Intermarket Intel - HBL CY17 Result Review: NY fine may have had lingering impact
- HBL has posted consolidated NPAT of PRs7.83bn (EPS: PRs5.34) in CY17, vs. NPAT of PRs34.07bn (EPS: PRs23.23) in CY16, down 77%YoY (pre-tax: down 49%YoY). The result was below our projected EPS of PRs5.70 - which was already lower than street consensus - due to lower than expected fees & fx income, and higher than expected admin expenses. Alongside the result, HBL announced a surprise dividend of PRs1.0/sh, to bring full-year payout to PRs8.0/sh. We note that if the New York fine is excluded, HBL’s CY17 pre-tax profits are down 7%YoY.
Habib Bank Limited is engaged in commercial banking and asset management related services in Pakistan and overseas. The Bank's segments include Branch Banking, which consists of loans, deposits and other banking services to agriculture, consumer, small and medium-sized enterprise (SME), and commercial customers; Corporate Banking, which consists of lending for project finance, trade finance and working capital to corporate customers and it also provides investment banking services, including services provided in connection with mergers and acquisitions; Treasury, which consists of trading, fixed income, equity, derivatives and foreign exchange businesses, and it also includes credit, lending and funding activities with professional market counterparties; International Banking, which is engaged in monitoring and reporting purposes and consists of its operations outside of Pakistan, and Head Office/Others. It operates in Pakistan; Europe, Middle East and America, and Asia and Africa.
Intermarket Securities Limited (IMS) is a full service corporate brokerage firm based in Karachi, Pakistan. We service both domestic and international clients. IMS was ranked #2 Best Local Brokerage and #3 Best for Overall Country Research for 2016 by AsiaMoney.
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