AKD Research - Off the Analyst's Desk |
February 27, 2021 |
|
BAFL: CY20 Result Review (Inline) |
||
· Bank Alfalah Limited (BAFL) announced its CY20 results where the bank reported an earnings of PkR10.9bn (EPS: PkR6.1) compared to PkR13.0bn (EPS: PkR7.35) in the same period last year. Together with the results, the bank announced a dividend of PkR2/sh (c. PkR4/sh for CY20). The result came in line with our expectation. · For 4QCY20, BAFL reported an earnings of PkR1.22/sh, down 23.1%QoQ/37.5%YoY where sequential decline is attributable to 7.8% contraction in Net interest income as full impact of interest rate came into play and partially due to high base effect of 3QCY20. The same is also indicated by 2pptQoQ reduction in Gross yield, which in 4QCY20 stood at 49.0%. · Non-interest income diminished by 15.3%QoQ mainly on account of lower capital gains (PkR99mn in 4QCY20 vs. PkR453mn in the previous quarter). · Provision expense declined by 11.1%QoQ primarily due to certain impairment reversals. The bank booked general provisions to the tune of PkR750mn in 4QCY20, taking cumulative general provisioning to PkR4.2bn in CY20. |
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.