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MCB Bank Ltd: 1 director
A director at MCB Bank Ltd bought 814,623 shares at 183.760PKR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
Moody's announces completion of a periodic review for a group of Pakis...
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below. The review was conducted through a portfolio review discussion held on 30 November 2023 in which Mo...
- Yusra Beg
MCB Bank (Pakistan): MCB Bank Ltd: 2QCY23 Review - Strong asset repric...
MCB has posted consolidated 2QCY23 NPAT of PKR14.7bn (EPS: PKR12.38), up a massive 6.4x YoY and 25% QoQ. This takes 1HCY23 NPAT to PKR28.6bn (EPS: PKR24.13), up 2.5x YoY. The result is much better than our estimated 2Q EPS of PKR9.85, led by a sharp rise in NII (+80% YoY) and very strong fee income delivery (up 37% YoY). Results were accompanied by a second interim cash dividend of PKR7.0/sh – slightly higher than estimated, taking 1HCY23 DPS to PKR13.0/sh. 2QCY23 RESULTS HIGHLIGHTS: * MCB r...
- Yusra Beg
Pakistan Banks – 2QCY23 Result Previews - Strong core performance to c...
* Pre-tax 2QCY23 profits for the IMS Banking Universe are expected to rise 10%QoQ, reflecting strong core performance. However, net earnings may come off by 15%QoQ due to retrospective impact of super tax (10% vs. 4% previously). Payouts should remain broadly intact. * Domestic asset quality has remained resilient, which should keep the cost of risk in check. Impairment, if any, should also be contained compared to the last few quarters. We expect MEBL to stand out due to the lagged ass...
- Yusra Beg
Pakistan Banks: Returning conviction
* With the IMF staff-level agreement in place, the much needed breathing space for Pakistan's economy reinforces our liking for the banking sector. The absence of banks from debt restructuring in Zambia and Sri Lanka also provides comfort if this conversation crops up again in Pakistan next year. * 1QCY23 results indicate underlying profitability is strong, on rising margins and resilient asset quality. Our 2023-27f earnings estimates remain broadly unchanged, even as we conservatively ...
- Yusra Beg
MCB Bank (Pakistan): 1QCY23 Review - Going strong – earnings beat
MCB has posted consolidated 1QCY23 NPAT of PKR13.9bn (EPS: PKR11.75), up 53% YoY and flat QoQ. The result is better than our estimated 1Q EPS of PKR10.90, led by better revenues and lower provisioning charges. Results were accompanied by an interim cash dividend of PKR6.0/sh – inline with estimates. 1QCY23 RESULTS HIGHLIGHTS: * NII of PKR33bn is up a sharp 71% YoY and 15% QoQ. This is slightly above our estimated PKR32bn – led by a strong push on low cost deposits which helped offset the imp...
Moody's downgrades five Pakistani banks; deposit rating outlook change...
Moody's Investors Service ("Moody's") has today downgraded to Caa3 from Caa1 the long-term deposit ratings of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). Moody's has also downgraded the fi...
- Yusra Beg
MCB Bank (Pakistan): 4QCY22 Review - Core business is driving growth –...
MCB has posted consolidated 4QCY22 NPAT of PKR13.8bn (EPS: PKR11.60), up 65%YoY and 49%QoQ. This takes CY22 NPAT to PKR34.4bn (EPS: PKR29.00), up 10%YoY. The result is much better than our estimated 4Q EPS of PKR6.90, led by a combination of strong NII, net provisioning reversals and a low tax rate - excluding the latter this is still an earnings beat. Results were accompanied by a strong final cash dividend of PKR6.0/sh – vs. an estimated PKR4.5/sh, taking the CY22 payout to PKR20.0/sh. 4QCY...
- Yusra Beg
Pakistan Banks: 4QCY22 Result Previews - NII growth may be negated by ...
We estimate the IMS Banking Universe to report flat sequential earnings in 4QCY22 (up 19% YoY), as we incorporate significantly lower Fx income, sticky total provisions and higher admin expenses. These factors should offset sequentially higher NII. UBL may stand out in terms of sequential profit growth, given its low base (one-off impairment in the previous quarter). In general, there is room for minor negative surprises on payouts across our coverage, with mark-to-market bond repricing pushi...
- Yusra Beg
MCB Bank (Pakistan): 3QCY22 Review - Strong asset quality remains a ha...
MCB has posted consolidated 3QCY22 NPAT of PKR9.2bn (EPS: PKR7.80), up 16% YoY and 4.0xQoQ – coming from a low base in 2Q. This takes 9MCY22 NPAT to PKR20.6bn (EPS: PKR17.40), down 10%YoY. The result is better than our estimated EPS of PKR7.00, led by a combination of net provisioning reversals and strong Fx gains. Results were accompanied by an interim cash dividend of PKR5.0/sh – inline with estimates, taking 9MCY22 payout to PKR14.0/sh. 3QCY22 Results Highlights: * MCB reported NII of PKR...
Moody's downgrades five Pakistani banks' ratings; maintains negative o...
Moody's Investors Service ("Moody's") has today downgraded the long-term deposit ratings to Caa1 from B3 of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). The rating agency has also downgrade...
- Yusra Beg
MCB Bank (Pakistan): 2QCY22 review – Payout surprises, tax is transito...
MCB has posted consolidated 2QCY22 NPAT of PKR2.3bn (EPS: PKR1.92), down 71% YoY and 75% QoQ. On a pre-tax basis however, profits are up 30%YoY/18%QoQ. The result takes 1HCY22 NPAT to PKR11.4bn (EPS: PKR9.58), down 24%YoY. The result is significantly lower than our estimated EPS of PKR2.75, due to a combination of admin expenses and high tax. Results were accompanied with a cash dividend of PKR4.0/sh, higher than our expected DPS of PKR2.25. 2QCY22 RESULTS HIGHLIGHTS: * MCB reported NII of ...
Moody's affirms the B3 ratings of Pakistani banks; changes outlook to ...
Moody's Investors Service ("Moody's") has today affirmed the B3 long-term deposit ratings of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). As part of the same rating action Moody's has chang...
- Raza Jafri
Pakistan Banks - Court directs economy’s conversion to Islamic mode in...
The Federal Shariat Court (FSC) has ordered to fully convert Pakistan’s economy into Islamic mode by Dec 31, 2027, concluding a long-standing case stretching at least two decades. The Court has also clarified that Pakistan is bound to honor existing international financial commitments, even if they are non Shariah-compliant, but that future borrowing should be through compliant modes. The Finance Minister has tweeted he welcomes the decision and, together with the SBP, will seek guidance on t...
- Raza Jafri
- Yusra Beg
MCB Bank (Pakistan): 1QCY22 review – superior cost efficiency but fee ...
MCB has posted consolidated NPAT of PKR9.1bn (EPS: PKR7.66) in 1QCY22, up 30%yoy and 9%qoq. The result was above our expected EPS of PKR7.00, with the deviation driven by higher than expected net interest income. The first interim dividend of PKR5/sh was inline. RESULT HIGHLIGHTS INCLUDE: * Net interest income of PKR19.4bn, up 19%yoy / 12%qoq as margin expansion comes through. Our NII projection for the quarter was PKR18.6bn. * Non-interest income of PKR5.9bn, up 18%yoy / 9%qoq. Growth ...
- Team AKD Research
KSE-100: Faces a volatile session,
AKD Daily Technicals KSE-100: Faces a volatile session The index opened with a positive note and faced a volatile session. The Index posted an intraday high of 112pts, a low of 294pts and concluded with a loss of 256pts to settle at 45,818pts level. The index is currently trading above 200-SMA on daily chart. The volumes reflected in the last trading session were comparatively lower than the previous trading session. The index broke above the down trend line at 46,073 in the previous trading...
- Yusra Beg
MCB Bank (Pakistan): 4QCY21 Review: Large provisioning reversals and s...
MCB has posted consolidated 4QCY21 NPAT of PKR8.3bn (EPS: PKR7.03), up a sharp 39% yoy and a modest 4% qoq. This takes CY21 NPAT to PKR31.2bn (EPS: PKR26.31), up 6% yoy. The result is above our estimated EPS of PKR6.53, where a large provisioning reversal of PKR2bn and stronger than expected fx income (PKR1.5bn) are key features. Results are accompanied with a final cash dividend of PKR5.0/sh, taking full-year payout to PKR19.0/sh – in line with expectations. 4QCY21 Key result highlights incl...
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