Financial Data Report SBM HOLDINGS LIMITED (THE GROUP) for the period ending 30.Jun.2017
Equity Statistics Particulars Units 31-Jul-17 Current Market Price MUR 7.66 52 week H/L* MUR 8.00 /.67 Market Capitalisation MUR Mn 23,266.50 P/B Times 1.17 P/E Times 85.68 Dividend Yield % 5.35 *The 52W/H 52W/L prices are adjusted to cater for Share Splits/Bonus Issues/Rights Issues and other corporate actions taking place within the 52 week period. Value Traded (MUR 000) 180000 160000 140000 120000 100000 80000 138573 84324 128287 114411 121753 163739 105294 164629 103657 110304 60000 40000 47659 50442 20000 0 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Period 3 Months 6 Months 1 Year 3 Years Stock Returns (%) Stock Returns Index Returns Relative Return 3.16 33.38 (30.23) 16.38 32.36 (15.98) 1,010.14 22.29 987.86 205.30 1.31 203.99 Page 2
Shareholding Pattern (%) (31.12.2016) 44.9 37.4 15.0 0.6 2.0 NATIONAL PENSIONS FUND SBM HOLDINGS LTD - TREASURY SHARES STATE INSURANCE COMPANY OF MAURITIUS LTD (PENSION FUND) GOVERNMENT OF MAURITIUS PICTET EUROPE A /C BLAKENEY L.P & Others Annual Financial Snapshot Income Statement Year Ended 30-Jun-12 31-Dec-14 31-Dec-15 31-Dec-16 Net Interest Income (MUR Mn) 3,198.7 4,050.44 4,252.74 4,383.27 Growth in NII (%) 26.63 4.99 3.07 Per Share Data (MUR) Year Ended 31-Dec-14 31-Dec-15 31-Dec-16 BVPS 0.60 0.68 0.64 6.53 Diluted EPS 10.3 7.24 6.23 8.94 Key Financial Ratios Year Ended 31-Dec-14 31-Dec-15 31-Dec-16 NIM (%) - 3.60 3.25 3.10 ROTA (%) - 1.66 1.23 1.63 CAR (%) 21.5 32.84 28.26 25.70 GNPA (%) 1.1 2.12 5.14 6.60 Quarterly Financials Jun-17 Jun-16 Mar-17 Growth Growth (MUR Mn) Y-o-Y (%) Q-o-Q (%) Net Interest Income 1,220.30 1,080.78 1,063.94 12.91 14.70 Non Interest Income 599.95 565.47 649.82 6.10-7.67 PBT 908.56 1,076.58 695.81-15.61 30.58 PAT 728.53 862.95 581.37-15.58 25.31 Loans & Advances 94,324.19 69,846.23 89,243.10 35.05 5.69 Total Assets 177,234.67 140,311.31 165,578.98 26.32 7.04 Per Share Data (MUR) Jun-17 Jun-16 Mar-17 Diluted EPS 2.82 3.34 2.25 Profitability Ratio (%) Jun-17 Jun-16 Mar-17 NIM (Annualized) 3.07 6.16 5.14 ROTA (Annualized) 1.84 4.92 2.81 Page 3
Annual Financial Statistics Income Statement (MUR Mn) Year Ended 31-Dec-14 31-Dec-15 31-Dec-16 Interest Income 5,897.80 6,451.25 6,424.32 6,249.77 Interest Expense 2,699.11 2,400.81 2,171.58 1,866.49 Net Interest Income 3,198.69 4,050.44 4,252.74 4,383.27 Non Interest Income 1,907.59 2,210.43 2,002.56 2,062.95 Total Income (Net Interest Income + Non Interest Income) 5,106.28 6,260.87 6,255.29 6,446.23 Operating Expenses (excluding impairments) 1,665.75 3,152.46 2,270.45 2,741.62 Credit Impairments 253.56 630.35 1,936.84 716.90 PBT 3,268.49 2,541.04 2,048.00 2,989.33 PAT 2,655.57 1,868.40 1,607.55 2,308.90 Balance Sheet (MUR Mn) Year Ended 31-Dec-14 31-Dec-15 31-Dec-16 No. of Shares (Number) 30,374,022,300 30,374,022,300 30,374,022,300 3,037,402,230 Total Equity 18,345 22,073.66 22,188.36 23,804.70 Deposits 76,275 92,378.89 105,032.82 111,852.90 Other Borrowings 2,925 8,711.21 5,994.64 8,351.40 Other Liabilities 1,585 2,438.50 2,946.27 2,886.80 DTL 163 - - - Total Equity & Liabilities 99,292.00 125,602.26 136,162.09 146,895.80 Cash & Equivalents 11,960 14,742.87 16,094.04 16,588.21 Loans to and placements with other banks 1,512 702.13 1,208.95 4,645.90 Loans & Advances 62,825 67,434.54 68,784.20 71,624.90 Investments 19,700 37,297.02 43,586.14 46,605.41 Tangible Assets 2,673 2,753.30 2,827.60 2,809.80 Intangible Assets 87 1,252.33 2,370.63 3,770.30 DTA - 171.43 276.76 215.30 Other Assets 536 1,248.63 1,013.78 635.98 Total Assets 99,292.00 125,602.26 136,162.09 146,895.80 Tangible Networth 18,258.29 20,649.90 19,540.98 19,819.10 Page 4
Annual Financial Statistics (cont..) Per Share Data (MUR) Year Ended 31-Dec-14 31-Dec-15 31-Dec-16 BVPS 0.6 0.68 0.64 6.53 Diluted EPS 10.3 7.24 6.23 8.94 DPS 0.035 0.04 0.04 0.41 Growth Y-o-Y (%) Year Ended 31-Dec-14 31-Dec-15 31-Dec-16 Growth in NII 26.63 4.99 3.07 Growth in PAT -29.64-13.96 43.63 Growth in EPS -29.64-13.95 43.50 Growth in Loans & Advances 7.34 2.00 4.13 Growth in Total Assets 26.50 8.41 7.88 Key ratios Year Ended 31-Dec-14 31-Dec-15 31-Dec-16 NIM (%) 3.60 3.25 3.10 Cost to Income (%) 32.6 50.35 36.30 42.53 ROTA (%) 1.66 1.23 1.63 RoE (%) 9.60 8.00 11.73 GNPA (%) 1.1 2.12 5.14 6.60 CAR (%) 21.5 32.84 28.26 25.70 Tier I CAR (%) 18.4 28.02 21.75 19.90 Debt / Networth (times) 4.90 5.68 6.07 C/D Ratio (times) 0.8 0.74 0.67 0.68 *Deposits have been included in the numerator of the Debt/Networth ratio. Without deposits, the Debt/Networth ratio would have been 0.42 times for the year ending 31 December 2016. Please see explanatory note for details on the methodology. Result Analysis Net interest income witnessed an increase of 12.91% for the quarter ended June 30, 2017 vis-a-vis June 30, 2016 due to excess liquidity in the market and competitive pricing. PAT declined to MUR 728 million for the quarter ended June 30, 2017 compared to MUR 863 million for the quarter ended June 30, 2016 due to increase in portfolio provision, higher impairment charges and system costs. Total assets grew substantially by 26.32% from MUR 140.3 billion as at June 30, 2016 to reach MUR 177.23 billion as at June 30 2017 due to increase in net loans and advances to non-bank customers. Deposits from non-bank customers have increased by MUR 28.1billion. Impaired advances to gross advances decreased from 6.53% at 31 December 2016 to 5.61 % at 30 June 2017. On October 17, 2016, the company had a reverse stock split in a ratio of 10:1. For further information, please read the explanatory note giving the definition and interpretation of the ratios and data along with the report. Contact: Saurav Chatterjee saurav.chatterjee@careratingsafrica.com +230-58626551 CARE Ratings (Africa) Private Limited Disclaimer This report is prepared by CARE Ratings (Africa) Private Limited (CRAF). CRAF has taken utmost care to ensure accuracy and objectivity while developing this report based on information available in public domain. However, neither the accuracy nor completeness of information contained in this report is guaranteed by CRAF or by the Stock Exchange of Mauritius Ltd (SEM). SEM and CRAF make no representations, give no warranty and disclaim all liability in respect thereof and shall not be held liable for any damage, loss or cost incurred resulting from any error in the information or any use of or reliance on the said information. SEM and CRAF are not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of information contained in this report and especially state that SEM and CRAF has no financial liability whatsoever to the user of this report. Appropriate independent advice should be obtained before making any investment or relying on the contents contained in this report. Page 5