AKD Securities Limited - Bank Alfalah (BAFL) BAFL_1HCY20 Analyst briefing, (AKD, Off the Analysts Desk, Sep 02, 2020)

Report

AKD Securities Limited

Hamza Kamal

EUR 8.83 For Business Accounts Only

BAFL_1HCY20 Analyst briefing, (AKD, Off the Analyst's Desk, Sep 02, 2020)

AKD Research - Off the Analyst's Desk

Sep 02, 2020

BAFL: 1HCY20 Analyst briefing

· Bank Alfalah Limited (BAFL) held its 1HCY20 results call today. To highlight, the bank posted an NPAT of PkR5.8bn (EPS: PkR3.25) vs. PKR6.3bn (EPS: PkR3.56) in the same period last year.

· The management has cut off its branch expansion plan to 34 branches during CY20 vs. +70 branches target in early part of year due to COVID-19.

· The management is seeing recovery in fee income in 3QCYTD. 2QCY20 drop in fee income is attributable to disruption amid COVID-19 and application of IFRS-15.

· The bank has restructured PkR50bn of loans coming due in the short term.

· Bank’s PIB book consists of 55% floaters whereas avg. yield on overall PIB book stands at 11.15%.

· Decline in Subordinated Loans reflects exercise of Call Option on outstanding TFC during 2QCY20.

· The bank has introduced Medium Term Notes (MTN) to hedge its fixed rate assets of which the first tranche of PkR10bn is near closure.

· The management expects interest rate to remain stable in near term.

02/09/2020 1 EN

Underlying

Bank Alfalah

Bank Alfalah Limited is a holding company. The Company's segments include Retail banking, including loans, deposits, trading activity, wealth management and other banking transactions with its retail and middle market customers; Corporate banking, which includes loans, deposits, project financing, trade financing, investment banking and other banking activities with its corporate and public sector customers; Treasury, including liquidity management activities carried out through borrowing, lending and money market operations; Consumer banking, including constitutes consumer financing activities with individual customers; Islamic banking, pertaining to its full scale Islamic Banking operations; International operations, which includes amounts related to its overseas operations, namely, commercial banking activities in Bangladesh and Afghanistan, and wholesale banking activities in the Kingdom of Bahrain, and Others, including merchant banking related activities.

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PK0078701015 Pakistan Stock Exchange Pakistan

Provider

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.

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Analysts

Hamza Kamal

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BAFL_1HCY20 Analyst briefing, (AKD, Off the Analyst's Desk, Sep 02, 2020)

Bank Al-falah Ltd: 1 director

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KOHC 3QFY24 Result Review - Lower offtakes lead to profit decline (AKD Off the Analyst's Desk Apr 25, 2024)

CHCC_3QFY24 Result Review —Gross margin contraction leads to earnings decline(AKD Off the Analyst's Desk Apr 25, 2024)

FFBL 1QCY24 Result Review—Increased earnings amidst normalized tax charge, (AKD Off the Analyst's Desk Apr 25, 2024)

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