Financial Data Report SBM HOLDINGS LIMITED (THE GROUP) for the period ending 31.Mar.2017
Equity Statistics Particulars Units 31-Mar-17 Current Market Price MUR 7.10 52 week H/L* MUR 7.24 /.63 Market Capitalisation MUR Mn 21,565.56 P/B Times 1.09 P/E Times 79.42 Dividend Yield % 5.77 *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 123113 138573 128287 114411 121753 163739 100000 80000 67698 79987 80248 84324 60000 47659 50442 40000 20000 0 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Period 3 Months 6 Months 1 Year 3 Years Stock Returns (%) Stock Returns Index Returns Relative Return 27.71 24.83 2.88 1,828.57 9.95 1,818.63 944.12 6.87 937.25 189.94 (2.74) 192.67 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 Mar-17 Mar-16 Dec-16 Growth Growth (MUR Mn) Y-o-Y (%) Q-o-Q (%) Net Interest Income 1,063.94 1,133.47 NM/NA -6.13 NM/NA Non Interest Income 649.82 516.89 NM/NA 25.72 NM/NA PBT 695.81 901.64 NM/NA -22.83 NM/NA PAT 581.37 714.97 NM/NA -18.69 NM/NA Loans & Advances 89,243.10 69,262.43 NM/NA 28.85 NM/NA Total Assets 1,65,578.98 1,36,652.82 NM/NA 21.17 NM/NA Per Share Data (MUR) Mar-17 Mar-16 Dec-16 Diluted EPS 2.25 2.77 NM/NA Profitability Ratio (%) Mar-17 Mar-16 Dec-16 NIM (Annualized) 2.82 6.64 NM/NA ROTA (Annualized) 1.54 4.19 NM/NA 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 1,05,032.82 1,11,852.90 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 1,25,602.26 1,36,162.09 1,46,895.80 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 1,25,602.26 1,36,162.09 1,46,895.80 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 a decline of 6% for the quarter ended March 31, 2017 vis-a-vis March 31, 2016 due to excess liquidity in the market and competitive pricing. PAT declined to MUR 581 million for the quarter ended March 31, 2017 compared to MUR 715 million for the quarter ended March 31, 2016 due to higher impairment charges and system costs. Total assets grew substantially by 21.17% from MUR 136.7 billion as at 31 March 2016 to reach MUR 165.58 billion as at 31 March 2017 due to increase in net loans and advances to non-bank customers and increase in loans to and placements with banks. Deposits from non-bank customers have increased by MUR 23.3 billion. Gross impaired advances increased from MUR 5.00 billion at December 2016 to MUR 5.17 billion at March 2017. However GNPA ratio improved from 6.60% in December 2016 to 5.89% in March 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