. RoE statistics are lower than
the weighted average for our comparative grouping of banks and only
slightly higher than ETI in code dIvoire and Nigeria; although limited
quality lending opportunities in the latter make it more difficult to
leverage deposits profitably. One can draw the same conclusion from
thereturnonassets,whichisthelowestforthelistedbanksinZambia
4% is very
low; especially when compared to kwacha 364 day treasury
billratewhichendedJulyat19.1%.Onayieldbasis,Kenya,Ghanaand
Nigeriaarethemoreattractivemarkets.
Source:ImaraAfricaSecurities
that the Zambian banking sector is well leveraged, relative to the weighted
averageofitspeersinAfrica,excludingSouthAfrica.
70%
Figure13:DepositGrowthyoy(%)
60%
50%
Depositgrowthaproxyforsustainableearningsgrowth
40%
WeightedAvgincSA
30%
For2008ZANACOsadvancesgrowthoflessthan10%yoyin2008wasrather
A look at the H109 growth, at 45%, addresses this concern and the more
diversifiedfundingbase,shouldensurecontinuedrobustgrowthinthebook.
20%
10%
Morocco
Mauritius
SouthAfrica
Coted'Ivoire
Zambia
Uganda
Kenya
Ghana
Botswana
Nigeria
ZANACO
StanchartZambia
InvestrustZambia
0%
Depositsgrowthdrivenmyexpansionistmacropolicies.
120%
60%
40%
20%
30%
SouthAfrica
Uganda
Kenya
Morocco
Mauritius
Ghana
5%
SouthAfrica
Botswana
Uganda
Ghana
Morocco
Zambia
Mauritius
Coted'Ivoire
Kenya
Nigeria
InvestrustZambia
StanchartZambia
ZANACO
0%
Source:ImaraAfricaSecurities
Figure16:NonPerformingLoans/Advances(%)
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
WeightedAvgincSA
1.0%
Kenya
Nigeria
Mauritius
Uganda
Zambia
SouthAfrica
Ghana
Botswana
Morocco
Coted'Ivoire
ZANACO
0.0%
InvestrustZambia
Coted'Ivoire
10%
8.0%
Using this proxy it can be concluded that Nigeria, Kenya Cote dIvoire and
Mauritiusaresomeofthebestcapitalisedfinancialmarkets.Onastandalone
basis ZANACOs rating of over 15% raises no concerns. South Africa and
Botswanaareontheoppositeextremityduetotheproportionallyhigherlevel
oflendinginthoseeconomies.
Nigeria
WeightedAvgincSA
haveassumedriskless.Theresultisastrictermeasure,whoseabsolutevalue
at a lower absolute CAR measure, but that can be used to correctly
arrives
arriveatmeaningfulcomparatives.
Zambia
15%
calculatedourRoughCapitalAdequacyRatioasfollows:
Figure15:RoughCapitalAdequacyRatio CAR(%)
20%
Source:ImaraAfricaSecurities
25%
RoughCapitalAdequacyRatio
ShareholdersEquity/(Advances+Terminstruments+OtherAssets)
Botswana
StanchartZambia
ZANACO
0%
Advances/Depositsratioanothermeasureofsolvencyandrisk
We use the proportion of deposits lent out as a proxy to rate liquidity and
growthpotential.Asawhole,duetoaprudentlyhighloantodepositratio,it
looks like Zambia would be pretty much sheltered from any significant
systematicorsectoral(e.g.mining)impairment.Puttingthisintoperspective,
Zimbabwes load to deposit ratio averages 30%, where there is currently no
lenderoflastresort;consequentlyaweightedaverageratioof40%forZambia
is very
comfortable! while on the other extremity, South African banks have
lent out 100% of their deposits, however, they do have recourse of foreign
internationalcapitalliquiditypoolsifneeded.UgandanandKenyanBanks,at
about80%lookquitefull.
WeightedAvgincSA
80%
InvestrustZambia
Figure14:Advances/Deposits(%)
100%
StanchartZambia
Muchofthisdecadehasbeencharacterisedbyhighsingledigitrealgrowthfor
theBankofZambia,asatJune2009,monetaryaggregatesweregrowingatan
rate of 20,6% and this should ensure sustained growth in deposits for
annual
thebank.
Source:ImaraAfricaSecurities
Bank
year
end
Botswana
BancABC
BarclaysBotswana
FirstNationalBankofBots.
StanchartBotswana
Coted'Ivoire
EcobankTransnationalInc.
Ghana
StanchartGhana
CalBank
Price
0.0%
0.9%
1.2%
0.9%
0.1%
2.1%
2.8%
2.1%
754
XOF51.00 754
0.9%
2.2%
372
Jan00 29.00 348
Dec08 0.22 23
2,434
26
717
975
716
Dec08 BWP1.20
Dec08 BWP5.75
Jun08 BWP2.60
Dec08 BWP17.00
Dec08
Market
Capitalisation
(US$m)
0.4%
0.03%
18%
24%
22%
9%
26%
8%
33%
10%
11%
3%
24%
44%
39%
29%
1%
9.0% 3.0%
9%
3%
6%
10.1%
6.8%
3.6%
6.8%
20.4%
20%
1.6%
1.6%
1.7% 0.7
1.7% 0.7
11%
11.9%
1.9%
20% 5.9
21.1% 6.3
2.4% 1.0
33%
16%
54%
60%
34%
5%
42%
7%
6.9
8.1
12.7
6.8
3.5
5.2
5.2
10.0
12%
5.2%
2.1%
29.1%
8.1%
0.0%
2.0%
7.6%
17%
4.9%
2.3%
41.9%
13.6%
0.0%
2.8%
8.4%
83%
90%
15%
74%
77%
25%
69%
70%
46%
1249%
1.7
9.5
14.4
13.3
8.1
0.3
5.3
7.0
12.7
Kenya
BarclaysBankKenya
DiamondTrustBank
EquityBank
KenyaCommercialBank
NationalBankofKenya
NationalIndustrialCreditBank
StanchartKenya
Dec08
Dec07
Dec08
Dec08
Dec07
Dec08
Dec08
2,783
855
103
765
557
89
156
259
1.0%
0.1%
0.9%
0.7%
0.1%
0.2%
0.3%
2.5%
0.3%
2.2%
1.6%
0.3%
0.5%
0.8%
36%
8%
10%
53%
72%
59%
32%
10%
33%
9%
10%
44%
68%
25%
40%
10%
44%
6%
55%
102%
45%
8%
35%
10%
Mauritius
MauritiusCommercialBank
StateBankofMauritius
1,731
Dec07 MUR131.00 1,033
Jun08 MUR73.00 698
1.2%
0.8%
3.0%
2.0%
32%
34%
29%
43%
32%
61%
18%
18%
18%
5%
4.7%
4.4%
7% 1.6
6.1% 1.5
7.1% 1.7
Morocco
Attijariwafa
BCP
BMCE
13,359
Jan00 MAD271.00 6,639
Jun08 MAD250.00 2,098
Jan00 MAD229.00 4,623
7.9%
2.5%
5.5%
19.3%
6.1%
13.5%
16%
26%
6%
7%
22%
10%
15%
41%
28%
29%
19%
30%
16%
16%
4%
21%
17.9
13.3
10.5
28.0
14.3
12.0
9.2
19.9
2%
2.5%
2.4%
1.4%
2%
2.5%
2.8%
2.0%
4.2
3.5
3.1
5.6
Nigeria
FirstBank
ZenithBank
UBA
Intercontinental
UnionBank
GuarantyTrustBank
AccessBankNigeria
FirstCityMerchantBank
StanbicIBTC
Mar09
Sep08
Sep08
Feb08
Mar08
Feb08
Feb09
Apr08
Dec08
12,021
2,512
1,483
1,789
833
1,211
679
739
1,351
1,423
3.0%
1.8%
2.1%
1.0%
1.4%
0.8%
0.9%
1.6%
1.7%
7.3%
4.3%
5.2%
2.4%
3.5%
2.0%
2.2%
3.9%
4.1%
97%
338%
30%
65%
36%
40%
13%
37%
33%
2%
34%
40%
30%
35%
35%
38%
12%
37%
52%
17%
70%
59%
55%
40%
62%
62%
149%
68%
123%
70%
57%
71%
87%
47%
126%
58%
21%
22%
34%
34%
5.7
7.1
3.5
4.1
2.8
5.2
5.4
4.0
4.3
11.5
4.3
5.1
2.7
3.1
2.1
3.8
4.8
2.9
2.9
9.8
10%
7.0%
16.0%
12.7%
14.5%
7.5%
8.4%
12.5%
9.3%
5.2%
13%
9.8%
20.7%
17.1%
19.5%
10.4%
9.4%
17.1%
14.0%
6.1%
1.0
0.6
2.0
0.5
1.9
1.0
0.6
0.6
2.0
Uganda
DFCUBankLtd
StanbicUganda
461
Dec07 850 58
Dec08 165 403
0.1%
0.5%
0.2%
1.2%
26%
30%
25%
21%
30%
20%
38%
23%
40%
5%
5.7%
5.0%
49,878
11,680
11,216
7,195
19,786
13.9%
13.3%
8.5%
23.5%
38%
35%
88%
0%
25%
26%
35%
19%
14%
30%
19%
17%
15%
16%
24%
22%
23%
16%
21%
24%
7.0
6.3
4.0
8.7
8.5
5.6
4.8
3.3
7.6
6.5
6%
1.9%
10.0%
5.8%
5.0%
7%
2.4%
11.9%
6.6%
6.5%
1.3
1.5
1.1
1.3
1.4
415
Dec08 339 289
Dec08 17 10
Dec08 480 116
0.3%
0.0%
0.1%
0.8%
0.0%
0.3%
72%
35%
0%
171%
31%
33%
0%
28%
23%
30%
39%
5%
29%
30%
35%
27%
8.0
9.7
4.7
4.1
6.1
7.3
4.2
3.2
6%
4.3%
7.4%
8.9%
7%
5.1%
7.4%
11.4%
2.8
3.3
1.9
1.4
100%
100%
42%
48%
27%
27%
29%
44%
5.8%
6.2%
KES48.00
72.50
15.75
21.25
KES40.00
33.75
KES145.00
NGN15.80
NGN13.85
NGN12.98
NGN7.03
NGN14.02
NGN11.87
NGN7.03
NGN5.33
NGN7.50
SouthAfrica
ABSA
FirstRand
Nedbank
StandardBank
Dec08
Dec08
Dec08
Dec08
Zambia
StanchartZambia
InvestrustZambia
ZANACO
126
15
114
99
WeightedAverage
WeightedAverageexSouthAfricanBanks
84,208
34,330
8.7
8.8
13.9
9.8
5.9
6.5
7.3
11.0
6%
11.0%
7.5%
4.2%
7.0%
PBV
2009F
1129%
1.2
8.6
12.3
12.9
1.0%
0.07%
34%
80%
34%
45%
18%
Dividendyield(%)
T+1
T+2
2.3
2.6
1.7
2.4
1.8
1.3
1.6
3.4
6% 5.0
7.4% 1.5
6.0% 5.5
7.3% 2.0
8.2% 3.0
Effective Advances/
NPL/ Provexp/
Total
Total Atributable
Net
Assets Income
Income
interest Cost/income taxrate Deposits Advances Advances
(US$m) (US$m) (US$m)
margin
ratio
5,608
580
2,029
1,680
1,319
RoA
Advances Rough
/Equity CAR
3%
2.2%
3.0%
3.3%
3.2%
710%
5.1
7.2
5.5
9.3
7%
13%
7%
7%
4%
1% 3.6
1% 3.6
19%
19%
42%
59.2%
47.7%
37.1%
43.6%
20%
28.1%
22.4%
16.7%
21.1%
8,306 826 94
8,306 826.1 94.1
9%
8.7%
67%
67%
32%
32%
6.8%
6.7%
7.7%
58.6%
59.4%
47.1%
24.9%
25.0%
23.4%
68.4%
65.4%
112.8%
0.4%
0.0%
5.7%
0.5%
0.5%
0.7%
276
89.3
9.0
51.3
55.0
14.7
13.6
42.7
8.5%
8.3%
6.1%
10.5%
6.8%
9.5%
5.0%
9.0%
55.0%
60.6%
51.1%
52.2%
55.7%
52.9%
47.4%
49.4%
27.0%
26.8%
29.9%
22.1%
30.3%
30.5%
30.1%
31.1%
80.4%
91.0%
79.7%
87.8%
73.8%
22.6%
85.0%
54.9%
5.1%
0.0%
1.8%
4.0%
11.1%
34.6%
3.9%
4.0%
1.8%
0.0%
0.5%
2.3%
4.0%
7.6%
0.7%
1.0%
1%
1.4%
26.1%
0.0%
0.0%
0.8%
0.0%
0.0%
4.1
5.6
4.2
2.3
4.4
1.6
5.4
3.8
24%
13%
17%
48%
16%
13%
15%
13%
2.8%
3.2%
2.4%
37.1%
39.8%
33.1%
12.5%
12.9%
11.8%
69.0%
72.6%
63.7%
2.2%
2.0%
2.4%
0.8%
0.5%
1.1%
16%
13%
20%
9%
9%
12%
9%
Mauritius
MauritiusCommercialBank
StateBankofMauritius
Morocco
Attijariwafa
BCP
BMCE
1.9
2.2
1.3
2.3
2.2
2.2
1.8
2.3
1.4
1.2
27%
18%
56%
21%
25%
19%
26%
26%
31%
24%
Nigeria
FirstBank
ZenithBank
UBA
Intercontinental
UnionBank
GuarantyTrustBank
AccessBankNigeria
FirstCityMerchantBank
StanbicIBTC
8%
21%
6%
Uganda
DFCUBankLtd
StanbicUganda
913 31 11
716 15.4 5.7
197 15.4 5.7
8,296
2,215
472
697
2,509
543
559
1,299
1,033
310.1
31.7
165.9
288.0
61.4
41.9
133.6
0%
6.4%
0.0%
0.0%
0.0%
1%
2.0%
1.1%
0.5%
1.5%
77%
137.0%
122.8%
44.8%
72.7%
63%
19.6%
55.3%
51.6%
87.2%
65%
65%
0%
3%
3%
33%
33%
9%
9%
Bank
6%
6.9%
8.3%
2.7%
7.0%
42%
79.7%
46.5%
40.1%
39.1%
RoE
172
12.5
61.7
54.7
42.8
414
27.0
169.0
109.4
108.5
Debt/
Equity
68,533
32,870
23,399
12,263
2,521
1,393.6
524.4
602.6
739
395.8
188.6
154.4
3.5%
3.3%
2.3%
4.4%
41.9%
44.1%
36.1%
41.4%
33.1%
33.9%
33.4%
31.8%
75.7%
86.9%
68.9%
62.8%
0.0%
0.0%
0.0%
0.0%
1.0%
0.4%
0.4%
2.0%
65,593
12,853
11,433
10,698
8,903
7,225
4,705
4,542
2,988
2,246
5,607
1,027.8
989.2
820.0
809.8
550.0
397.0
462.4
278.7
272.6
1,494
80.4
330.0
263.7
217.4
164.6
133.0
134.5
96.5
73.9
6.6%
4.8%
4.2%
9.8%
6.2%
6.3%
4.2%
5.5%
3.7%
13.4%
58.5%
72.3%
59.6%
60.5%
57.1%
54.9%
49.6%
52.1%
45.7%
53.9%
25.7%
54.6%
7.4%
15.0%
23.8%
18.7%
22.6%
20.5%
26.4%
18.0%
59.8%
62.0%
38.5%
33.6%
42.6%
29.5%
79.0%
99.3%
74.2%
103.3%
3.5%
0.0%
1.7%
3.6%
3.7%
13.2%
1.3%
2.3%
2.8%
5.2%
2.1%
2.3%
1.4%
0.6%
1.9%
2.2%
1.4%
2.0%
1.7%
5.1%
363 57 11
181 21.0 3.9
181 36.1 6.6
3.3%
3.3%
3.3%
71.0%
74.7%
70.5%
27.9%
31.6%
27.3%
83.3%
120.8%
78.0%
2.0%
16.2%
0.0%
0.1%
0.7%
0.0%
9%
10.4%
10.0%
0.0%
10.1%
0.0%
9.7%
4.9%
18.4%
18.4%
24.6%
33.3%
12.6%
20.0%
19.9%
22.5%
18.8%
28.3%
13.6%
3.7%
15.0%
21.4%
17.0%
21.6%
13.0%
11.4%
11.3%
14.3%
4.3%
4.0%
1.9%
7.4%
2.2%
2.7%
2.4%
3.3%
2.3%
0.6%
2.9%
2.5%
2.4%
2.3%
2.8%
3.0%
3.2%
3.3%
BancABC
BarclaysBotswana
FirstNationalBankofBots.
StanchartBotswana
Coted'Ivoire
EcobankTransnationalInc.
Ghana
StanchartGhana
CalBank
Kenya
BarclaysBankKenya
DiamondTrustBank
EquityBank
KenyaCommercialBank
NationalBankofKenya
NationalIndustrialCreditBank
StanchartKenya
471,867
99,635
105,597
73,014
193,622
24,497
5,535
5,982
3,581
9,400
5,560
1,363.9
1,508.9
825.4
1,862.1
0.4%
2.4%
1.2%
3%
0.6%
52.9%
51.0%
56.4%
49%
53.2%
24.7%
26.1%
20.0%
24%
26.7%
103.6%
139.2%
91.4%
93%
93.4%
1.1%
1.7%
0.0%
2%
1.1%
1.2%
1.1%
1.1%
1%
1.4%
127%
449.7%
28.6%
40%
24.6%
21.2%
28.2%
24.1%
18%
16.5%
1.2%
1.4%
1.4%
1%
1.0%
10.7
14.2
9.2
12.4
9.0
6%
6%
6%
7%
6%
SouthAfrica
ABSA
FirstRand
Nedbank
StandardBank
1,281
586
87
607
147
52.5
11.4
83.2
29
15.4
2.8
10.8
7.6%
5.6%
10.5%
12.4%
56.3%
50.6%
59.6%
70%
35.4%
34.4%
16.2%
40%
44.7%
45.0%
53.9%
43%
2.0%
0.0%
0.0%
7%
1.7%
1.1%
3.3%
3.2%
14%
1.2%
101.4%
37.2%
29.2%
34.1%
39.4%
16.1%
2.4%
2.6%
3.2%
1.8%
4.5
5.1
5.1
3.1
14%
13%
12%
18%
Zambia
StanchartZambia
InvestrustZambia
ZANACO
2.4%
5.3%
51.6%
49.9%
26.0%
27.9%
88.8%
67.2%
1.4%
1.8%
1.3%
1.5%
Africa
Imara
Securities
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ImaraCapital2003
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