AKD Securities Limited - The Bank of Punjab (BOP) BOP_9MCY20 Result Review - (Inline), (AKD, Off the Analysts Desk, Oct 28, 2020)

Report

AKD Securities Limited

Hamza Kamal

EUR 9.29 For Business Accounts Only

BOP_9MCY20 Result Review - (Inline), (AKD, Off the Analyst's Desk, Oct 28, 2020)

BOP: 9MCY20 Result Review - (Inline)

· The Bank of Punjab (BOP) announced its 9MCY20 results today where the bank reported earnings of PkR5.8bn (EPS: PkR2.17) as against PkR6.1bn (EPS: PkR2.33) in the same period last year. The result came in line with our expectations.

· For 3QCY20, the bank recorded an EPS of PkR0.81, flat QoQ/YoY.

· Gross yield improved marginally by 3.6ppt QoQ to 28.5%, where we believe high yielding bonds to have overshadowed repricing of loans and higher composition of fixed cost deposits delayed impact of lower interest rates.

· Bank continues to depend on capital gains to spur its non-funded income, recording PkR3.5bn in gains in 3QCY20 - a scale similar to previous quarter. Total non-funded contribution in total income remains ~46%.

· Cost to income ratio jumps to 41.4% in 3QCY20 vs. 38.7% in the previous quarter.

28/10/2020 1 EN

Underlying

The Bank of Punjab

Bank of Punjab is a commercial banking group based in Pakistan. Co. is engaged in the provision of commercial banking activities such as short term financing for working capital; financing under cash finance, demand financing, running financing and lease financing; equity underwriting; trust receipts; deposit taking; the provision of loans; foreign exchange transactions; investments and placements. In addition, Co. also acts as a clearing house for the transfer of bank funds throughout Pakistan.

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PK0045001010 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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