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AGMs Corner
Mastermind
#1 Posted : Monday, June 03, 2019 11:20:57 AM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,572
Location: Langley
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.





If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
Fyatu
#2 Posted : Monday, June 03, 2019 2:39:36 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,491
Location: Nakuru
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.








Nice one. Most guys that attend these AGM's are pensioners with (share)lots of anything from 100 to 100000 shares. Most of these retired senior citizens hold stakes in almost all listed companies.My parents belong to this group. They love the goodies provided and will frown at management for serving them juice and cake instead of providing both the juice and mandazi together with umbrellas, caps, travelling bags etc.

The AGM's can get quite comic. I love mzee Chami. He always sit on first row and will certainly be the first one to break the ice(tension) between shareholders and management sana sana when the results are bad and there is no dividend.Problem is that these wazees lack financial accounting competencies and sometimes don't ask key questions and thus management always escapes scot free after mediocre results
Dumb money becomes dumb only when it listens to smart money
Ericsson
#3 Posted : Monday, June 03, 2019 4:21:57 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,042
Location: NAIROBI
Fyatu wrote:
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.








Nice one. Most guys that attend these AGM's are pensioners with (share)lots of anything from 100 to 100000 shares. Most of these retired senior citizens hold stakes in almost all listed companies.My parents belong to this group. They love the goodies provided and will frown at management for serving them juice and cake instead of providing both the juice and mandazi together with umbrellas, caps, travelling bags etc.

The AGM's can get quite comic. I love mzee Chami. He always sit on first row and will certainly be the first one to break the ice(tension) between shareholders and management sana sana when the results are bad and there is no dividend.Problem is that these wazees lack financial accounting competencies and sometimes don't ask key questions and thus management always escapes scot free after mediocre results


The young people holding them shares and with vast financial accounting are at work in the office or hustling at that time of the AGM.
VituVingiSana
#4 Posted : Monday, June 03, 2019 8:25:27 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,179
Location: Nairobi
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs
Wazuans should sponsor you to attend all the AGMs and provide us with such summaries! Applause Applause Applause
Well done!

Which one is next on your agenda?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Mastermind
#5 Posted : Tuesday, June 04, 2019 9:35:49 AM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,572
Location: Langley
VituVingiSana wrote:
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs
Wazuans should sponsor you to attend all the AGMs and provide us with such summaries! Applause Applause Applause
Well done!

Which one is next on your agenda?


Bring the funding bwana VVS. smile smile Next should be Centum.
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
Mastermind
#6 Posted : Tuesday, June 04, 2019 9:39:51 AM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,572
Location: Langley
Ericsson wrote:
Fyatu wrote:
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.








Nice one. Most guys that attend these AGM's are pensioners with (share)lots of anything from 100 to 100000 shares. Most of these retired senior citizens hold stakes in almost all listed companies.My parents belong to this group. They love the goodies provided and will frown at management for serving them juice and cake instead of providing both the juice and mandazi together with umbrellas, caps, travelling bags etc.

The AGM's can get quite comic. I love mzee Chami. He always sit on first row and will certainly be the first one to break the ice(tension) between shareholders and management sana sana when the results are bad and there is no dividend.Problem is that these wazees lack financial accounting competencies and sometimes don't ask key questions and thus management always escapes scot free after mediocre results


The young people holding them shares and with vast financial accounting are at work in the office or hustling at that time of the AGM.


Someone was telling me the wazee asked why they are changing names? What is ABSA? Only for Jeremy to remind them they approved change of name last year. Actually they did so unanimously.
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
sparkly
#7 Posted : Tuesday, June 04, 2019 10:56:39 AM
Rank: Elder


Joined: 9/23/2009
Posts: 7,129
Location: Enk are Nyirobi
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.








Good report. Continue with the good work.
Life is short. Live passionately.
VituVingiSana
#8 Posted : Tuesday, June 04, 2019 5:49:42 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,179
Location: Nairobi
Mastermind wrote:
VituVingiSana wrote:
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs
Wazuans should sponsor you to attend all the AGMs and provide us with such summaries! Applause Applause Applause
Well done!

Which one is next on your agenda?


Bring the funding bwana VVS. smile smile Next should be Centum.
I wish there was a way to anonymously do this. I had such a tough time with @Sparkly and that window has now closed too. If you have an idea, please share.

In the meantime we wait for your reports!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Mastermind
#9 Posted : Tuesday, June 11, 2019 9:55:46 AM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,572
Location: Langley
VituVingiSana wrote:
Mastermind wrote:
VituVingiSana wrote:
Mastermind wrote:
KCB AGM 2019

Logistics.

Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.


Shareholders Goodies

kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.


Key Highlights

-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.

-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.

-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.

-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.

-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.


National Bank

-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”

-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.

-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.


EPS Projections post NBK Acquisition

YEAR EPS

2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32

Return on Equity Post NBK Acquisition

YEAR ROE (%)

2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9

The above projections are on the lower side.







Shareholders Hour.

1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.

2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.

3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.

4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.

5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.

6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.










Crazy Moments.

-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.

-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”

-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.

Sundry

Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs
Wazuans should sponsor you to attend all the AGMs and provide us with such summaries! Applause Applause Applause
Well done!

Which one is next on your agenda?


Bring the funding bwana VVS. smile smile Next should be Centum.
I wish there was a way to anonymously do this. I had such a tough time with @Sparkly and that window has now closed too. If you have an idea, please share.

In the meantime we wait for your reports!



Let it stay as unclaimed asset for sometime. Hope it wont expire.
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
Mastermind
#10 Posted : Tuesday, June 11, 2019 9:57:37 AM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,572
Location: Langley
KQ AGM Looks like it was a thriller.
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
VituVingiSana
#11 Posted : Tuesday, June 11, 2019 10:20:32 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,179
Location: Nairobi
Mastermind wrote:
KQ AGM Looks like it was a thriller.

https://www.youtube.com/watch?v=sOnqjkJTMaA kama zombie!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Angelica _ann
#12 Posted : Tuesday, June 11, 2019 10:46:57 AM
Rank: Elder


Joined: 12/7/2012
Posts: 10,698
VituVingiSana wrote:
Mastermind wrote:
KQ AGM Looks like it was a thriller.

https://www.youtube.com/watch?v=sOnqjkJTMaA kama zombie!


Where is @Obiero to bring the report.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
mulla
#13 Posted : Tuesday, June 11, 2019 11:26:43 AM
Rank: Member


Joined: 6/15/2013
Posts: 275
Angelica _ann wrote:
VituVingiSana wrote:
Mastermind wrote:
KQ AGM Looks like it was a thriller.

https://www.youtube.com/watch?v=sOnqjkJTMaA kama zombie!


Where is @Obiero to bring the report.

FYI...Centum's release of FY2018 is tomorrow 12thJune from 7am.
obiero
#14 Posted : Tuesday, June 11, 2019 5:31:05 PM
Rank: Elder


Joined: 6/23/2009
Posts: 12,014
Location: nairobi
Mastermind wrote:
KQ AGM Looks like it was a thriller.

Extra dramatic. What looks certain is that MJ is held hostage by GoK. He probably didn't want another term but his exit would send the share for GoK, KQLC, KQ ESOP, KLM and minority shareholders to sub zero value.. Majority of the current shareholders have faith in his managerial/strategic abilities. His long term personal banker and friend Ngumi, who is also Les Bailley personal banker is a welcome additional to the stellar board. Ngumi is the man who arranged the initial USD 4m syndicate loan for Safaricom when it had about 30,000 subscribers. The rest is history
COOP 5,500; KCB 3,700; KNRE 100,000; KQ 221,100
Beler
#15 Posted : Wednesday, June 19, 2019 2:42:36 PM
Rank: New-farer


Joined: 1/15/2019
Posts: 31
Ok, I have heard a lot of crazy stuff, but this one mentioned here are the most craziest one. I dont know what would be my reaction of something like that happened to me. Definitely, KCB is not my pick in any sense
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