AKD Securities Limited – Off the Analyst’s Desk

Karachi, October 25, 2018 (PPI-OT): HBL: 9MCY18 NPAT at PkR9.9bn

HBL announced its 9MCY18 results where the bank posted an NPAT of PkR9.9bn (EPS: 6.57) as against PkR1.5bn (EPS: 0.87) in the corresponding period last year. The result was accompanied by a dividend of PkR1/sh (Cumulative 9MCY18 dividend: PkR3/sh).

The result was below our expectation on account of impairment charge of PkR1.8bn in the 3QCY18.

On a quarterly basis, the bank reported an earnings of PkR0.99/sh in 3QCY18 vs. a normalized earnings of PkR7.1/sh in corresponding period last year and PkR2.29/sh in the previous quarter.

Apart from the impairment charge, lower than expected fee income (23% lower from the running avg. since penalty) and higher effective tax led to disappointing quarterly results.

Gross yield declined to 50.2% in 3QCY18 vs. 52.8/55.5% in 2QCY18/3QCY17 due to duration mismatch.

You May Also Like

AKD Securities Limited – Off the Analyst’s Desk

Karachi, October 25, 2018 (PPI-OT): HBL: 9MCY18 NPAT at PkR9.9bn

HBL announced its 9MCY18 results where the bank posted an NPAT of PkR9.9bn (EPS: 6.57) as against PkR1.5bn (EPS: 0.87) in the corresponding period last year. The result was accompanied by a dividend of PkR1/sh (Cumulative 9MCY18 dividend: PkR3/sh).

The result was below our expectation on account of impairment charge of PkR1.8bn in the 3QCY18.

On a quarterly basis, the bank reported an earnings of PkR0.99/sh in 3QCY18 vs. a normalized earnings of PkR7.1/sh in corresponding period last year and PkR2.29/sh in the previous quarter.

Apart from the impairment charge, lower than expected fee income (23% lower from the running avg. since penalty) and higher effective tax led to disappointing quarterly results.

Gross yield declined to 50.2% in 3QCY18 vs. 52.8/55.5% in 2QCY18/3QCY17 due to duration mismatch.

You May Also Like