MCBG "ACCUMULATE" Rating Maintained
- Our consensusvaluation is computed to be 85 which represents an 11.9% upside on today’s closing price and therefore maintain an ACCUMULATE rating
- NII growth has slowed in FY-17 but picked up pace in H1-FY18 boosted by increased lending to customers in Q2-FY18.
- NFCI recouped its 5% dip in FY-16 back to Rs3.35bn wherein a growing Cards & Premiumised banking services offset the drop in trade finance income.
- We believe MCB’s PAT willcross the Rs7bn-mark in FY18 then gradually increase in an environment where interest rates are rising globally.
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