AKD Securities Limited - The Bank of Punjab (BOP) BOP_CY20 Result Review, (AKD, Off the Analysts Desk, Feb 19, 2021)

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AKD Securities Limited

Hamza Kamal

EUR 9.29 For Business Accounts Only

BOP_CY20 Result Review, (AKD, Off the Analyst's Desk, Feb 19, 2021)

AKD Research - Off the Analyst's Desk

February 19, 2021

BOP: CY20 Result Review (BelowExpectation)

· The Bank of Punjab (BOP) announced its CY20 results where the bank expectedly posted earnings of PkR6.9bn (EPS: PkR2.58) compared to PkR8.3bn (EPS: PkR3.09) in CY19. Together with the result, BOP announced a dividend of PkR1/sh.

· For 4QCY20, earnings stood at PkR0.41/sh, down 48.3/49.0% QoQ/YoY which we attribute to significant decline in non funded income, down 68.1%QoQ. Lower capital gain realization (PkR166mn in 4QCY20 vs. PkR3,535mn in the previous quarter) was the primary reason behind the decrease in NFI.

· However, increase in core income (+12.8%QoQ) and lower provisioning expense (down 57.6%QoQ) in the outgoing quarter partially offset the impact of NFI performance on the bottom-line.

· The increase in net interest income on a sequential basis came as a result of improvement in gross yield by 3.6ppt to 32.1% in the final quarter of CY20. We attribute the increase to potential rollover of fixed cost deposits at lower yields.

22/02/2021 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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