The Bank of Punjab (BOP): 2QCY19 EPS Rs0.78, up by 7% YoY (in-line with estimate)
- Bank of Punjab (BOP) reported earnings of Rs0.78/share in 2Q2019, +7% YoY, in line with our expectations. NII of BOP in 1Q2019 depicted outstanding growth of 70%YoY (+12% QoQ) amid hike in policy rate, however higher provisions have dampened the growth.
- Cumulative earnings of the company grew clocked in at Rs4.0bn (EPS: Rs1.52) as compared to Rs3.8bn (EPS: Rs1.46) in the corresponding period last year.
- Nonâ€markup income during the outgoing quarter grew by 13% YoY 8%YoY in fees and commission to Rs913mn and gains on securities Rs19mn vs loss of Rs7.8mn in same period last year.
- Nonâ€markup expense on the other hand up 11% YoY mainly on the back of higher operating expenses up by 11%YoY to Rs3.5bn.
- During the outgoing year bank has recorded hefty net provision of Rs774mn vs. massive reversal of Rs895mn during same period last year.
- Effective tax rate of the bank clocked in at 39% as compared to 40%.
- Key risks for BOP include: 1) significant impact of IFRS-9, 2) slow down in advances growth, and 3) deterioration of Pakistan macros.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.