reports
Habib Bank Ltd: 3 directors
Two Directors at Habib Bank Ltd sold 19,000 shares at between 152.450PKR and 160.368PKR. The significance rating of the trade was 58/100. 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...
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 ...
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
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
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...
- 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
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...
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