Capitec Bank Holding Ltd HY 2014 results

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Information about Capitec Bank Holding Ltd HY 2014 results
Investor Relations

Published on March 19, 2014

Author: AfricanisCool

Source: slideshare.net

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Capitec Bank Holding Ltd HY 2014 results

CAPITEC BANK HOLDINGS LIMITED Registration number: 1999/025903/06 Registered bank controlling company Incorporated in the Republic of South Africa JSE ordinary share code: CPI ISIN code: ZAE000035861 JSE preference share code: CPIP ISIN code: ZAE000083838 (“Capitec” or “the company” or “the group”) Unaudited financial results for the six months ended 31 August 2013 Active clients: 5 million Headline earnings up 39% to R971 million Headline earnings per share up 20% to 844 cents Interim dividend per share up 20% to 203 cents Return on equity: 23% Cost-to-income ratio: 33% Six months ended August Six months August 2013/2012 Year ended February Key performance indicators 2013 2012 % 2013 Profitability Interest income R’m 4 616 3 035 52 7 085 Net loan fee income R’m 465 631 (26) 1 153 Interest paid R’m (1 040) (726) 43 (1 663) Net transaction fee income R’m 899 583 54 1 349 Other banking income R’m – 3 – Income from banking operations R’m 4 940 3 526 40 7 924 Net loan impairment expense R’m (1 955) (1 019) 92 (2 659) Net banking income R’m 2 985 2 507 19 5 265 Banking operating expenses R’m (1 620) (1 485) 9 (2 994) Non-banking operations R’m – 4 7 Tax R’m (384) (316) 22 (673) Preference dividend R’m (10) (11) (9) (21) Earnings attributable to ordinary shareholders Basic R’m 971 700 39 1 584 Headline R’m 971 700 39 1 584 Net transaction fee income to banking operating expenses % 55 39 45 Net transaction fee income to net banking income % 30 23 26 Cost-to-income ratio – banking activities % 33 42 38 Return on ordinary shareholders’ equity % 23 28 27 Earnings per share Attributable cents 844 702 20 1 519 Headline cents 844 702 20 1 519 Diluted attributable cents 838 691 21 1 498 Diluted headline cents 838 691 21 1 498 Dividends per share Interim cents 203 169 20 169 Final cents 405 Total cents 574 Dividend cover x 2.6 Assets Net loans and advances R’m 29 460 22 823 29 27 935 Cash, cash equivalents and other liquid assets R’m 11 819 8 021 47 9 166 Other R’m 1 579 1 197 32 1 246 Total assets R’m 42 858 32 041 34 38 347

Six months ended August Six months August 2013/2012 Year ended February Key performance indicators (continued) 2013 2012 % 2013 Liabilities Deposits R’m 32 979 25 608 29 29 000 Other R’m 730 803 (9) 834 Total liabilities R’m 33 709 26 411 28 29 834 Equity Shareholders’ funds R’m 9 149 5 630 63 8 513 Capital adequacy ratio % 39 38 41 Net asset value per ordinary share cents 7 710 5 351 44 7 212 Share price cents 18 400 20 222 (10) 18 800 Market capitalisation R’m 21 215 20 295 5 21 515 Number of shares in issue ’000 115 298 100 363 15 114 442 Share options Number outstanding ’000 1 514 2 269 (33) 2 177 Number outstanding to shares in issue % 1.3 2.3 1.9 Average strike price cents 8 520 6 187 6 294 Average time to maturity months 19 20 15 Operations Branches 589 534 10 560 Employees 8 890 7 780 14 8 308 Active clients ’000 5 016 4 252 18 4 677 ATMs Own 671 581 15 640 Partnership 2 173 1 787 22 1 914 Total 2 844 2 368 20 2 554 Capital expenditure R’m 314 296 6 473 Sales Loans Value of loans advanced R’m 9 501 12 831 (26) 25 401 Number of loans advanced ’000 1 645 1 934 (15) 3 760 Average loan amount R 5 776 6 634 (13) 6 756 Repayments R’m 10 800 9 065 19 19 159 Gross loans and advances R’m 32 644 24 697 32 30 658 Loans past due (arrears) R’m 1 799 1 075 67 1 777 Arrears to gross loans and advances % 5.5 4.4 5.8 Provision for doubtful debts R’m 3 184 1 873 70 2 723 Provision for doubtful debts to gross loans and advances % 9.8 7.6 8.9 Arrears coverage ratio % 177 174 153 Loan revenue R’m 4 899 3 552 38 7 983 Loan revenue to average gross loans and advances % 15.5 16.5 32.5 Gross loan impairment expense R’m 2 119 1 141 86 2 932 Recoveries R’m 164 122 34 273 Net loan impairment expense R’m 1 955 1 019 92 2 659 Net loan impairment expense to loan revenue % 39.9 28.7 33.3 Net loan impairment expense to average gross loans and advances % 6.2 4.7 10.8 Deposits Wholesale deposits R’m 12 495 10 753 16 11 679 Retail call savings R’m 11 885 8 864 34 10 335 Retail fixed savings R’m 8 286 5 646 47 6 844

Client growth 5 million active clients and growing We have passed the 5 million client mark and continue to grow. 339 000 new clients have chosen to bank with Capitec over the last six months. Our market share of primary banking clients is now over 10%. Earnings Earnings up 39% Capitec’s approach of simplicity and transparency continues to deliver sustained growth and performance despite weaker economic conditions. Our conservatism in funding, credit rules and provisioning has also stood us in good stead. Our earnings growth remains satisfactory, up 39% to R971 million from R700 million in August 2012. Strong growth in net transaction fee income to R899 million (up 54% compared to August 2012) positively offset lower than expected lending income due to slower credit growth and higher bad debt expenses. Headline earnings per share is up by 20% following the impact of the November 2012 rights issue. If the impact of dilution from the rights issue is excluded, and an equalisation adjustment is made to factor in the change in secondary tax on companies (‘STC’) on the August 2012 results, the increase in earnings per share would have been 26%. A slow economy We are concerned about the fundamentals of the economy. South Africa is operating below potential. Many sectors are impacted by labour cost pressures, low productivity and inertia as extended strikes and prolonged bargaining erode the ability of companies to operate sustainably. There are also now more financial pressures on consumers. Client service first The “Service Project” The “Service Project”, an investment of R201 million, three years in the making, is being rolled out to all branches. It is our own unique, new-breed banking system and approach to client service. It includes paperless transacting (by using more secure fingerprint biometric technology), side-by-side consulting and real-time monitoring of how long it takes to service our clients. 384 of our 589 branches are live on the new system and we have trained 6 526 staff in the new service platform by the end of August 2013. We have only just begun to leverage the efficiencies available from this investment. Better banking hours Our approach to innovation is not random; we focus on addressing our clients’ needs. This is why we have again taken the lead by extending our service hours in branches to Sundays between 9am and 1pm in most shopping malls around the country. Transaction income Opportunity in a slow economy Net transaction fee income now covers 55% of operating expenses, up from 45% at February 2013 and represents 30% of net banking income. A slower economy is not all bad news. Cost pressures will encourage many consumers to re-consider their banking costs. Capitec continues to offer a highly competitive banking service, including internet and cellphone banking. Furthermore, we pay our clients a minimum interest rate of 4.25% on any balance in their transaction and savings accounts. Lending income Credit sales slower than expected Loan revenue increased from R3.6 billion for the six months ended August 2012 to R4.9 billion for the six months ended August 2013. Credit sales slowed as expected due to our tightening of our credit criteria in the second half of the 2013 financial year in anticipation of a weaker credit market. However, despite lower sales, lending income is benefiting from the annuity effect of loans sold in previous periods as the loan book is not yet mature. Gross loans and advances grew to R32.6 billion (August 2012: R24.7 billion, February 2013: R30.7 billion). Although the performance and quality of the loan book is within risk appetite, it was worse than expected. Higher arrears were experienced during the first half of the 2014 financial year due to the general weakening in the economy. In normal circumstances, due to seasonality, we would have expected the quality of the book and the resultant percentage of arrears to gross loans and advances on the longer-term loans to improve markedly. However, the decrease was only to 5.5% for August 2013 from 5.8% at February 2013. By comparison the arrears to gross loans and advances percentage decreased from 5.1% at February 2012 to 4.4% at August 2012. Further tightening of credit criteria We typically experience some seasonal deterioration in credit quality in the second half of each financial year. We enhanced the sophistication of our credit technology and now identify and limit exposure to clients with an unrestrained appetite for credit. In the past such clients were inclined to over-indebt themselves by pursuing more credit from other service providers after taking up our offer. These clients have a higher likelihood of defaulting on their Capitec loan. These and other credit-related changes have seen us approving fewer clients for credit. Importantly, these changes were made in a way that identifies better value credit transactions. Consequently, loan sales generally have smaller values and are for shorter terms.

Developments in credit regulation We fully support the initiatives by the National Credit Regulator (NCR) to implement standards around client affordability assessment. If developed, implemented and policed effectively, these standards will protect both credit providers and clients, as well as strengthen overall confidence in the South African retail credit market. A strong regulator is an important feature of any sustainable market and we appreciate those proactive intentions of the NCR to improve the existing credit legislation in a manner that contributes to overall stability. Prudent provisions maintained In line with our prudent provisioning we have included the higher default experience of the past six months in the underlying drivers of our provisions model. The provision for doubtful debts as a percentage of gross loans and advances increased from 8.9% at February 2013 to 9.8% at August 2013 (August 2012: 7.6%). The arrears coverage ratio is 177% at August 2013 compared to 153% at the end of February 2013 (August 2012: 174%). The overall level of provisions increased 70% year on year and 17% for the six months to August 2013, respectively. Cost structure Cost increases contained Costs were contained in the six months ended August 2013 with banking operating expenses rising to R1.6 billion, 9% up compared to August 2012. The cost-to-income ratio declined further to 33% at August 2013, down from 38% for the twelve months to February 2013 and 42% for the six months ended August 2012, driven mainly by the 40% increase in income from banking operations. Cost-efficiency and economies of scale remain strategic objectives of the group. Growth in the number of branches continues, with 29 new branches opened this period. The economic slowdown will make it more challenging to meet the higher target of 75 new branches (2013: 55) as developers shelve plans for new shopping malls. The number of ATMs grew to 2 844. Funding and liquidity Retail deposit funding grew to R20.2 billion Capitec’s liquidity management continues to be in line with its stated conservative liquidity policy. Strong growth in retail call and fixed savings balances continued. A further R3.0 billion was deposited during the period increasing retail deposits to R20.2 billion. No volatility in balances was experienced over this period. Wholesale funding In May 2013 a successful bond issue of R1.3 billion in terms of the Domestic Medium Term Note programme was undertaken. Given the strong retail deposit inflows and slower loan growth we are choosing to roll only the more competitively priced corporate paper transactions. Liquid assets Liquid assets (cash, cash equivalents, money market unit trust and national treasury bill investments) increased by 47% year on year and 29% for the six months, respectively. This was due to cash from the rights issue together with the strong deposit growth, amidst slower loan sales. Capital Capital adequacy at 39% Capitec is well capitalised with a capital adequacy ratio of 39% at August 2013 (41%: February 2013). Return on equity at 23% is lower than the 27% reported for the 2013 financial year and 28% for the six months to August 2012 due to the rights issue dilution and the slower credit growth. The disclosure in terms of Regulation 43 of the Banks Act is available on the Capitec Bank website. The interim dividend per share has increased 20% from 169 cents per share at August 2012 to 203 cents per share at August 2013. Contingent liability There has been no change regarding the status of matters raised by the NCR as previously communicated in our SENS announcement dated 30 May 2013. Riaan Stassen set to retire as he turns sixty It is with regret that the board announces that Riaan Stassen, the bank’s pioneering CEO and one of its founders, has decided to retire as CEO at the end of December 2013. He turned sixty during the month of August 2013. Riaan will continue to serve on the Board of the bank as a non-executive director after his retirement. He was the heart of the management team that established Capitec Bank in 2000. The Chairman and Board thank Riaan on behalf of all stakeholders for his role as an exceptional leader over the past 13 years and for being an innovator in an industry that is dominated by tradition. The Board is pleased to announce that Riaan will be succeeded as CEO by Gerrie Fourie on 1 January 2014. Riaan and Gerrie will co-operate over the next three months to ensure a smooth transition from one CEO to the next. Gerrie is 49 and has been an executive member of the Capitec Bank management team since its inception in 2000. He is responsible for Sales and Operations. Gerrie was appointed to the Board on 20 September 2013. A separate SENS announcement has been made today in this regard.

Prospects Despite South Africa’s medium-term challenges, we remain excited about the future and the opportunities available to us. Unsecured credit is here to stay and, for most, the need for a low-cost banking solution is a necessity. Our management approach will remain vigilant, cautious and responsible regarding the management of our clients’ money. We are relentless in our pursuit of service excellence. Interim dividend The directors approved an interim ordinary dividend for the six months ended 31 August 2013 of 203 cents per share on Friday, 20 September 2013. The dividend will be payable on Monday, 21 October 2013. There are 115 297 995 ordinary shares in issue. The interim dividend meets the definition of a dividend in terms of the Income Tax Act (Act 58 of 1962). The dividend amount net of South African dividends tax of 15% is 172.55000 cents per share to those shareholders that are not exempt from dividends tax. The distribution is made from income reserves and no STC credits were applied against the dividend. Capitec’s tax reference number is 9405/376/84/0. Last day to trade cum dividend Friday, 11 October 2013 Trading ex-dividend commences Monday, 14 October 2013 Record date Friday, 18 October 2013 Payment date Monday, 21 October 2013 Share certificates may not be dematerialised or rematerialised between Monday, 14 October 2013 and Friday, 18 October 2013, both days inclusive.

Unaudited August 2013 Reviewed August 2012 Six months August 2013/2012 Audited February 2013 Interim consolidated balance sheet R’000 R’000 % R’000 Assets Cash, cash equivalents and money market funds 8 752 709 7 097 122 23 7 143 092 Investments designated at fair value 3 066 485 923 564 232 2 022 906 Loans and advances to clients 29 460 077 22 823 468 29 27 934 854 Inventory – 50 524 – – Other receivables 332 747 80 043 316 140 818 Current income tax assets 37 473 61 841 (39) – Interest in associate 1 484 – – 167 Property and equipment 793 298 673 052 18 697 512 Intangible assets 200 802 122 182 64 136 380 Deferred income tax assets 213 063 209 093 2 270 995 Total assets 42 858 138 32 040 889 34 38 346 724 Liabilities Loans and deposits at amortised cost 32 979 448 25 607 827 29 29 000 191 Provisions 11 711 16 877 (31) 28 449 Other liabilities 717 965 786 360 (9) 759 083 Current income tax liabilities – 161 – 46 007 Total liabilities 33 709 124 26 411 225 28 29 833 730 Equity Ordinary share capital and premium 5 512 570 3 164 676 74 5 330 710 Cash flow hedge reserve 67 128 (23 901) (381) (15 925) Retained earnings 3 310 347 2 229 920 48 2 939 240 Share capital and reserves attributable to ordinary shareholders 8 890 045 5 370 695 66 8 254 025 Non-redeemable, non-cumulative, non-participating preference share capital and premium 258 969 258 969 – 258 969 Total equity 9 149 014 5 629 664 63 8 512 994 Total equity and liabilities 42 858 138 32 040 889 34 38 346 724

Unaudited Six months ended August 2013 Reviewed Six months ended August 2012 Six months August 2013/2012 Audited Year ended February 2013 Interim consolidated income statement R’000 R’000 % R’000 Interest income 4 616 442 3 034 829 52 7 084 752 Interest expense (1 039 538) (725 627) 43 (1 662 513) Net interest income 3 576 904 2 309 202 55 5 422 239 Loan fee income 679 222 782 453 (13) 1 496 009 Loan fee expense (214 186) (151 013) 42 (343 209) Transaction fee income 1 305 574 917 712 42 2 100 594 Transaction fee expense (406 928) (335 061) 21 (751 768) Net fee income 1 363 682 1 214 091 12 2 501 626 Dividend income 104 9 9 Net impairment charge on loans and advances to clients (1 955 379) (1 018 613) 92 (2 658 923) Net movement in financial instruments held at fair value through profit and loss (1 827) 2 533 (172) (298) Other income 980 281 249 204 Sales – 136 650 – 248 358 Cost of sales – (120 813) – (219 480) Non-banking income – 15 837 – 28 878 Income from operations 2 984 464 2 523 340 18 5 293 735 Banking operating expenses (1 619 963) (1 485 249) 9 (2 994 008) Non-banking operating expenses – (11 742) – (22 451) Operating profit before tax 1 364 501 1 026 349 33 2 277 276 Share of profit of associate 405 – – 167 Income tax expense (384 086) (315 541) 22 (672 862) Profit for the period 980 820 710 808 38 1 604 581 Earnings per share (cents) Basic 844 702 20 1 519 Diluted 838 691 21 1 498 Unaudited Six months ended August 2013 Reviewed Six months ended August 2012 Six months August 2013/2012 Audited Year ended February 2013 Interim consolidated statement of comprehensive income R’000 R’000 % R’000 Profit for the period 980 820 710 808 38 1 604 581 Cash flow hedge recognised during the period 105 130 (34 653) 403 (33 430) Cash flow hedge reclassified to profit and loss for the period 10 216 4 227 142 14 080 Cash flow hedge before tax 115 346 (30 426) 479 (19 350) Income tax relating to cash flow hedge (32 293) 8 445 (482) 5 345 Other comprehensive income for the period net of tax 83 053 (21 981) 478 (14 005) Total comprehensive income for the period 1 063 873 688 827 54 1 590 576

Unaudited Six months ended August 2013 Reviewed Six months ended August 2012 Six months August 2013/2012 Audited Year ended February 2013 Reconciliation of attributable earnings to headline earnings R’000 R’000 % R’000 Net profit after tax 980 820 710 808 38 1 604 581 Preference dividend (10 245) (10 706) (4) (20 783) Net profit after tax attributable to ordinary shareholders 970 575 700 102 39 1 583 798 Non-headline items: (Profit)/loss on disposal of: Property and equipment 75 (147) (151) (358) Income tax charge – property and equipment (21) 43 149 100 Intangible assets – 16 – 19 Income tax charge – intangible assets – (4) – (5) Loss on sale of subsidiary – – – 58 Income tax charge – sale of subsidiary – – – (16) Headline earnings 970 629 700 010 39 1 583 596 Unaudited Six months ended August 2013 Reviewed Six months ended August 2012 Audited Year ended February 2013 Interim consolidated statement of cash flows R’000 R’000 R’000 Cash flow from operating activities 3 414 299 2 836 438 2 174 162 Cash flow from investing activities (661 187) (17 404) (1 995 211) Cash flow from financing activities (445 981) (273 115) 1 710 446 Net increase in cash and cash equivalents 2 307 131 2 545 919 1 889 397 Cash and cash equivalents at the beginning of the period 6 440 600 4 551 203 4 551 203 Cash and cash equivalents at the end of the period 8 747 731 7 097 122 6 440 600 Unaudited Six months ended August 2013 Reviewed Six months ended August 2012 Audited Year ended February 2013 Interim consolidated statement of changes in equity R’000 R’000 R’000 Equity at the beginning of the period 8 512 994 5 185 350 5 185 350 Total comprehensive income for the period 1 063 873 688 827 1 590 576 Ordinary dividend (464 565) (297 847) (467 460) Preference dividend (10 245) (10 706) (20 783) Employee share option scheme Value of employee services 6 472 6 936 9 037 Shares issued and acquired for employee share options at cost (181 969) (238 357) (244 422) Proceeds on settlement of employee share options 28 592 34 517 37 850 Tax effect on share options 12 002 22 703 18 571 Shares issued 188 127 238 357 2 491 915 Share issue expenses (6 267) (116) (87 640) Equity at the end of the period 9 149 014 5 629 664 8 512 994

Unaudited August 2013 Reviewed August 2012 Audited February 2013 Commitments R’000 R’000 R’000 Capital commitments approved by the board Contracted for Property and equipment 52 264 91 437 42 645 Intangible assets 14 826 9 322 13 119 Not contracted for Property and equipment 325 475 176 660 524 971 Intangible assets 104 394 41 325 169 438 Operating lease commitments Future aggregate minimum lease payments Within one year 238 058 192 781 208 888 From one to five years 715 786 544 784 595 037 After five years 220 836 124 184 170 639 Total future cash flows 1 174 680 861 749 974 564 Straight-lining accrued (51 198) (41 461) (46 432) Future expenses 1 123 482 820 288 928 132 Segment analysis Capitec reports a single segment – Retail banking within the South African economic environment. The business is widely distributed with no reliance on any major customers. The business sells a single retail banking product “Global One” which enables clients to transact, save and borrow. The comparative figures reflect the interest in a subsidiary, which was disposed of on 31 January 2013, and is now accounted for as an associate. The subsidiary was involved in the wholesale distribution of fast-moving consumer goods and the revenue it earned arose from the sales of these goods. The segment information, for the comparative six-month period to 31 August 2012 and the twelve months ended 28 February 2013, provided to the executive management committee for the reportable segments, was: Retail banking Wholesale distribution Intra- segment Total R’000 R’000 R’000 R’000 Reviewed six months ended August 2012 Segment revenue 4 735 470 136 650 (186) 4 871 934 Segment earnings after tax 707 882 2 926 – 710 808 The following items are included in segment earnings after tax: Interest income 3 035 015 – (186) 3 034 829 Interest expense (725 602) (211) 186 (725 627) Net fee income 1 214 091 – – 1 214 091 Net impairment charge (1 018 340) (273) – (1 018 613) Depreciation (89 746) (246) – (89 992) Amortisation (22 493) – – (22 493) Other operating expenses (1 373 010) (11 496) – (1 384 506) Audited year ended February 2013 Segment revenue 10 681 750 248 358 (182) 10 929 926 Segment earnings after tax 1 601 253 3 328 – 1 604 581 The following items are included in segment earnings after tax: Interest income 7 084 923 11 (182) 7 084 752 Interest expense (1 661 743) (952) 182 (1 662 513) Net fee income 2 501 626 – – 2 501 626 Net impairment charge (2 658 445) (478) – (2 658 923) Depreciation (195 634) (474) – (196 108) Amortisation (51 070) – – (51 070) Other operating expenses (2 747 304) (21 977) – (2 769 281)

Unaudited interim financial statements The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard (‘IAS’) 34 ‘Interim Financial Reporting’, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the requirements of the Companies Act of South Africa (Act No 71 of 2008), as amended, and the Listings Requirements of the JSE Limited. These condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 28 February 2013, which were prepared in accordance with International Financial Reporting Standards (‘IFRS’). The accounting policies applied conform to IFRS and are consistent with those applied in the previous year except for IFRS 13 ‘Fair value measurement’. The measurement and disclosure requirements of IFRS 13 were applied prospectively from 1 March 2013 as required by the standard. The fair value of loans and deposits and of loans and advances is R33.0 billion and R32.5 billion respectively as at 31 August 2013. The fair value of all other financial instruments equates their carrying amount. All other standards, interpretations and amendments to published standards applied for the first time during the current financial period did not have any significant impact on the financial statements. The group complies in all material respects with the requirements of the King III Code. No event, which is material to the financial affairs of the group, has occurred between the reporting date and the date of approval of the condensed consolidated interim financial statements. The preparation of the condensed consolidated interim financial statements was supervised by the financial director, André du Plessis CA(SA). On behalf of the board Michiel le Roux Riaan Stassen Chairman Chief executive officer Stellenbosch 25 September 2013 Company secretary and registered office Christian George van Schalkwyk: BComm, LLB, CA(SA) 1 Quantum Street, Techno Park, Stellenbosch 7600, PO Box 12451, Die Boord 7613 Transfer secretaries Computershare Investor Services (Proprietary) Limited (Registration number: 2004/003647/07) Ground Floor, 70 Marshall Street, Johannesburg 2001, PO Box 61051, Marshalltown 2107 Sponsor PSG Capital Proprietary Limited (Registration number: 2006/015817/07) Directors MS du P le Roux (Chairman), R Stassen (CEO)*, AP du Plessis (CFO)*, GM Fourie*, Ms RJ Huntley, JD McKenzie, Ms NS Mjoli-Mncube, PJ Mouton, CA Otto, G Pretorius, JP van der Merwe *Executive capitecbank.co.za enquiries@capitecbank.co.za

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