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Moody's Ratings upgrades five Pakistani banks and changes outlook to p...
Moody's Ratings (Moody's) has today upgraded the long-term deposit ratings to Caa2 from Caa3 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). We have also upgraded ABL, HBL, MCB and UBL's ...
Habib Bank Ltd: 2 directors
A director at Habib Bank Ltd sold 72,805 shares at 140.047PKR and the significance rating of the trade was 52/100. 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 clearly...
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
Habib Bank: 2QCY23 Review - Record high pre-tax profits
HBL has reported 2QCY23 NPAT of PKR13.0bn (EPS: PKR8.86), up 3.8x YoY / flat QoQ. This takes 1HCY23 NPAT to PKR26.2bn (EPS: PKR17.86), up 2.2x YoY. The 2Q result is in line with our expected EPS of PKR8.90, while the interim DPS of PKR2.00 is higher than our estimated DPS of PKR1.50. While total provisions and admin expenses are slightly higher than expected, these have been offset by strong non-interest income led by fee. Strong performance has led to improvement in T1 and CAR to comfortable...
- 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
Habib Bank: 1QY23 Review - Reasonable base to build upon
HBL has reported 1QCY23 NPAT of PKR13.2bn (EPS: PKR9.00), up 56% YoY / 24% QoQ. The result is inline with our expected EPS of PKR8.90, although the first interim DPS of PKR1.50 falls short of our expected PKR2.00. Relatively weak non-interest income (Fx losses), high admin expenses and a low tax rate (38% vs. 43% expected) are among the salient features of the result, which mask solid core revenue generation for the bank. 1QCY23 RESULTS HIGHLIGHTS: * NII came in at PKR55.8bn, inline with exp...
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
Habib Bank: 4QCY22 Review - Strong core revenues lead to earnings beat
HBL has reported 4QCY22 NPAT of PKR10.7bn (EPS: PKR7.27), up 28% YoY but lower by 7% QoQ. This takes CY22 NPAT to PKR34.0bn (EPS: PKR23.23), flat YoY. This is an earnings beat vs. our estimated 4Q EPS of PKR6.90, with deviation led by very strong NII which has offset a large provisioning charge of PKR4.9bn and a higher than estimated tax rate. Results were accompanied with final cash dividend of PKR1.50 (in line), taking CY22 payout to PKR6.75/sh. 4QCY22 RESULTS HIGHLIGHTS: * NII came in at ...
- 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
Pakistan Banks: D-SIB banks to see lower capital requirements
SBP has reduced the additional CET-1 requirements for systemically important banks by 50bps. This will be beneficial for HBL, NBP and MEBL, allow for more breathing room on capital, and potentially improve the cash payout. This change may have been motivated by other banking sector developments, with (i) the sharp increase in interest rates this year leading to mark-to-market hits on bonds, and (ii) IFRS-9 around the corner. We have Buy stances on HBL and MEBL while NBP is unrated. HBL ENDS U...
- Team AKD Research
HBL_Analyst Briefing Takeaways, (AKD Off the Analyst's Desk Nov 28, 20...
HBL: Analyst Briefing Key Takeaways Habib Bank Limited (HBL) held its 3QCY22 corporate briefing earlier today, wherein the management apprised of the following: To note, HBL posted earnings of PkR15.99/sh for 9MCY22 period, lower by 12% compared to the SPLY—attributable to the retrospective taxation charge levied during the period (taxation up 65%YoY). The bank’s net interest income was up by 19%YoY in the 9MCY22 period, while total revenues were up by 24%YoY. The bank’s customers have gro...
- Yusra Beg
Habib Bank: 3Q22 Review: Lower tax charge and better core business per...
HBL has reported 3QCY22 NPAT of PKR11.5bn (EPS: PKR7.85), up 27%YoY and 3.4x QoQ - coming from a low base in 2Q (due to taxation). This takes 9MCY22 NPAT to PKR23.4bn (EPS: PKR15.95), down 12%YoY. The result is higher than our estimated 3Q EPS of PKR7.00, with the deviation led by beats on NII and provisions, as well as a lower effective tax rate (45% as HBL pushed up its Gross ADR to more than 53%). HBL announced interim cash DPS of PKR1.50 (in line), taking 9MCY22 payout to PKR5.25/sh. 3QCY...
- Yusra Beg
Pakistan Banks: 3QCY22 Result Preview - Earnings trajectory is intact
* We estimate the IMS Banking Universe to report a 21% YoY and 95% QoQ rise in earnings in 3QCY22 as we incorporate a lower taxation charge (52% average effective tax rate) vs. 75% in the previous quarter. Banks with Gross ADR above 50% will again stand out. * We expect margin expansion to continue, assets continue to reprice, while strong balance sheet growth continues. Credit costs are likely to remain soft but Fx gains may moderate sequentially. * Our covered banks have shed c.2...
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...
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