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Banking Research Report

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Banking Research Report 24 March 2017 3rd January 2017 Banking Research Report Industry Overview As of March 2017, the local banking industry constitutes of 23 licensed banks by the Bank of Mauritius (BoM), of which 10 are local banks, 9 are foreign-owned subsidiaries, and 4 are branches of international banks. Of the 23 banks, 2 carry on exclusively private banking business and 1 carries on exclusively Islamic banking business. In April 2015, the BoM revoked the banking licence of Bramer Banking Corporation Ltd (BBCL) owing to serious impairment in its capital and failure to demonstrate its ability to address capital and liquidity issues in accordance to the BoM’s requirements. A new licence has been issued to the National Commercial Bank Ltd (NCB Ltd) with the assets of ex-BBCL transferred to the new bank. In early January 2016, the assets and liabilities of NCB Ltd were transferred to the Mauritius Post and Cooperative Bank Ltd, which now operates as a new entity known as the MauBank Ltd. Following the aforementioned revocation, dealings in the securities of the defunct Bramer Bank has been suspended by the Stock Exchange of Mauritius (SEM) with immediate effect. On another note, ABC Banking Ltd which obtained its banking licence in year 2010, was listed on the Development and Enterprise Market (DEM) of the SEM on the 18th February 2016. The newcomer witnessed a remarkable hike of 83.3% to its introductory share price of Rs15.00 during the year 2016 and hit a record high of Rs27.80 during February this year. With the vision to act as a bridge between Africa and Asia, BOM issued a licence to the Bank of China (Mauritius), a subsidiary of the Bank of China, which started its operations in Sept 2016. With no exchange controls and a stable environment, Mauritius offers considerable potential for the establishment of Renminbi trading platform. The Mauritian banking industry offers a wide array of services ranging from individual, corporate& institutional as well as High Net worth Clients; private banking. The Mauritian Banking industry has well evolved from traditional banking facilities to card-based payment services, internet and phone banking, custodial services, and international portfolio management amongst others. Large foreign banks based in Mauritius on their side, carry out international cross-border activities. In spite of global uncertainties and turmoil characterised by Brexit, current French presidential election and the unexpected US presidential election of Mr Trump as well as the ambiguity on the local scene following the major collapse of the BAI Group, which has been thoughtfully handled by the BoM and other relevant authorities, the banking sector is acknowledged to remain financially sound, resilient and adequately capitalised. Total assets of banks grew by 2.1% to reach Rs1, 208.0bn in FY2015-16* (Rs1, 240.7bn as at end of Dec 2016) while the deposits base widened by 1.8% for the same period. Asset quality of the banking system which is closely monitored by the Central bank has deemed to be of good quality despite a rise in non-performing loans was noted. Capital adequacy ratio (CAR) averaged 17.5% as at end of June 2016, which is well above the minimum regulatory level of 10%. (*) FY2015-16 refers to financial year ended June 2016 1 Listed and traded on the Official • Mauritius Commercial Bank Group Market • State Bank of Mauritius Group Listed on the DEM • ABC Banking Corporation, since January 2016 • Bank One Limited (41% owned by Ciel Group) Others • AfrAsia Bank (24.71% owned by IBL Ltd) • Banyan Tree (10% owned by Terra) Sector Performance Operating income FY2015-16 saw a surge in net interest income of 9.0% to Rs24.5bn. However, the fall in non-interest income Operating Income Composition 40 38.1 36.7 30 from Rs15.6bn to Rs12.2bn (-21.7%) has more than 33.4 29.6 offset the rise in net interest income to bring 30 26.9 24.5 operating income lower from Rs38.1bn to stand at 23.0 22.5 20 19.8 Rs36.7bn in FY2015-16 (-3.6%). Interest earned from 20 17.6 15.6 advances contributed R29.3bn to income (72.5%). 10 Rs (Billions) Rs 12.2 Other income-items such as interest on securities and 10 9.4 9.8 10.3 net fee income on the other hand made only minor 0 0 contributions of Rs7.2bn and Rs6.5bn respectively. 2012 2013 2014 2015 2016 The component that contributed to slash ‘Total Non- Net Interest Income Non-Interest Income Interest Income’ has been those classified under Operating Income ‘Other Non-interest Income’, down by Rs4.9bn to Rs2.3bn. 2 Expenses and Provisions Interest expense rose marginally to Rs15.9bn (+1.0%) Expenses Composition while non-interest expenses experienced a substantial 2012 15.2 10.8 1.8 rise of 14.1% to Rs16.6bn. Cost-to-income ratio reached 2013 17.5 11.8 3.1 44.3%. Provisions and adjustments from credit losses also 2014 17.4 13.7 3.1 dropped to Rs6.7bn in FY2015-16, indicating relatively 2015 15.7 14.5 8.1 lower credit risk for the financial year. Altogether, these 2016 15.9 16.6 6.7 led to a final increase in the banking sector’s total expenses, to Rs39.2bn (+2.2%). 0.0 10.0 20.0 30.0 40.0 Interest Expense Non-Interest Expense Provisions and Adjustments from Credit Losses Profits In the FY2015-16, except for 4 banks, all remaining Profit after Tax (Rs' Billions) banks operating in Mauritius posted profit after taxation. One of the loss-making banks was a new 14.5 entrant facing high start-up costs; another one 13.3 reported high charges for impairment. 13.0 Consequently, net post-tax profit, following the 12.7 declining trend from the previous year, dived down 11.3 by 14.7% to Rs11.3bn in FY2015-16. 2012 2013 2014 2015 2016 Sector Balance Sheet (Yr Ended June) 2012 2013 2014 2015 2016 Assets (Rs'bn) 910.3 1,003.4 1,013.7 1,183.3 1,208.0 % Foreign 55.2% 55.5% 52.6% 56.1% 53.7% Deposits (Rs'bn) 620.6 690.5 705.0 869.5 884.9 % Foreign Currency 59.6% 61.0% 57.9% 63.3% 61.4% Advances (Rs'bn) 596.7 615.3 630.4 679.7 654.6 % total deposits 96.2% 89.1% 89.4% 78.2% 74.0% Key Ratios (Year Ended June) 2012 2013 2014 2015 2016 Cost to Income 40.0 38.4 41.1 37.6 44.3 Return on Assets (%) 1.6% 1.5% 1.6% 1.4% 1.2% Return on Equity (%) 15.5% 14.7% 14.2% 12.1% 9.3% 3 Overview of consolidated balance sheet of banks Advances against Deposits As per the BoM’s Statistical Bulletin Jan-17, the banking 1000 sector’s total assets as at Dec-16 amounted to Rs1,240.7bn, of which 52.8% (Rs655.4bn) represented 900 foreign assets. Deposits, which are bank’s principal 800 source of funding, totaled to Rs912.6bn for the same 700 Rs Rs (Billions) period (vs Dec-2015 Rs884.9bn), of which 61.1% were 600 foreign deposits. Rise in deposit base was led essentially 500 by Segment A Deposits. Advances stood at Rs654.6bn as 2012 2013 2014 2015 2016 at end-June 2016 with the ratio of advances to deposits Total Advances Total Deposits declining to 74.0%. Higher level of non-performing advances Credits to the private sector were mainly CREDIT DISTRIBUTION BY SECTOR geared towards the construction industry and the tourism industry which accounted to Others, 8.0% 30.5% and 15.1% of total credit respectively. Manufacturing, 7.1% Banks’ total non-performing advances Construction, (NPAs) rose significantly from Rs33.7bn as at 30.5% end-June 2015 to Rs46.7bn as at end-June Agriculture & Fishing, 7.4% 2016 (+38.5%), thereby resulting in a deterioration in the ratio of NPAs to total advances from 5.0% to 7.1% for FY2015-16. This rise could somewhat be attributed to Personal , 10.0% the important credit granted to the still convalescing construction industry whereby previously earmarked infrastructural Tourism, 15.1% projects delayed to kick off. Traders, 10.5% Financial and Business Services, 11.4% 4 Capital Adequacy With the implementation of Basel III framework being phased in from July 2014 till Capital Adequacy Ratio January 2020, banks are required to meet 700 18.0% higher capital standards through retention of 600 17.5% earnings and capital raising programmes. In 500 17.0% Mauritius, banks are required to maintain, at 400 Rs Rs (Billions) 16.5% all times, a minimum risk-weighted capital 300 adequacy ratio (CAR) of 10%. The CAR 200 16.0% averaged 17.5% as at end-June 2016, well 100 15.5% above the minimum of 10%. Banks have 0 15.0% managed to maintain healthy capital buffers 2012 2013 2014 2015 2016 and their funding profiles are deemed as sound enough to cope with stressed situations. Capital Base Total Risk-weighted Assets The capital base, made up of Tier 1 and Tier 2 capital, increased by 3.6% to Rs122.1bn as at Capital Adequacy Ratio end-June 2016. Total risk-weighted assets amounted to Rs695.8bn. While the rise in Tier 1 Capital by 9.2% to Rs110.6bn is justified by the undistributed balance in the profit and loss account created by appropriations of retained earnings, Tier2 dropped significantly by 31.1% to Rs11.5bn.
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