NBP :9MCY20 Result Review (Above Expectation ,(AKD, Off the Analyst's Desk, Oct 27, 2020)
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NBP:9MCY20 Result Review (Above Expectation) |
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· National Bank of Pakistan (NBP) in an earnings release today, reported an NPAT of PkR26.2bn (EPS: PkR12.28) in 9MCY20 as against PkR16.6bn (EPS: PkR7.80) in the same period last year. The earnings came in above our expectation. · For 3QCY20, earnings clocked in at PkR5.2/sh, +2.1xYoY but flat QoQ. Deviation from our estimates occurred due to lower than expected provisioning costs and greater realized gains. · Gross yield of the bank improved to 51.7% in 3QCY20 vs. 44.0% in the previous quarter, lending assistance in stabilizing Net Interest income on a sequential basis. · Non funded income contribution in total income was recorded at 23.7%, down 0.5ppt QoQ primarily as fee income undergoes seasonal decline and FX income remaining subpar (down 64.3%QoQ), partially countered by capital gains. · Effective tax rate normalized to 38.0% in 3QCY20 vs. 24.5% in the previous quarter. |
National Bank of Pakistan (the Bank) is a Pakistan-based commercial bank. The Bank provides commercial banking services, including commercial loans, investment advisory, asset management, global remittances, agency services, forex, leasing, modarba, underwriting, brokerage, and other banking and financial services. The Bank offers retail products, which include saving deposits, current deposits, housing finance, personal loans and agricultural loans; transaction banking services, which include cash management, trade finance and services, and remittance management; Corporate Finance services, which include deposits, structured corporate finance, capital advisory, investment advisory and trade finance; Treasury services, which include forex and financial derivatives, and government to person (G2P) services, which include pension payments, tax and fee collection, and other payments. The Bank serves its customers in over 20 countries.
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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