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EUR 8.85 For Business Accounts Only

ABL_1HCY20 Result Review, (AKD, Off the Analyst's Desk, Aug 20, 2020)

AKD Research - Off the Analyst's Desk

Aug 20, 2020

ABL: 1HCY20 Result Review                                                       (Inline)       

 

·         Allied Bank Limited (ABL) in its earnings release, reported an earnings of PkR8.5bn (EPS: PkR7.4) in 1HCY20 vis-à-vis PkR6.2bn (EPS: 5.45) recorded in the same period last year. The result was in line with our expectations.

·         During 2QCY20 the bank recorded an earnings of PkR4.0/sh, +18.0/45.7% QoQ/YoY. ABL booked provisioning expense of PkR1.53bn which was approx. negated by capital gains amounting to PkR1.38bn. 

·         Net Interest Income (NII) of the bank witnessed a jump of 15.3/46.4% QoQ/YoY benefitting from improvement in gross yield to 44.8% in 2QCY20 vs. 36.2/33.1% in 1QCY20/2QCY19.

·         Non-Funded income contribution (exc. capital gains) in total income stood at 17.4% in 2QCY20 vs. 14.3/22.2% in 1QCY20/2QCY19 attributable to FX income at PkR876mn vs. –ve PkR188mn in the previous quarter.

·         Non-markup expenses was up marginally by 5.6/6.0% QoQ/YoY during the 2QCY20.

Provider
AKD Securities Limited
AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

Analysts
Hamza Kamal

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