Bangladesh Bank Sector Q1 ‘19 & 2018 Earnings …...Bangladesh Bank Sector 2018 & Q1 ‘19...
Transcript of Bangladesh Bank Sector Q1 ‘19 & 2018 Earnings …...Bangladesh Bank Sector 2018 & Q1 ‘19...
Bangladesh Bank Sector Q1 ‘19 & 2018 Earnings Update
Top performers in Q1 ’19
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
1 EBL Securities Limited Research
Execution of Revised ADR, Basel III & huge NPL are the major provocation for Bank sector in 2019 albeit moderate growth is expected with neutral riposte from National Budget.
Industry Fundamentals
Number of Listed Banks 30
Market Cap. (in BDT mn) 594,179.7
Financial Position (in BDT mn) 2018 2018 Q1 2019 Q1
Loans & Advances 7,052,255 6,384,401 7,215,985
Investment 1,024,490 912,490 1,011,535
Deposits 7,408,676 6,741,114 7,488,254
Total Assets 9,622,193 8,771,846 9,790,832
Total Liabilities 8,956,969 8,156,729 9,112,205
Total Equity 662,779 607,743 669,698
Inc. Statement (in BDT mn) 2018 2018 3M 2019 3M
Interest Income 655,501 144,238 172,697
Interest Expense 428,225 96,121 115,750
Net Interest Income 227,276 48,117 56,947
Income from Investments 76,107 17,294 17,735
Comm. Exch. and Brokerage 71,776 16,470 20,233
Other Operating Income 27,188 4,965 5,421
Total Operating Income 402,347 86,845 100,336
Total Operating Expenses 205,840 46,989 51,419
Total Provisions 72,212 15,399 19,442
NPAT 68,614 11,149 14,102
Key Ratios 2018 2018 3M 2019 3M
EPS 3.09 0.52 0.61
NAVPS 27.45 26.96 28.07
Loan to Deposits* 95.71% 95.10% 96.77%
Operating Efficiency 50.34% 54.44% 51.54%
Net Interest Margin (%) 3.24% 3.04% 3.22%
ROA 0.73% 0.54% 0.62%
ROE 10.40% 7.81% 8.81%
Debt-Equity Ratio 1422.47% 1408.05% 1418.64%
W. Avg. Cost of Deposits 5.84% 5.57% 5.86%
W. Avg. Lending Rate 10.27% 9.99% 10.29%
Spread (3M Average ’18 & ’19) 4.43% 4.42% 4.42%
1. During the first half of 2019, some regulatory changes
like: policy framework for offshore banking operation,
relaxation of loan write-off policy (reduced to 3 years
from previous 5 years), relaxation of loan classification
(3 months’ time extension for each classification),
exclusion of bank’s investment in non-listed securities
(equity, bond, debenture, open-end mutual fund) were
brought in banking sector to reinstate stability.
2. 2019 is challenging for bank sector due to the
implementation of Basel III, revised ADR (time extended
up to September, 2019) and huge NPL.
3. Bank’s capital (both authorized and paid-up) is advised
to increase gradually to strengthen capital base thus in
coming days cash dividend yield of banks may become
less attractive and they may change their dividend
policy by disbursing stocks instead of cash.
4. Non-performing loans (NPLs) of banks reached to BDT
1.11 trillion at the end of March, 2019, highest ever in
the history of Bangladesh. Government move to issue
bailout packages for the defaulters encouraged good
borrowers for nonpayment which raised the default
amount. Extended timeframe for each loan
classification will become effective from July 1, which
may improve NPL in the short run but in the long run
there will be no qualitative change in NPL conditions.
5. Liquidity shortage in the money market instigated banks
to collect deposit at higher costs which raise interest
rates by 1% - 1.5% during first half of 2019. Increased
source tax for National Savings Certificate (NSC) in
recent proposed budget, online management of NSC
data may channel some funds in banking sector which
will help to overcome liquidity shortage to some extent
in days ahead.
6. There is no notable change in recent budget proposal
for bank sector that may stimulate current operation of
banks. Corporate Tax Rate remained same which was
revised last year (for listed financial sector companies to
37.5% and non-listed companies at 40.0%). *Total deposits (including interbank deposits and government deposits) are considered
while calculating loan to deposit ratio of listed private commercial banks
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
2 EBL Securities Limited Research
Rebased Performance: Banks Vs DSEX
The Correlation of the price movement of Bank Sector with the Market (DSEX) seemed strongly positive in 2018 whereas the divergence has widen slightly over the months. Inclusively, the Bank sector underperformed compared to the DSEX in 2018 (presented on the above graph). The Market lost 13.9% where the Bank Sector lost 22.5% in 2018 which is considered as a major correction for the industry. In the contrary, the Correlation of the price movement of Bank Sector with the Market (DSEX) seemed strongly positive in January & March where it was stable in February. Inclusively, the Banking sector over performed (marginally) compared to the DSEX in the three months period of 2019.
101.12
100.49 100.00
107.00
114.00
1-Jan-19 8-Jan-19 15-Jan-19 22-Jan-19 29-Jan-19 5-Feb-19 12-Feb-19 19-Feb-19 26-Feb-19 5-Mar-19 12-Mar-1919-Mar-1926-Mar-19
Rebased Performance of Banks (Q1 '19)
Banking Sector DSEX
77.51
86.11
65
70
75
80
85
90
95
100
105
1-Jan-18 15-Feb-18 1-Apr-18 16-May-18 30-Jun-18 14-Aug-18 28-Sep-18 12-Nov-18 27-Dec-18
Rebased Performance of Banks (2018)
Banking Sector DSEX
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
3 EBL Securities Limited Research
Ranking of Banks in Terms of Performance in 2018 & Q1 ‘19 The Ranking has been designed by assigning equal weights on particular eight criterions by EBL Securities Research Team. We do not recommend any specific Banks for Investment purposes based on this ranking. The considered criterions are EPS (Paid-up capital adjusted), Cost to Income Ratio (Operating Efficiency), Return on Equity, Return on Assets, Spread, Net Interest Margin, NPL Ratio (2018), and Dividend Yields (2018).
2018 Q1, 2019
Rank Banks Ratings Rank Banks Ratings
1 BRACBANK 73.77 1 BRACBANK 77.18
2 DUTCHBANGL 68.32 2 EBL 74.73
3 EBL 66.71 3 JAMUNABANK 68.09
4 JAMUNABANK 63.71 4 BANKASIA 59.51
5 ISLAMIBANK 58.13 5 PUBALIBANK 59.33
6 PUBALIBANK 55.39 6 UTTARABANK 57.18
7 PREMIERBAN 55.13 7 CITYBANK 56.49
8 UTTARABANK 54.46 8 DUTCHBANGL 55.00
9 ALARABANK 53.59 9 ALARABANK 53.71
10 BANKASIA 52.02 10 SHAHJABANK 50.84
11 EXIMBANK 50.76 11 PRIMEBANK 50.17
12 UCB 49.24 12 DHAKABANK 50.03
13 NCCBANK 48.28 13 PREMIERBAN 49.82
14 MERCANBANK 47.65 14 NCCBANK 49.63
15 TRUSTBANK 47.63 15 TRUSTBANK 48.77
16 CITYBANK 46.95 16 IFIC 48.77
17 DHAKABANK 46.23 17 FIRSTSBANK 48.64
18 MTB 45.84 18 MTB 47.36
19 PRIMEBANK 45.57 19 ISLAMIBANK 46.00
20 FIRSTSBANK 43.84 20 MERCANBANK 43.95
21 SOUTHEASTB 43.49 21 EXIMBANK 42.21
22 NBL 43.22 22 UCB 41.76
23 SIBL 41.87 23 SOUTHEASTB 40.25
24 ONEBANKLTD 40.73 24 SIBL 35.53
25 STANDBANKL 40.36 25 ONEBANKLTD 33.51
26 SHAHJABANK 38.85 26 NBL 27.94
27 IFIC 35.65 27 STANDBANKL 26.37
28 RUPALIBANK 18.95 28 ABBANK 18.64
29 ABBANK 17.31 29 RUPALIBANK 16.11
Notes: 1. ICBIBANK has been excluded while calculating Industry Average and has not been presented in this report as most of the information of this bank is not available.
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
4 EBL Securities Limited Research
Top performers at a glimpse (2018 & Q1 of 2019)
Net Profit after Tax (NPAT)
• ISLAMIBANK had the highest NPAT of BDT 6,310 mn in 2018 followed by BRACBANK's NPAT of BDT 5,546 mn & DUTCHBANGL's NPAT of BDT 4,201 mn.
• BRACBANK had the highest NPAT of BDT 1,306 mn in 3M of 2019 followed by EBL’s NPAT of BDT 861 mn and PUBALIBANK’s NPAT of BDT 841 mn in the same period.
NPAT Growth
• PUBALIBANK has noted highest 6,247% growth in NPAT in 2018. PUBALIBANK has attained this unsually remarkable growth for lower earnings in 2017 due to huge provisioning. SOUTHEASTB recorded 111.6% & PRIMEBANK recorded 85.4% growth in NPAT in 9M of 2018.
• UTTARABANK has recorded 142.4%, CITYBANK 107.3% & IFIC 77.9% growth (YOY) in NPAT in Q1 of 2019.
Earnings Per Share (EPS)
• DUTCHBANGL has noted highest EPS in the Banking industry with BDT 21.01 in 2018. Besides, Besides, BRACBANK recorded BDT 5.17, EBL recorded BDT 4.22 and UTTARABANK recorded BDT 4.17 earnings per share in 2018.
• In Q1 of 2019, DUTCHBANGL, BRACBANK & EBL were the best performers in terms of generating higher EPS. They recorded BDT 2.37, 1.22 & 1.17 EPS respectively.
Net Interest Income Growth
• DHAKABANK recorded 64% growth in Net Interest Income which is highest in the industry followed by PRIMEBANK 57% & PREMIERBAN 46% in 2018.
• In Q1 of 2019, ABBANK has recorded 127%, SHAHJABANK 61% & UTTARABANK 37% growth (YOY) in Net interest income.
Net Interest Margin
• BRACBANK has recorded highest Net interest margin of 6.6% in 2018 where DUTCHBANGL was in 2nd tier with 6.4% margin followed by UTTARABANK having 4.8% net interest margin.
• DUTCHBANGL, BRACBANK & UTTARABANK has recorded 6.8%, 6.7% & 5.6% Net interest margin in Q1 of 2019 respectively.
Operating Effciency Ratio
• SOUTHEASTB turns out to be the most efficient bank in 2018 with 34.6% efficiency ratio followed by STANDBANKL's 36.3% & TRUSTBANK's 37.6% efficiency ratio.
• In Q1 of 2019, TRUSTBANK was the most efficient bank with 34.4% cost to income ratio while NCCBANK & SOUTHEASTB were in the array with 34.9% & 35.1% efficiency ratio respectively.
Return on Equity (ROE)
• DUTCHBANGL logged 18.2% ROE in 2018 whereas MERCABANK was in the rally with 15.7% ROE along with PREMIERBANK having 14.7% ROE.
• In Q1 of 2019, BRACBANK recorded 14.4% ROE, EBL noted 14.2% ROE & FIRSTSBANK logged 13.8% ROE.
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
5 EBL Securities Limited Research
Financial Position Updates Loans & Advances: The lending activities were accelerated by 14.1% (YOY) in 2018 & 13.0% (YOY) in 3M period of
2019 to affiliate with modest deposit collection in the same periods. The total sector’s Loans & Advances mounted at BDT 7,052.26 bn as on December 2018 and BDT 7,215.99 bn as on March 2019.
Deposits: For backing up the investment activities, Banks were levelheadedly aggressive to raise deposits from the clients. The total Deposit of the Banking Sector logged 11.0% YOY growth in 2018 & 11.1% YOY growth in 3M of 2019. Total Deposits stood at BDT 7,408.68 bn as on December 2018 and BDT 7,488.25 bn as on March 2019.
Total Assets & Liabilities: The total Assets of the Banking industry puffed-up by 12.0% (YOY) in 2018 and 11.6% (YOY) in Q1 of 2019 which was backed by the remarkable growth in Loans & Advances. On the other hand, Total liabilities of the sector recorded 12.1% YOY growth in 2018 & 11.7% YOY growth in 3M of 2019.
Income Statement Updates Net Interest Income increased by 18.2% YOY in 2018 and 19.7% (YOY) in Q1 of 2019 while Net Interest Margin was
6.45% in 2018 and 3.20% in 3M of 2019. Overall Interest Expense has increased in 2018 & Q1 of 2019 due to the higher weighted average cost of deposit. Cost of deposit was 5.84% in 2018 compared to 5.20% in 2017 while it was 5.86% in Q1 of 2019 compared to 5.57% in Q1 of 2018. Moreover, Banks are running more efficiently in 3M of 2019 with 51.5% efficiency ratio compared to 54.4% efficiency ratio in 3M of 2018 whereas it was 51.2% in 2018.
Most of the Banks experienced negative growth in the Income from Investments due to the low-spirited performance of the capital market in 2018. The Sector recorded 7.9% YOY degrowth in Investment Income in the aforesaid period. Income from Exchange, Commissions & Brokerage slightly decreased in 2018. Besides, Investment income up surged by 2.6% (YOY) and Commission, Exchange & Brokerage income was increased by 22.8% (YOY) in Q1 of 2019.
Total operating income increased by 7.8% YOY in 2018 & 15.5% YOY in Q1 of 2019. On the other hand, total operating expense has increased by 9.4% YOY in 2018 and 9.4% (YOY basis) in Q1 of 2019.
The Banking sector has provisioned BDT 72,212 mn against classified loans in 2018 compared to BDT 66,913 mn in 2017. On the other hand, total provision was BDT 19,442 mn in Q1 of 2019 compared to 15,399 mn in Q1 of 2018.
Net Profit after Tax stood at BDT 68,614 mn in 2018 compared to BDT 64,220 mn in 2017 having 6.8% YOY growth. Besides, NPAT was BDT 14,102 mn in Q1 of 2019 compared to 11,149 mn in Q1 of 2018.
Graphical Presentation & Summarized Performance of Banks
Pages 6 to 13 presents the Graphical Presentation of the performance of the Banks in 2018 and Q1 of 2019. The key performance indicators like Net Profit after Tax (NPAT), NPAT Growth, Earnings per Share, Net Interest Income Growth, Net Interest Margin, Operating Efficiency Ratio, Return on Asset, Return on Equity, Weighted Average Spread, Total Deposits, Total Loans & Advances & Net Asset Value per Share have been presented there.
Annexure 1 at page 14 presents the Ranking of Banks based on the performance of 3M of 2019. Annexure 2 at page 15 presents the Ranking of Banks based on the performance of 2018. Annexure 3 (at page 16 to 21) presents the brief performance of Banks in 3M of 2019. Annexure 4 (at page 22 to 27) presents the brief performance of Banks in 2018. While calculating Industry Average, most of the time ICBIBANK has been excluded for its extreme & outlier values. While calculating NPAT growth of the Industry, outliers have been excluded. PUBALIBANK’s NPAT growth was 6247% (it’s an outlier) which has not been presented on the graph as most of the
bank’s growth was nearly 7.2%.
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
6 EBL Securities Limited Research
Graphical Presentation of Selected Indicators
79
94
10
6
19
5
25
9
35
6
37
4
37
5
42
0
42
1
42
2
43
0
43
1
45
8
46
0
46
6
46
7
46
8
47
4
49
9
51
5
55
6
63
4
64
8
68
9
76
5
84
1
86
1 1
,30
6
50
250
450
650
850
1,05 0
1,25 0
50
250
450
650
850
1,05 0
1,25 0
AB
BA
NK
RU
PA
LIB
AN
K
STA
ND
BA
NK
L
ON
EBA
NK
LTD
SIB
L
EXIM
BA
NK
UTT
AR
AB
AN
K
NC
CB
AN
K
MTB
PR
IMEB
AN
K
TRU
STB
AN
K
DH
AK
AB
AN
K
NB
L
PR
EMIE
RB
AN
UC
B
ALA
RA
BA
NK
SHA
HJA
BA
NK
FIR
STSB
AN
K
DU
TCH
BA
NG
L
SOU
THEA
STB
MER
CA
NB
A…
JAM
UN
AB
AN
K
IFIC
ISLA
MIB
AN
K
BA
NK
ASI
A
CIT
YBA
NK
PU
BA
LIB
AN
K
EBL
BR
AC
BA
NK
NPAT- Q1 of 2019 (in BDT mn)
NPAT Industry Average
43
40
9
1,2
46
1,2
56
1,4
09
1,4
10
1,5
91
1,6
02
1,6
50
1,6
70
1,7
34
1,8
25
1,8
64
2,2
25
2,2
33
2,2
54
2,2
69
2,2
97
2,3
33
2,4
50
2,4
73
2,6
60
2,9
23
3,1
11
3,6
27
3,8
57
4,2
01
5,5
46
6,3
10
-
1,00 0
2,00 0
3,00 0
4,00 0
5,00 0
6,00 0
-
1,00 0
2,00 0
3,00 0
4,00 0
5,00 0
6,00 0
AB
BA
NK
RU
PA
LIB
AN
K
SHA
HJA
BA
NK
STA
ND
BA
NK
L
ON
EBA
NK
LTD
DH
AK
AB
AN
K
FIR
STSB
AN
K
SIB
L
IFIC
UTT
AR
AB
AN
K
MTB
NC
CB
AN
K
TRU
STB
AN
K
CIT
YBA
NK
BA
NK
ASI
A
PR
IMEB
AN
K
PR
EMIE
RB
AN
JAM
UN
AB
AN
K
EXIM
BA
NK
ALA
RA
BA
NK
SOU
THEA
STB
UC
B
MER
CA
NB
AN
K
EBL
PU
BA
LIB
AN
K
NB
L
DU
TCH
BA
NG
L
BR
AC
BA
NK
ISLA
MIB
AN
K
NPAT- 2018 (in BDT mn)
NPAT Industry Average
-17
3.6
% -33
.5%
-25
.8%
-21
.5%
-20
.3%
-18
.1%
-11
.6%
-8.4
%
-3.5
%
8.3
%
9.6
%
13
.3%
13
.5%
16
.0%
16
.7%
20
.1%
20
.9%
24
.1%
40
.6%
46
.4%
49
.5%
49
.6%
50
.3%
62
.5%
63
.2%
69
.4%
77
.9%
10
7.3
%
14
2.4
%
-180.0%
-130.0%
-80.0%
-30.0%
20. 0%
70. 0%
120 .0%
EXIM
BA
NK
AB
BA
NK
DU
TCH
BA
NG
L
MER
CA
NB
AN
K
SOU
THEA
STB
ON
EBA
NK
LTD
BR
AC
BA
NK
TRU
STB
AN
K
SIB
L
DH
AK
AB
AN
K
NC
CB
AN
K
ISLA
MIB
AN
K
MTB
RU
PA
LIB
AN
K
BA
NK
ASI
A
PR
IMEB
AN
K
PU
BA
LIB
AN
K
ALA
RA
BA
NK
UC
B
PR
EMIE
RB
AN
SHA
HJA
BA
NK
NB
L
FIR
STSB
AN
K
STA
ND
BA
NK
L
JAM
UN
AB
AN
K
EBL
IFIC
CIT
YBA
NK
UTT
AR
AB
AN
K
NPAT Growth- Q1 of 2019 (YOY)
NPAT Growth Industry Average
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
7 EBL Securities Limited Research
-46
.5%
-35
.7%
-32
.0%
-31
.2%
-29
.3%
-22
.5%
-19
.6%
-12
.4%
-12
.4%
-8.7
%
-3.2
%
-2.3
%
-1.0
%
1.4
%
3.1
%
5.7
%
5.8
%
6.5
%
8.8
%
9.4
%
10
.6%
14
.7%
15
.2%
28
.1%
28
.2% 71
.1%
85
.4%
11
1.6
%
-50.0%
-25.0%
0.0 %
25. 0%
50. 0%
75. 0%
100 .0%
ON
EBA
NK
LTD
CIT
YBA
NK
RU
PA
LIB
AN
K
IFIC
EXIM
BA
NK
ALA
RA
BA
NK
NB
L
MTB
DH
AK
AB
AN
K
SHA
HJA
BA
NK
MER
CA
NB
AN
K
UC
B
NC
CB
AN
K
STA
ND
BA
NK
L
BR
AC
BA
NK
BA
NK
ASI
A
AB
BA
NK
TRU
STB
AN
K
UTT
AR
AB
AN
K
SIB
L
JAM
UN
AB
AN
K
FIR
STSB
AN
K
PR
EMIE
RB
AN
EBL
ISLA
MIB
AN
K
DU
TCH
BA
NG
L
PR
IMEB
AN
K
SOU
THEA
STB
NPAT Growth- 2018 (YOY)
NPAT Growth Industry Average
0.1
0
0.1
2
0.1
6
0.2
5
0.2
5
0.2
5
0.3
2
0.3
7
0.4
0
0.4
3
0.4
4
0.4
5
0.4
7
0.4
7
0.5
3
0.5
5
0.5
7
0.6
0
0.6
2
0.6
3
0.7
3
0.7
4
0.7
6
0.7
9
0.8
4
0.9
4
1.1
7
1.2
2
2.3
7
-
0.40
0.80
1.20
1.60
2.00
2.40
-
0.50
1.00
1.50
2.00
AB
BA
NK
STA
ND
BA
NK
L
NB
L
RU
PA
LIB
AN
K
EXIM
BA
NK
ON
EBA
NK
LTD
SIB
L
PR
IMEB
AN
K
ISLA
MIB
AN
K
NC
CB
AN
K
UC
B
ALA
RA
BA
NK
SOU
THEA
STB
IFIC
DH
AK
AB
AN
K
SHA
HJA
BA
NK
PR
EMIE
RB
AN
FIR
STSB
AN
K
BA
NK
ASI
A
MER
CA
NB
AN
K
MTB
JAM
UN
AB
AN
K
TRU
STB
AN
K
CIT
YBA
NK
PU
BA
LIB
AN
K
UTT
AR
AB
AN
K
EBL
BR
AC
BA
NK
DU
TCH
BA
NG
L
EPS- Q1 of 2019 (BDT)
EPS Industry Average
0.0
6
1.0
9
1.2
3
1.4
4
1.4
5
1.4
7
1.6
5
1.7
3
1.8
4
1.9
7
1.9
9
2.0
1
2.0
3
2.0
7
2.3
0
2.3
5
2.3
5
2.5
2
2.8
4
3.0
3
3.0
7
3.3
5
3.5
9
3.6
3
3.9
2
4.1
7
4.2
2
5.1
7
21
.01
-
5.00
10.0 0
15.0 0
20.0 0
-
5.00
10.0 0
15.0 0
20.0 0
AB
BA
NK
RU
PA
LIB
AN
K
IFIC
STA
ND
BA
NK
L
NB
L
SHA
HJA
BA
NK
EXIM
BA
NK
DH
AK
AB
AN
K
ON
EBA
NK
LTD
SIB
L
PR
IMEB
AN
K
BA
NK
ASI
A
FIR
STSB
AN
K
NC
CB
AN
K
CIT
YBA
NK
SOU
THEA
STB
ALA
RA
BA
NK
UC
B
PR
EMIE
RB
AN
MTB
JAM
UN
AB
AN
K
TRU
STB
AN
K
MER
CA
NB
AN
K
PU
BA
LIB
AN
K
ISLA
MIB
AN
K
UTT
AR
AB
AN
K
EBL
BR
AC
BA
NK
DU
TCH
BA
NG
L
EPS- 2018 (BDT)
EPS Industry Average
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
8 EBL Securities Limited Research
-24
%
-13
%
-13
%
-1%
2% 6% 11
%
12
%
13
%
14
%
14
%
14
%
15
%
19
%
19
%
21
%
24
%
24
%
25
%
26
%
27
%
30
%
31
%
31
%
33
%
33
%
37
% 61
%
12
7%
-30%
-10%
10%
30%
50%
70%
90%
110 %
130 %
-30%
-10%
10%
30%
50%
70%
90%
110 %
130 %
RU
PA
LIB
AN
K
SOU
THEA
STB
UC
B
MER
CA
NB
AN
K
STA
ND
BA
NK
L
PR
EMIE
RB
AN
DH
AK
AB
AN
K
TRU
STB
AN
K
ISLA
MIB
AN
K
ON
EBA
NK
LTD
BR
AC
BA
NK
PU
BA
LIB
AN
K
MTB
PR
IMEB
AN
K
BA
NK
ASI
A
EBL
EXIM
BA
NK
DU
TCH
BA
NG
L
ALA
RA
BA
NK
IFIC
CIT
YBA
NK
NC
CB
AN
K
SIB
L
NB
L
FIR
STSB
AN
K
JAM
UN
AB
AN
K
UTT
AR
AB
AN
K
SHA
HJA
BA
NK
AB
BA
NK
Net Interest Income Growth- Q1 of 2019 (YoY)
Net Interest Income Growth Industry Average
-29
%
-28
%
-18
% 0% 4% 8% 10
%
12
%
13
%
14
%
14
%
17
%
22
%
22
%
22
%
22
%
24
%
26
%
27
%
28
%
29
%
29
%
30
%
31
% 39
%
41
%
46
% 57
%
64
%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
AB
BA
NK
RU
PA
LIB
AN
K
IFIC
ALA
RA
BA
NK
UC
B
NB
L
FIR
STSB
AN
K
SIB
L
TRU
STB
AN
K
ISLA
MIB
AN
K
PU
BA
LIB
AN
K
BR
AC
BA
NK
NC
CB
AN
K
MER
CA
NB
AN
K
MTB
CIT
YBA
NK
STA
ND
BA
NK
L
EXIM
BA
NK
SHA
HJA
BA
NK
ON
EBA
NK
LTD
SOU
THEA
STB
EBL
DU
TCH
BA
NG
L
UTT
AR
AB
AN
K
JAM
UN
AB
AN
K
BA
NK
ASI
A
PR
EMIE
RB
AN
PR
IMEB
AN
K
DH
AK
AB
AN
K
Net Interest Income Growth- 2018 (YoY)
Net Interest Income Growth Industry Average
34
%
35
%
35
%
39
%
40
%
41
%
41
%
43
%
43
%
45
%
46
%
47
%
47
%
50
%
51
%
51
%
54
%
54
%
55
%
57
%
58
%
58
%
60
%
61
%
62
%
63
% 69
% 77
%
80
%
30%
40%
50%
60%
70%
80%
30%
40%
50%
60%
70%
80%
TRU
STB
AN
K
NC
CB
AN
K
SOU
THEA
STB
PU
BA
LIB
AN
K
SHA
HJA
BA
NK
BA
NK
ASI
A
DH
AK
AB
AN
K
ISLA
MIB
AN
K
EBL
MER
CA
NB
AN
K
ALA
RA
BA
NK
JAM
UN
AB
AN
K
IFIC
SIB
L
ON
EBA
NK
LTD
MTB
CIT
YBA
NK
FIR
STSB
AN
K
PR
EMIE
RB
AN
NB
L
PR
IMEB
AN
K
UTT
AR
AB
AN
K
STA
ND
BA
NK
L
BR
AC
BA
NK
DU
TCH
BA
NG
L
EXIM
BA
NK
AB
BA
NK
UC
B
RU
PA
LIB
AN
K
Operating Efficiency Ratio- Q1 of 2019
Operating Efficiency Ratio Industry Average
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
9 EBL Securities Limited Research
35
%
36
%
38
%
40
%
41
%
43
%
43
%
44
%
46
%
46
%
47
%
47
%
47
%
48
%
48
%
49
%
49
%
50
%
52
%
52
% 57
%
58
%
58
%
59
%
62
%
62
%
64
% 68
% 72
%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
SOU
THEA
STB
STA
ND
BA
NK
L
TRU
STB
AN
K
DH
AK
AB
AN
K
NC
CB
AN
K
NB
L
BA
NK
ASI
A
EXIM
BA
NK
EBL
PR
EMIE
RB
AN
SIB
L
ON
EBA
NK
LTD
MER
CA
NB
AN
K
PU
BA
LIB
AN
K
ISLA
MIB
AN
K
SHA
HJA
BA
NK
ALA
RA
BA
NK
MTB
FIR
STSB
AN
K
JAM
UN
AB
AN
K
PR
IMEB
AN
K
CIT
YBA
NK
UC
B
IFIC
UTT
AR
AB
AN
K
AB
BA
NK
BR
AC
BA
NK
DU
TCH
BA
NG
L
RU
PA
LIB
AN
K
Operating Efficiency Ratio- 2018
Operating Efficiency Ratio Industry Average
0.3
%
0.9
%
1.1
%
1.5
%
1.7
%
1.9
%
2.4
%
2.5
%
2.6
%
2.8
%
2.8
%
2.9
%
3.0
%
3.1
%
3.3
%
3.4
%
3.6
%
3.6
%
3.7
%
3.7
%
3.7
%
3.8
%
3.9
%
4.0
%
4.0
%
4.1
% 5.6
% 6.7
%
6.8
%
0.0 %
1.0 %
2.0 %
3.0 %
4.0 %
5.0 %
6.0 %
7.0 %
0.0 %
1.0 %
2.0 %
3.0 %
4.0 %
5.0 %
6.0 %
7.0 %
RU
PA
LIB
AN
K
AB
BA
NK
NB
L
SOU
THEA
STB
EXIM
BA
NK
MER
CA
NB
AN
K
STA
ND
BA
NK
L
IFIC
DH
AK
AB
AN
K
PR
EMIE
RB
AN
UC
B
ON
EBA
NK
LTD
FIR
STSB
AN
K
MTB
SIB
L
TRU
STB
AN
K
NC
CB
AN
K
PU
BA
LIB
AN
K
PR
IMEB
AN
K
ISLA
MIB
AN
K
SHA
HJA
BA
NK
BA
NK
ASI
A
ALA
RA
BA
NK
CIT
YBA
NK
EBL
JAM
UN
AB
AN
K
UTT
AR
AB
AN
K
BR
AC
BA
NK
DU
TCH
BA
NG
L
Net Interest Margin- Q1 of 2019 (%)
Net Interest Margin Industry Average
0.9
%
1.0
%
1.8
%
1.9
%
2.2
%
2.2
%
2.5
%
2.6
%
3.0
%
3.1
%
3.1
%
3.1
%
3.2
%
3.2
%
3.2
%
3.2
%
3.2
%
3.3
%
3.3
%
3.5
%
3.6
%
3.7
%
3.7
%
3.8
%
3.8
%
4.0
%
4.8
% 6.4
%
6.6
%
0.0 %
1.0 %
2.0 %
3.0 %
4.0 %
5.0 %
6.0 %
7.0 %
0.0 %
1.0 %
2.0 %
3.0 %
4.0 %
5.0 %
6.0 %
7.0 %
AB
BA
NK
RU
PA
LIB
AN
K
MER
CA
NB
AN
K
SOU
THEA
STB
NB
L
IFIC
STA
ND
BA
NK
L
EXIM
BA
NK
FIR
STSB
AN
K
DH
AK
AB
AN
K
SHA
HJA
BA
NK
TRU
STB
AN
K
MTB
ON
EBA
NK
LTD
NC
CB
AN
K
UC
B
JAM
UN
AB
AN
K
ALA
RA
BA
NK
PU
BA
LIB
AN
K
EBL
ISLA
MIB
AN
K
BA
NK
ASI
A
PR
IMEB
AN
K
SIB
L
PR
EMIE
RB
AN
CIT
YBA
NK
UTT
AR
AB
AN
K
DU
TCH
BA
NG
L
BR
AC
BA
NK
Net Interest Margin- 2018 (%)
Net Interest Margin Industry Average
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
10 EBL Securities Limited Research
1% 2% 3% 4% 5% 5% 5% 6% 6% 6% 7% 8% 8% 8% 10
%
10
%
10
%
11
%
12
%
12
%
12
%
12
%
12
%
12
%
12
%
12
%
14
%
14
%
14
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
AB
BA
NK
RU
PA
LIB
AN
K
STA
ND
BA
NK
L
NB
L
ISLA
MIB
AN
K
EXIM
BA
NK
ON
EBA
NK
LTD
PR
IMEB
AN
K
UC
B
SIB
L
SOU
THEA
STB
DU
TCH
BA
NG
L
NC
CB
AN
K
ALA
RA
BA
NK
DH
AK
AB
AN
K
UTT
AR
AB
AN
K
IFIC
MER
CA
NB
A…
BA
NK
ASI
A
PR
EMIE
RB
AN
PU
BA
LIB
AN
K
CIT
YBA
NK
JAM
UN
AB
A…
SHA
HJA
BA
NK
MTB
TRU
STB
AN
K
FIR
STSB
AN
K
EBL
BR
AC
BA
NK
Return on Equity- Q1 of 2019
ROE Industry Average
0% 2
%
7% 8% 8% 8% 8% 9% 9% 9% 9% 9% 10
%
10
%
10
%
10
%
11
%
11
%
11
%
12
%
13
%
13
%
13
%
13
%
14
%
14
%
15
%
16
% 18
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
AB
BA
NK
RU
PA
LIB
AN
K
IFIC
DH
AK
AB
AN
K
EXIM
BA
NK
SHA
HJA
BA
NK
STA
ND
BA
NK
L
PR
IMEB
AN
K
NB
L
SOU
THEA
STB
CIT
YBA
NK
UC
B
BA
NK
ASI
A
ON
EBA
NK
LTD
SIB
L
NC
CB
AN
K
ALA
RA
BA
NK
UTT
AR
AB
AN
K
ISLA
MIB
AN
K
FIR
STSB
AN
K
JAM
UN
AB
AN
K
MTB
EBL
PU
BA
LIB
AN
K
BR
AC
BA
NK
TRU
STB
AN
K
PR
EMIE
RB
AN
MER
CA
NB
AN
K
DU
TCH
BA
NG
L
Return on Equity- 2018
ROE Industry Average
0.1
%
0.1
%
0.2
%
0.3
%
0.3
%
0.3
%
0.4
%
0.4
%
0.4
%
0.5
%
0.5
%
0.5
%
0.5
%
0.6
%
0.6
%
0.6
%
0.6
%
0.7
%
0.7
%
0.7
%
0.8
%
0.8
%
0.8
%
0.9
%
0.9
%
0.9
%
1.0
% 1.2
% 1.4
%
0.0 %
0.2 %
0.4 %
0.6 %
0.8 %
1.0 %
1.2 %
1.4 %
-0.1%
0.1 %
0.3 %
0.5 %
0.7 %
0.9 %
1.1 %
1.3 %
1.5 %
RU
PA
LIB
AN
K
AB
BA
NK
STA
ND
BA
NK
L
ISLA
MIB
AN
K
ON
EBA
NK
LTD
SIB
L
EXIM
BA
NK
NB
L
UC
B
FIR
STSB
AN
K
SOU
THEA
STB
DU
TCH
BA
NG
L
ALA
RA
BA
NK
PR
IMEB
AN
K
DH
AK
AB
AN
K
NC
CB
AN
K
TRU
STB
AN
K
MER
CA
NB
AN
K
SHA
HJA
BA
NK
MTB
PU
BA
LIB
AN
K
PR
EMIE
RB
AN
UTT
AR
AB
AN
K
BA
NK
ASI
A
IFIC
CIT
YBA
NK
JAM
UN
AB
AN
K
EBL
BR
AC
BA
NK
Return on Assets- Q1 of 2019
ROA Industry Average
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
11 EBL Securities Limited Research
0.0
%
0.1
%
0.1
% 0.4
%
0.5
%
0.5
%
0.5
%
0.5
%
0.6
%
0.6
%
0.6
%
0.6
%
0.6
%
0.7
%
0.7
%
0.7
%
0.7
%
0.7
%
0.8
%
0.8
%
0.9
%
0.9
%
0.9
%
1.0
%
1.0
%
1.0
%
1.1
%
1.2
% 1.6
%
0.0 %
0.2 %
0.4 %
0.6 %
0.8 %
1.0 %
1.2 %
1.4 %
1.6 %
0.0 %
0.2 %
0.4 %
0.6 %
0.8 %
1.0 %
1.2 %
1.4 %
1.6 %
AB
BA
NK
PR
IMEB
AN
K
RU
PA
LIB
AN
K
FIR
STSB
AN
K
SHA
HJA
BA
NK
DH
AK
AB
AN
K
SIB
L
ON
EBA
NK
LTD
IFIC
EXIM
BA
NK
ISLA
MIB
AN
K
STA
ND
BA
NK
L
SOU
THEA
STB
UC
B
CIT
YBA
NK
TRU
STB
AN
K
BA
NK
ASI
A
ALA
RA
BA
NK
NC
CB
AN
K
MTB
UTT
AR
AB
AN
K
PU
BA
LIB
AN
K
NB
L
MER
CA
NB
AN
K
JAM
UN
AB
AN
K
PR
EMIE
RB
AN
EBL
DU
TCH
BA
NG
L
BR
AC
BA
NK
Return on Assets- 2018
ROA Industry Average
2.8
%
3.0
%
3.3
%
3.4
%
3.4
%
3.5
%
3.7
%
3.7
%
3.8
%
3.9
%
4.0
%
4.1
%
4.2
%
4.3
%
4.3
%
4.4
%
4.5
%
4.6
%
4.7
%
4.8
%
4.8
%
4.9
%
4.9
%
5.0
%
5.0
%
5.1
%
5.3
% 7.1
% 8.0
%
2.5 %
3.5 %
4.5 %
5.5 %
6.5 %
7.5 %
8.5 %
NB
L
MER
CA
NB
AN
K
SOU
THEA
STB
ALA
RA
BA
NK
ISLA
MIB
AN
K
RU
PA
LIB
AN
K
STA
ND
BA
NK
L
EXIM
BA
NK
FIR
STSB
AN
K
SIB
L
NC
CB
AN
K
UC
B
PU
BA
LIB
AN
K
ON
EBA
NK
LTD
MTB
DH
AK
AB
AN
K
AB
BA
NK
JAM
UN
AB
AN
K
TRU
STB
AN
K
BA
NK
ASI
A
IFIC
UTT
AR
AB
AN
K
SHA
HJA
BA
NK
PR
IMEB
AN
K
CIT
YBA
NK
EBL
PR
EMIE
RB
AN
BR
AC
BA
NK
DU
TCH
BA
NG
L
Average Spread (Jan to Mar '19)
Average Spread Industry Average
2.8
%
3.0
%
3.3
%
3.4
%
3.5
%
3.8
%
3.9
%
3.9
%
3.9
%
3.9
%
4.1
%
4.3
%
4.4
%
4.4
%
4.4
%
4.5
%
4.5
%
4.6
%
4.6
%
4.6
%
4.6
%
4.7
%
4.8
%
4.8
%
4.9
%
5.0
%
5.1
%
7.4
%
7.4
%
2.0 %
3.0 %
4.0 %
5.0 %
6.0 %
7.0 %
8.0 %
MER
CA
NB
AN
K
NB
L
ISLA
MIB
AN
K
EXIM
BA
NK
ALA
RA
BA
NK
SOU
THEA
STB
FIR
STSB
AN
K
NC
CB
AN
K
STA
ND
BA
NK
L
RU
PA
LIB
AN
K
IFIC
PU
BA
LIB
AN
K
DH
AK
AB
AN
K
SIB
L
MTB
AB
BA
NK
TRU
STB
AN
K
UC
B
PR
IMEB
AN
K
SHA
HJA
BA
NK
JAM
UN
AB
AN
K
ON
EBA
NK
LTD
UTT
AR
AB
AN
K
EBL
BA
NK
ASI
A
CIT
YBA
NK
PR
EMIE
RB
AN
BR
AC
BA
NK
DU
TCH
BA
NG
L
Average Spread (2018)
Spread Industry Average
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
12 EBL Securities Limited Research
11
5
14
9
16
3
17
0
17
3
17
9
19
0
19
1
20
7
20
7
21
3
21
4
21
5
22
3
22
9
23
8
24
2
24
3
25
4
25
6
25
9
26
4
26
5
27
7
30
6
31
1
32
6
32
9
80
9
100
200
300
400
500
600
700
800
100
200
300
400
500
600
700
800
UTT
AR
AB
AN
K
STA
ND
BA
NK
L
PR
EMIE
RB
AN
JAM
UN
AB
AN
K
MTB
NC
CB
AN
K
DH
AK
AB
AN
K
SHA
HJA
BA
NK
TRU
STB
AN
K
ON
EBA
NK
LTD
EBL
IFIC
PR
IMEB
AN
K
BA
NK
ASI
A
MER
CA
NB
AN
K
DU
TCH
BA
NG
L
SIB
L
BR
AC
BA
NK
CIT
YBA
NK
AB
BA
NK
RU
PA
LIB
AN
K
PU
BA
LIB
AN
K
ALA
RA
BA
NK
SOU
THEA
STB
UC
B
EXIM
BA
NK
FIR
STSB
AN
K
NB
L
ISLA
MIB
AN
K
Loans & Advances- as on Mar '19 (in BDT bn)
11
9
14
6
15
9
16
6
16
7
17
7
18
0
18
8
19
9
19
9
20
8
21
1
21
7
21
8
22
8
23
2
23
2
23
8
23
8
24
8
24
9
26
2
26
8
27
1
29
7
30
6
31
1
31
7
80
1
100
200
300
400
500
600
700
800
100
200
300
400
500
600
700
800
UTT
AR
AB
AN
K
STA
ND
BA
NK
L
PR
EMIE
RB
AN
MTB
JAM
UN
AB
AN
K
NC
CB
AN
K
DH
AK
AB
AN
K
SHA
HJA
BA
NK
ON
EBA
NK
LTD
TRU
STB
AN
K
PR
IMEB
AN
K
IFIC
EBL
BA
NK
ASI
A
MER
CA
NB
AN
K
DU
TCH
BA
NG
L
CIT
YBA
NK
SIB
L
BR
AC
BA
NK
RU
PA
LIB
AN
K
AB
BA
NK
ALA
RA
BA
NK
SOU
THEA
STB
PU
BA
LIB
AN
K
UC
B
EXIM
BA
NK
FIR
STSB
AN
K
NB
L
ISLA
MIB
AN
K
Loans & Advances- as on Dec '18 (in BDT bn)
14
5
16
0
16
6
17
5
18
6
18
7
18
9
20
2
20
2
20
5
21
1
21
3
21
6
22
2
22
4
23
1
23
9
24
4
26
0
27
0
27
2
30
1
30
1
30
8
31
0
31
9
32
6
36
9
83
7
100
200
300
400
500
600
700
800
100
200
300
400
500
600
700
800
UTT
AR
AB
AN
K
STA
ND
BA
NK
L
MTB
PR
EMIE
RB
AN
JAM
UN
AB
AN
K
SHA
HJA
BA
NK
NC
CB
AN
K
ON
EBA
NK
LTD
PR
IMEB
AN
K
DH
AK
AB
AN
K
EBL
TRU
STB
AN
K
CIT
YBA
NK
BA
NK
ASI
A
IFIC
MER
CA
NB
AN
K
AB
BA
NK
SIB
L
BR
AC
BA
NK
DU
TCH
BA
NG
L
ALA
RA
BA
NK
UC
B
EXIM
BA
NK
PU
BA
LIB
AN
K
SOU
THEA
STB
NB
L
FIR
STSB
AN
K
RU
PA
LIB
AN
K
ISLA
MIB
AN
K
Deposits- as on Mar '19 (in BDT bn)
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
13 EBL Securities Limited Research
15
3
15
5
16
6
16
9
17
7
18
8
19
1
19
7
19
7
19
9
20
2
20
5
21
3
22
3
22
6
23
0
23
5
24
8
25
5
26
2
26
6
29
7
29
8
30
0
30
8
31
5
32
0
39
0
82
2
120
220
320
420
520
620
720
820
120
220
320
420
520
620
720
820
UTT
AR
AB
AN
K
STA
ND
BA
NK
L
MTB
PR
EMIE
RB
AN
SHA
HJA
BA
NK
JAM
UN
AB
AN
K
NC
CB
AN
K
DH
AK
AB
AN
K
PR
IMEB
AN
K
EBL
ON
EBA
NK
LTD
CIT
YBA
NK
TRU
STB
AN
K
BA
NK
ASI
A
IFIC
MER
CA
NB
AN
K
AB
BA
NK
SIB
L
BR
AC
BA
NK
DU
TCH
BA
NG
L
ALA
RA
BA
NK
UC
B
SOU
THEA
STB
EXIM
BA
NK
PU
BA
LIB
AN
K
NB
L
FIR
STSB
AN
K
RU
PA
LIB
AN
K
ISLA
MIB
AN
K
Deposits- as on Dec '18 (in BDT bn)
16
.9
17
.1
17
.6
18
.1
18
.2
19
.2
19
.8
19
.8
20
.2
20
.6
21
.2
21
.5
21
.8
23
.5
23
.6
23
.9
24
.5
24
.5
26
.2
27
.0
27
.5
28
.1
29
.9
32
.8
34
.1
34
.9
37
.8
46
.0
11
7.8
10.0
30.0
50.0
70.0
90.0
110 .0
10.0
30.0
50.0
70.0
90.0
110 .0
NB
L
STA
ND
BA
NK
L
FIR
STSB
AN
K
SHA
HJA
BA
NK
IFIC
ON
EBA
NK
LTD
SIB
L
PR
EMIE
RB
AN
EXIM
BA
NK
NC
CB
AN
K
ALA
RA
BA
NK
BA
NK
ASI
A
DH
AK
AB
AN
K
MER
CA
NB
AN
K
PR
IMEB
AN
K
MTB
TRU
STB
AN
K
JAM
UN
AB
AN
K
CIT
YBA
NK
SOU
THEA
STB
UC
B
PU
BA
LIB
AN
K
AB
BA
NK
EBL
BR
AC
BA
NK
ISLA
MIB
AN
K
UTT
AR
AB
AN
K
RU
PA
LIB
AN
K
DU
TCH
BA
NG
L
NAVPS- as on Mar '19 (in BDT)
15
.6
16
.8
17
.0
17
.5
17
.7
18
.9
19
.1
19
.4
20
.0
20
.2
20
.8
21
.0
21
.2
22
.2
22
.9
23
.2
23
.2
23
.2
25
.7
26
.7
27
.0
27
.3
31
.5
31
.7
32
.9
34
.5
36
.8
45
.7
11
5.4
15.0
35.0
55.0
75.0
95.0
115 .0
15.0
35.0
55.0
75.0
95.0
115 .0
FIR
STSB
AN
K
NB
L
STA
ND
BA
NK
L
SHA
HJA
BA
NK
IFIC
ON
EBA
NK
LTD
PR
EMIE
RB
AN
SIB
L
EXIM
BA
NK
NC
CB
AN
K
ALA
RA
BA
NK
BA
NK
ASI
A
DH
AK
AB
AN
K
TRU
STB
AN
K
MER
CA
NB
AN
K
MTB
JAM
UN
AB
AN
K
PR
IMEB
AN
K
CIT
YBA
NK
SOU
THEA
STB
UC
B
PU
BA
LIB
AN
K
AB
BA
NK
EBL
BR
AC
BA
NK
ISLA
MIB
AN
K
UTT
AR
AB
AN
K
RU
PA
LIB
AN
K
DU
TCH
BA
NG
L
NAVPS- as on Dec '18 (in BDT)
NAVPS Industry Average
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
14 EBL Securities Limited Research
Annexure: 1 Rating Criterions of Banks in Terms of Performance in Q1 of 2019 The ranking was designed by the EBL Securities Research Team by assigning equal weights to eight different criterions. The criterions considered are EPS (Paid up cap. Adjusted), Cost to Income Ratio, Return on Equity, Return on Asset, Spread, Net Interest Margin, NPL Ratio (2018), and Dividend Yields (2018).
Banks Rating Criterions & Points
EPS Cost to Income ROE Spread ROA NIM NPL Ratio Div. Yields Points on 100
EBL 6.59 7.92 9.83 6.38 8.28 5.90 10.00 4.89 74.73 MERCANBANK 3.95 7.69 7.46 3.70 4.84 2.76 4.77 - 43.95 ONEBANKLTD 1.49 6.80 3.67 5.34 1.99 4.25 3.26 - 33.51 CITYBANK 5.86 6.42 8.35 6.29 6.34 5.87 4.32 1.75 56.49 DUTCHBANGL 3.63 5.51 5.57 10.00 3.74 10.00 5.56 - 55.00 BRACBANK 10.00 5.61 10.00 8.86 10.00 9.85 7.42 - 77.18 ISLAMIBANK 4.96 7.94 3.19 4.23 1.76 5.51 5.58 3.64 46.00 SOUTHEASTB 3.82 9.78 4.85 4.06 3.55 2.22 3.92 - 40.25 TRUSTBANK 3.23 10.00 8.57 5.84 4.47 5.01 2.91 - 50.03 BANKASIA 5.28 8.46 8.00 5.98 6.13 5.68 5.61 2.49 59.51 DHAKABANK 3.29 8.44 6.74 5.55 4.21 3.91 4.61 3.10 49.82 EXIMBANK 2.73 5.42 3.45 4.64 2.70 2.52 4.50 7.46 41.76 FIRSTSBANK 3.59 6.41 9.58 4.73 3.45 4.37 6.89 - 48.77 ALARABANK 3.57 7.53 5.87 4.20 3.81 5.75 5.61 6.63 53.71 ABBANK 0.60 5.00 0.91 5.65 0.68 1.37 0.70 - 18.64 IFIC 4.86 7.31 7.21 5.99 6.20 3.72 3.73 - 48.77 JAMUNABANK 4.26 7.36 8.37 5.80 6.84 6.08 5.76 10.00 68.09 MTB 3.22 6.76 8.50 5.38 5.22 4.61 4.20 - 47.36 NBL 3.30 6.04 2.65 3.48 2.91 1.55 2.42 - 27.94 NCCBANK 2.87 9.84 5.72 4.96 4.32 5.26 3.97 2.77 49.63 PREMIERBAN 3.51 6.26 8.00 6.64 5.77 4.19 5.76 - 50.17 PRIMEBANK 3.22 5.95 4.37 6.20 3.85 5.51 3.73 6.08 48.64 PUBALIBANK 6.44 8.80 8.29 5.30 5.71 5.33 4.21 3.38 59.33 RUPALIBANK 0.72 4.32 1.50 4.39 0.59 0.38 0.98 - 16.11 SHAHJABANK 3.58 8.50 8.47 6.14 5.12 5.51 3.36 - 50.84 SIBL 1.98 6.82 4.47 4.93 2.37 4.81 3.05 - 35.53 STANDBANKL 0.81 5.69 1.97 4.59 1.45 3.61 2.96 - 26.37 UCB 3.52 4.47 4.40 5.08 3.11 4.20 3.39 5.60 42.21 UTTARABANK 2.87 5.89 6.86 6.13 5.88 8.31 3.64 6.18 57.18
Bangladesh Bank Sector 2018 & Q1 ‘19 Earnings Update Date: 24th June, 2019
15 EBL Securities Limited Research
Annexure: 2 Rating Criterions of Banks in Terms of Performance in 2018 The ranking was designed by the EBL Securities Research Team by assigning equal weights to eight different criterions. The criterions considered are EPS (Paid up cap. Adjusted), Cost to Income Ratio, Return on Equity, Return on Asset, Spread, Net Interest Margin, NPL Ratio (2018), and Dividend Yields (2018).
Banks Rating Criterions & Points
EPS Cost to Income ROE Spread ROA NIM NPL Ratio Div. Yields Points on 100
EBL 4.93 7.56 7.31 6.51 6.88 5.28 10.00 4.89 66.71 MERCANBANK 4.63 7.30 8.63 3.71 6.30 2.77 4.77 - 47.65 ONEBANKLTD 2.23 7.35 5.34 6.27 3.34 4.79 3.26 - 40.73 CITYBANK 3.53 5.98 4.91 6.78 4.30 6.00 4.32 1.75 46.95 DUTCHBANGL 6.66 5.09 10.00 10.00 7.66 9.70 5.56 - 68.32 BRACBANK 8.79 5.42 7.47 9.92 10.00 10.00 7.42 - 73.77 ISLAMIBANK 10.00 7.17 6.25 4.40 3.99 5.47 5.58 3.64 58.13 SOUTHEASTB 3.92 10.00 4.83 5.10 4.09 2.93 3.92 - 43.49 TRUSTBANK 2.95 9.19 7.75 6.06 4.51 4.74 2.91 - 47.63 BANKASIA 3.54 8.01 5.29 6.57 4.56 5.55 5.61 2.49 52.02 DHAKABANK 2.23 8.71 4.49 5.96 3.23 4.65 4.61 3.10 46.23 EXIMBANK 3.70 7.91 4.54 4.55 3.96 3.99 4.50 7.46 50.76 FIRSTSBANK 2.52 6.71 6.56 5.18 2.71 4.51 6.89 - 43.84 ALARABANK 3.88 7.01 6.22 4.74 4.58 5.01 4.80 6.63 53.59 ABBANK 0.07 5.54 0.10 6.00 0.08 1.35 0.70 - 17.31 IFIC 2.61 5.87 3.83 5.55 3.63 3.29 3.73 - 35.65 JAMUNABANK 3.64 6.71 6.99 6.20 6.43 4.84 6.15 10.00 63.71 MTB 2.75 6.88 7.18 5.98 4.92 4.77 4.20 - 45.84 NBL 6.11 8.02 4.76 4.00 5.98 3.28 2.42 - 43.22 NCCBANK 2.89 8.53 5.64 5.26 4.76 4.81 3.97 2.77 48.28 PREMIERBAN 3.60 7.52 8.09 6.84 6.61 5.69 5.76 - 55.13 PRIMEBANK 3.57 6.11 4.71 6.14 0.48 5.64 3.73 6.08 45.57 PUBALIBANK 5.75 7.26 7.33 5.77 5.58 5.02 4.21 3.38 55.39 RUPALIBANK 0.65 4.80 1.31 5.30 0.56 1.57 0.98 - 18.95 SHAHJABANK 1.97 7.03 4.62 6.19 3.19 4.71 3.36 - 38.85 SIBL 2.54 7.40 5.57 5.98 3.29 5.67 3.05 - 41.87 STANDBANKL 1.99 9.53 4.66 5.30 4.02 3.83 2.96 - 40.36 UCB 4.22 5.95 5.13 6.12 4.17 4.82 3.39 5.60 49.24 UTTARABANK 2.65 5.63 6.23 6.43 5.55 7.27 3.64 6.18 54.46
Annexure 3
Brief Performance of Banks in Q1 of 2019
..............................
Date: 24th June, 2019............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Free Float Free Float Free Float Free Float Free Float
Shareholding Structure 68.44% 61.37% 69.98% 69.71% 14.79%
Hi Hi Hi Hi Hi
52 Weeks Price 43.9 20.7 19.5 36.3 237.2
Financial Position (in BDT mn) 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1
Loans & Advances 217,380 199,288 212,755 227,544 206,256 229,439 198,958 174,455 207,448 231,875 205,411 253,822 231,554 211,885 237,918
Investment 29,888 27,725 29,656 39,645 33,736 36,647 31,129 31,344 30,360 33,488 30,110 28,653 32,208 27,707 34,779
Deposits 199,156 179,464 210,639 229,878 206,390 231,027 202,383 185,968 202,075 204,860 189,531 216,199 262,468 235,370 270,148
Total Assets 285,500 269,169 291,024 292,744 264,074 298,373 266,171 238,162 273,577 326,940 286,698 337,751 346,469 311,532 354,765
Total Liabilities 262,125 246,954 266,788 274,078 246,304 279,191 251,625 223,692 258,839 302,023 261,802 312,394 323,383 292,014 331,206
Total Equity 23,375 22,215 24,236 18,617 17,720 19,132 14,514 14,447 14,707 24,917 24,896 25,357 23,086 19,519 23,558
Income Statement (in mn BDT) 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
Interest Income 20,188 4,481 5,422 20,452 4,733 5,292 21,046 4,353 5,612 22,971 4,706 6,089 21,480 4,713 5,842
Interest Expense 12,577 2,733 3,300 16,277 3,654 4,222 14,730 3,039 4,120 13,741 2,731 3,571 6,592 1,469 1,819
Net Interest Income 7,611 1,749 2,122 4,174 1,080 1,070 6,316 1,314 1,492 9,230 1,976 2,519 14,888 3,244 4,023
Income from Investments 2,312 528 535 3,593 676 894 1,968 554 419 2,151 674 734 2,025 481 635
Commission, Exchange and Brokerage 3,468 912 989 2,470 597 742 1,466 364 360 3,614 753 897 2,178 488 576
Other Operating Income 223 47 75 1,826 654 224 609 125 146 1,609 451 529 3,533 715 941
Total Operating Income 13,615 3,236 3,720 12,063 3,007 2,929 10,359 2,357 2,417 16,605 3,853 4,678 22,623 4,928 6,176
Total Operating Expenses 6,235 1,444 1,613 5,718 1,436 1,309 4,880 1,115 1,222 9,610 2,423 2,504 15,399 3,265 3,848
Total Provisions 2,652 757 504 2,061 492 849 3,103 561 613 2,311 707 584 461 304 1,368
NPAT 3,111 508 861 2,923 657 515 1,410 238 195 2,225 369 765 4,201 639 474
Net Profit Attributable to Stockholders 1,154 442 368 1,409 241 195 2,225 369 765
Key Ratios 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
EPS 4.22 0.69 1.17 3.59 0.81 0.63 1.84 0.31 0.25 2.30 0.38 0.79 21.01 3.19 2.37
P/E 8.53 13.98 8.75 5.01 5.93 6.40 8.15 17.41 13.86 13.13 23.54 8.07 6.87 9.68 7.89
NAV 31.67 30.10 32.84 22.91 22.90 23.54 18.94 19.79 19.19 25.74 27.0 26.2 115.43 97.59 117.79
P/NAV 1.14 1.28 1.24 0.79 0.83 0.69 0.79 1.11 0.73 1.17 1.33 0.97 1.25 1.27 0.64
Loan to Deposits 109% 111% 101% 99% 100% 99% 98% 94% 103% 113% 108% 117% 88% 90% 88%
Operating Efficiency 46% 45% 43% 47% 48% 45% 47% 47% 51% 58% 63% 54% 68% 66% 62%
Net Interets Margin (%) 3.50% 0.03510126 3.99% 1.83% 2.09% 1.86% 3.17% 3.01% 2.88% 3.98% 3.85% 3.97% 6.43% 6.12% 6.76%
ROA 1.09% 0.00754958 1.18% 1.00% 0.99% 0.69% 0.53% 0.40% 0.28% 0.68% 0.51% 0.91% 1.21% 0.82% 0.53%
ROE 13.31% 9.15% 14.20% 15.70% 14.82% 10.78% 9.71% 6.59% 5.30% 8.93% 5.93% 12.07% 18.20% 13.09% 8.04%
Debt-Equity Ratio 11.21 11.12 11.01 14.72 13.90 14.59 17.34 15.48 17.60 12.12 10.52 12.32 14.01 14.96 14.06
W. Avg. Cost of Deposits 5.56% 5.22% 5.66% 7.00% 6.91% 7.03% 6.67% 5.88% 7.07% 5.42% 4.86% 5.27% 2.48% 2.33% 2.28%
W. Avg. Lending Rate 10.40% 9.77% 10.76% 9.76% 9.73% 9.99% 11.33% 10.74% 11.34% 10.46% 9.58% 10.30% 9.91% 9.11% 10.28%
Spread 4.84% 4.55% 5.10% 2.76% 2.82% 2.96% 4.66% 4.86% 4.27% 5.04% 4.72% 5.03% 7.43% 6.78% 8.00%
Period End Price 36.0 38.5 40.8 18.0 19.1 16.2 15.0 21.9 14.1 30.2 35.9 25.5 144.4 123.6 74.8
Other Information 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
EPS (Audited) 3.68 3.29 4.22 2.87 3.71 3.59 3.31 3.43 1.84 4.57 3.9 3.90 8.81 12.28 21.01
Number of Branches 82 84 84 119 129 129 87 95 99 108 118 119 165 175 184
Number of Employees 1,584 1,594 1,715 2,043 2,192 2,192 2,028 2,101 2,239 2,986 3,230 3,858 6,127 6,816 8,195
NPL% 2.76% 2.41% 2.30% 5.13% 3.79% 4.82% 4.93% 5.31% 7.05% 6.05% 5.43% 5.33% 5.20% 4.65% 4.14%
CAR % 13.92% 13.82% 12.02% 13.03% 11.93% 13.28% 13.89% 11.54% 11.98% 12.52% 12.71% 12.19% 13.10% 12.99% 15.62%
Tier-I 10.01% 10.09% 9.26% 8.35% 7.91% 8.08% 8.72% 7.60% 7.42% 9.12% 8.17% 7.17% 9.20% 8.26% 9.29%
Tier-II 3.91% 3.73% 2.76% 4.68% 4.02% 5.20% 5.17% 3.96% 4.56% 3.40% 4.54% 5.02% 3.90% 4.73% 6.33%
Dividend (C/B) 20% C, 5%B 20% C 20%C,10%B 15% C,5%B 17%C, 5%B 15%B 13% C, 10%B 15%C, 5%B 10%B 24%C 19%C, 5%B 6%C, 5%B 30%C 30%C 150%B
Dividend Yield 6.90% 3.91% 5.56% 9.93% 6.44% n/a 7.10% 6.25% n/a 8.82% 3.57% 1.99% 2.57% 1.96% n/a
200
13,600
Spons./Dir
85.21%
DUTCHBANGL
68.0
EBL
36.9
738.0
27,232.2
ONEBANKLTD
13.4
766.5
10,271.6
Spons./Dir
31.56%
Low
30.5
MERCANBANK
14.3
814.9
11,653.4
Spons./Dir
38.63%
Low
14.5
Low
22.5
Low
67.3
Spons./Dir
30.02%
Low
13.4
CITYBANK
27.3
968
26,426.1
Spons./Dir
30.29%
EBL Securities Limited Research Page 16
Annexure 3
Brief Performance of Banks in Q1 of 2019
..............................
Date: 24th June, 2019............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Period End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
55.70% 52.15% 67.56% 40.00% 47.70%
Hi Hi Hi Hi Hi
90.4 28.4 18.4 39.7 21.8
2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1
238,400 204,281 243,381 800,970 742,447 808,887 267,672 243,102 276,939 199,205 191,942 206,718 217,553 205,416 222,809
35,133 28,097 38,603 41,193 36,961 46,778 65,610 62,208 66,544 34,541 27,781 29,804 36,544 28,639 31,135
255,074 222,361 259,927 822,201 764,446 837,159 298,335 280,914 309,682 212,535 199,145 212,535 222,735 198,924 222,295
358,005 323,119 369,683 997,959 915,493 1,033,185 381,576 352,903 394,088 261,076 243,520 264,490 309,228 291,133 314,870
316,304 293,170 326,659 942,493 864,247 977,044 353,449 326,486 365,577 247,855 230,569 250,847 286,038 269,610 291,015
41,700 27,999 36,558 55,467 51,245 56,140 28,117 26,406 28,500 13,222 12,951 13,643 23,190 21,523 23,855
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
27,464 6,078 7,373 67,028 15,531 17,449 23,978 5,336 6,108 17,468 4,021 4,700 21,010 4,813 5,589
11,660 2,528 3,321 37,987 8,892 9,916 18,778 4,133 5,066 11,210 2,458 2,948 13,011 3,015 3,450
15,803 3,550 4,052 29,041 6,639 7,534 5,200 1,202 1,042 6,258 1,563 1,752 7,999 1,798 2,139
2,783 723 753 1,683 241 241 5,130 1,174 1,215 2,203 513 538 2,311 544 435
7,227 1,774 2,554 5,507 1,304 1,802 3,653 867 894 1,253 250 339 3,110 704 977
195 46 38 3,958 595 913 979 353 206 514 85 97 985 158 217
26,008 6,094 7,397 40,189 8,780 10,489 14,962 3,597 3,357 10,227 2,411 2,726 14,406 3,204 3,769
16,614 3,770 4,526 19,403 4,178 4,539 5,179 1,154 1,179 3,850 867 936 6,223 1,331 1,531
752 (23) 639 6,702 2,227 3,030 5,114 1,015 1,096 2,265 461 700 3,554 657 764
5,670 1,494 1,320 6,310 572 648 2,473 626 499 1,864 461 422 2,233 590 689
5,546 1,376 1,306 6,310 572 648 2,473 626 499 2,233
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
5.17 1.28 1.22 3.92 0.36 0.40 2.35 0.59 0.47 3.35 0.83 0.76 2.01 0.53 0.62
14.06 17.09 12.67 6.17 17.95 15.47 6.64 7.62 7.71 9.70 11.18 9.07 8.80 8.61 7.17
32.87 32.64 34.09 34.45 31.83 34.87 26.66 28.8 27.03 22.24 23.25 24.49 21.02 21.81 21.48
2.21 2.69 1.81 0.70 0.80 0.71 0.59 0.63 0.54 1.46 1.59 1.12 0.84 0.84 0.83
93% 92% 94% 97% 97% 97% 90% 87% 89% 94% 96% 97% 98% 103% 100%
64% 62% 61% 48% 48% 43% 35% 32% 35% 38% 36% 34% 43% 42% 41%
6.63% 6.95% 6.66% 3.63% 3.58% 3.73% 1.94% 1.98% 1.50% 3.14% 3.26% 3.39% 3.68% 3.50% 3.84%
1.58% 1.85% 1.43% 0.63% 0.25% 0.25% 0.65% 0.71% 0.51% 0.71% 0.76% 0.64% 0.72% 0.81% 0.88%
13.60% 21.34% 14.45% 11.38% 4.46% 4.62% 8.80% 9.48% 7.00% 14.10% 14.23% 12.38% 9.63% 10.97% 11.56%
7.59 10.47 8.94 16.99 16.86 17.40 12.57 12.36 12.83 18.75 17.80 18.39 12.33 12.53 12.20
4.92% 4.57% 5.26% 4.86% 5.03% 4.80% 6.06% 5.51% 6.36% 5.23% 4.93% 5.14% 5.39% 5.22% 5.38%
12.29% 11.88% 12.35% 8.13% 7.75% 8.18% 9.85% 9.55% 9.61% 9.73% 9.14% 9.81% 10.27% 9.89% 10.16%
7.37% 7.31% 7.09% 3.27% 2.72% 3.38% 3.79% 4.04% 3.25% 4.50% 4.21% 4.67% 4.88% 4.67% 4.78%
72.7 87.7 61.7 24.2 25.5 24.9 15.6 18.1 14.6 32.5 37.0 27.5 17.7 18.3 17.8
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
4.55 4.86 5.17 2.78 3.06 3.92 2.66 1.11 2.35 3.62 3.14 3.35 1.67 1.90 2.01
180 186 186 318 n/a 342 128 132 135 102 110 110 105 116 123
6355 6,835 7,085 13,569 n/a n/a 2616 2704 2797 1862 1959 1906 1,970 2,087 2,256
3.40% 3.56% 3.10% 3.83% 3.59% 4.12% 4.89% 5.99% 5.87% 3.15% 3.35% 7.90% 5.41% 4.38% 4.10%
12.06% 11.97% 15.70% 10.85% 11.50% 12.17% 12.14% 10.83% 12.47% 14.62% 12.92% 14.04% 12.42% 14.75% 14.76%
10.36% 10.59% 14.45% 8.77% 8.75% 8.52% 7.73% 6.79% 7.58% 8.39% 7.66% 7.43% 8.39% 8.42% 8.88%
1.70% 1.38% 1.25% 2.08% 2.75% 3.67% 4.41% 4.04% 4.89% 6.23% 5.26% 6.61% 4.03% 6.33% 5.88%
10%C, 20%B 25%B 15%B 10%C 10%C 10%C 20%C 15%B 10%B 15%C, 10%B 20%C 10%B 12%B 12.5%B 5%C,5%B
1.56% n/a n/a 3.37% 2.73% 4.13% 10.70% n/a n/a 6.30% 4.69% n/a n/a n/a 2.82%
19,654
Spons./Dir
52.30%
Low
15.3
17,823
Spons./Dir
60.00%
Low
24.355.0
32.0
557
BANKASIA
17.7
1,110
TRUSTBANK
21.9
Low
13.3
Low
39,445
Spons./Dir
47.85%
BRACBANK
63.7
1,073
68,318
Spons./Dir
44.30%
Low
SOUTHEASTB
13.8
1054
14,552
Spons./Dir
32.44%
ISLAMIBANK
24.5
1,610
EBL Securities Limited Research Page 17
Annexure 3
Brief Performance of Banks in Q1 of 2019
..............................
Date: 24th June, 2019............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Period End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
59.67% 59.34% 62.40% 58.31% 63.53%
Hi Hi Hi Hi Hi
19.5 14.2 13.5 24.3 14
2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1
180,499 163,539 190,253 306,265 261,924 310,650 311,417 283,720 325,896 261,874 249,004 264,853 249,185 240,235 255,676
30,642 26,316 32,265 24,024 21,411 26,040 16,204 16,175 15,848 12,215 10,141 12,798 44,352 37,736 40,523
196,874 176,461 204,682 300,378 279,285 301,390 320,011 296,932 325,554 266,205 251,208 271,806 235,383 229,306 238,532
275,397 245,017 285,935 371,510 331,707 369,682 372,183 353,077 388,280 338,465 332,364 345,531 325,154 311,918 327,310
258,148 228,793 268,269 343,294 304,541 341,109 358,478 340,648 374,096 314,982 306,464 321,577 301,258 287,803 303,342
17,249 16,225 17,667 28,216 27,166 28,573 13,361 12,084 13,830 21,715 21,168 22,181 23,885 24,105 23,958
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
18,974 4,103 5,023 27,458 5,603 6,903 34,050 7,410 8,860 24,957 5,849 6,902 19,811 4,244 4,879
13,414 2,975 3,766 19,362 4,535 5,581 24,746 5,596 6,451 16,257 3,782 4,328 17,580 3,983 4,286
5,560 1,128 1,257 8,096 1,069 1,322 9,304 1,814 2,409 8,700 2,066 2,574 2,230 261 593
2,327 546 620 945 56 64 430 68 119 701 54 35 4,247 964 681
2,967 531 814 2,353 523 487 807 163 142 2,729 616 811 2,478 608 563
203 38 47 914 178 124 668 110 120 339 38 101 198 47 39
11,056 2,243 2,738 12,308 1,826 1,997 11,208 2,155 2,790 12,470 2,775 3,520 9,153 1,879 1,876
4,395 1,028 1,114 5,386 1,166 1,266 5,778 1,434 1,494 6,161 1,553 1,607 5,714 1,325 1,289
3,631 625 818 2,686 1,085 168 2,356 178 458 4,131 314 906 2,736 265 345
1,410 397 430 2,333 (484) 356 1,595 318 479 2,457 379 470 43 119 79
397 430 1,591 313 468 2,450 409 466 (52)
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
1.73 0.49 0.53 1.65 (0.34) 0.25 2.03 0.40 0.60 2.35 0.39 0.45 0.06 0.16 0.10
8.19 8.43 6.56 7.14 n/a 11.29 5.37 8.20 4.06 8.48 16.22 11.48 210.65 24.75 25.92
21.23 22.46 21.75 19.98 19.23 20.23 15.60 16.95 17.63 20.80 21.29 21.24 31.51 31.79 29.90
0.67 0.73 0.64 0.59 0.76 0.56 0.70 0.77 0.55 0.96 1.19 0.97 0.38 0.49 0.36
92% 93% 93% 102% 94% 103% 97% 96% 100% 98% 99% 97% 106% 105% 107%
40% 46% 41% 44% 64% 63% 52% 67% 54% 49% 56% 46% 62% 71% 69%
3.08% 2.76% 2.64% 2.64% 1.63% 1.70% 2.99% 2.56% 2.96% 3.32% 3.32% 3.89% 0.90% 0.43% 0.93%
0.51% 0.65% 0.60% 0.63% -0.58% 0.39% 0.43% 0.36% 0.49% 0.73% 0.46% 0.54% 0.01% 0.15% 0.10%
8.17% 9.80% 9.74% 8.27% -7.13% 4.99% 11.93% 10.54% 13.84% 11.31% 7.16% 8.48% 0.18% 1.97% 1.32%
14.97 14.10 15.18 12.17 11.21 11.94 26.83 28.19 27.05 14.51 14.48 14.50 12.61 11.94 12.66
6.29% 5.78% 6.29% 7.08% 6.88% 7.09% 7.82% 7.59% 7.72% 6.26% 6.05% 6.34% 6.79% 6.22% 6.71%
10.72% 10.41% 10.73% 10.46% 10.43% 10.80% 11.67% 12.06% 11.50% 9.78% 9.76% 9.70% 11.25% 10.63% 11.23%
4.43% 4.63% 4.44% 3.38% 3.55% 3.71% 3.85% 4.47% 3.78% 3.52% 3.71% 3.36% 4.46% 4.41% 4.52%
14.2 16.5 13.9 11.8 14.6 11.4 10.9 13.1 9.7 19.9 25.4 20.5 12.0 15.5 10.8
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.15 1.98 1.73 2.15 2.34 1.65 1.98 1.72 2.03 3.07 3.00 2.35 2.00 0.05 0.06
94 100 101 113 118 123 158 168 177 140 154 168 104 105 105
1,668 1,771 1,917 2,747 2,791 2,964 3,224 3,640 3,898 3,070 3,446 3,682 2,423 2,354 2,310
4.01% 5.98% 4.99% 5.23% 5.32% 5.11% 2.58% 3.07% 3.34% 4.54% 4.10% 4.79% 5.02% 7.15% 33.07%
13.67% 11.93% 13.87% 11.77% 12.10% 10.88% 10.52% 12.20% 10.34% 14.90% 12.28% 14.68% 11.10% 11.25% 10.48%
8.62% 8.02% 7.42% 9.51% 8.64% 7.79% 7.51% 7.00% 6.31% 11.92% 9.59% 10.12% 6.90% 7.11% 6.11%
5.05% 3.91% 6.44% 2.26% 3.46% 3.09% 3.01% 5.20% 4.03% 2.98% 2.69% 4.56% 4.20% 4.14% 4.37%
10%C, 5%B 12.5%B 5%C, 5%B 15% C 12.50%C 10%C 5%C, 5%B 10%B 10%B 20%C 15%C,5%B 15%C, 2%B 12.50%B - -
5.59% n/a 3.52% 12.82% 7.27% 8.47% 3.60% n/a n/a 12.58% 6.22% 7.54% n/a n/a n/a
10.3
784.1
8,076
DHAKABANK
13.4
813
10,889
Spons./Dir
40.33%
FIRSTSBANK
Low
12.3
EXIMBANK
10.9
1,412.3
15,394
Spons./Dir
40.66%
Low
9.0
37.60%
Spons./Dir
Low
8.8
ALARABANK
18.4
1,044.0
19,210
Spons./Dir
41.69%
17.9
ABBANK
10.0
758.1
7,581
Spons./Dir
36.47%
Low
9.7
Low
EBL Securities Limited Research Page 18
Annexure 3
Brief Performance of Banks in Q1 of 2019
..............................
Date: 24th June, 2019............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Period End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
91.67% 50.08% 61.99% 67.59% 60.68%
Hi Hi Hi Hi Hi
16.4 21.8 40.5 12.0 18.0
2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1
210,932 187,658 214,407 166,601 146,416 170,397 166,145 155,573 173,232 317,393 263,791 328,876 176,870 155,551 178,802
32,664 31,954 35,318 31,879 25,785 28,612 27,388 22,653 23,614 54,636 49,119 45,771 33,674 30,713 31,645
226,229 207,082 224,467 188,016 169,621 185,863 166,160 147,789 165,541 314,686 261,281 318,576 191,225 170,301 188,795
286,529 265,127 286,578 225,540 201,898 227,381 222,445 204,098 225,488 407,076 348,462 413,637 241,995 211,875 243,131
262,851 242,682 262,235 207,495 186,419 208,992 209,166 192,006 211,798 362,553 307,861 368,681 224,198 194,368 224,948
23,678 22,445 24,342 18,045 15,479 18,389 13,279 12,093 13,690 44,523 40,601 44,956 17,797 17,507 18,183
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
19,012 4,199 5,172 15,002 3,608 4,391 15,687 3,541 4,117 27,960 5,186 6,978 17,656 3,926 4,839
14,405 3,130 3,824 9,656 2,293 2,640 10,436 2,368 2,767 21,051 4,529 6,114 12,016 2,708 3,249
4,607 1,069 1,347 5,345 1,315 1,751 5,251 1,173 1,350 6,908 657 863 5,640 1,219 1,590
2,044 532 528 1,859 437 287 2,343 508 481 6,138 1,235 1,323 2,857 677 709
1,640 380 449 1,898 466 511 1,683 339 553 1,591 370 455 1,449 307 343
468 87 69 792 113 127 552 93 104 1,174 90 104 559 83 105
8,759 2,068 2,393 9,894 2,331 2,677 9,829 2,114 2,489 15,811 2,353 2,745 10,505 2,285 2,746
5,165 1,153 1,125 5,106 1,181 1,249 4,945 1,088 1,264 6,822 1,615 1,561 4,264 871 959
1,035 370 486 1,075 417 340 2,342 257 520 2,040 250 350 2,720 820 835
1,650 357 634 2,297 341 556 1,734 370 420 3,857 288 431 1,825 343 375
1,650 357 634 2,297 1,734 370 420 3,857 288 431 1,825 343 375
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
1.23 0.27 0.47 3.07 0.45 0.74 3.03 0.65 0.73 1.45 0.11 0.16 2.07 0.39 0.43
8.85 14.17 5.49 5.74 11.44 6.47 11.60 12.61 11.25 6.41 26.99 13.57 7.69 10.38 9.12
17.69 18.77 18.19 24.08 25.20 24.54 23.16 23.73 23.88 16.77 17.13 16.93 20.15 19.82 20.59
0.62 0.80 0.57 0.73 0.83 0.78 1.52 1.37 1.38 0.55 0.68 0.52 0.79 0.81 0.75
93% 91% 96% 89% 86% 92% 100% 105% 105% 101% 101% 103% 92% 91% 95%
59% 56% 47% 52% 51% 47% 50% 51% 51% 43% 69% 57% 41% 38% 35%
2.18% 2.28% 2.51% 3.21% 3.59% 4.11% 3.16% 3.02% 3.12% 2.18% 1.00% 1.05% 3.19% 3.13% 3.56%
0.58% 0.54% 0.89% 1.02% 0.67% 0.98% 0.78% 0.73% 0.75% 0.95% 0.33% 0.42% 0.75% 0.65% 0.62%
6.97% 6.36% 10.42% 12.73% 8.80% 12.09% 13.06% 12.25% 12.28% 8.66% 2.83% 3.83% 10.26% 7.83% 8.26%
11.10 10.81 10.77 11.50 12.04 11.37 15.75 15.88 15.47 8.14 7.58 8.20 12.60 11.10 12.37
6.43% 5.91% 6.49% 6.02% 5.97% 5.93% 6.28% 5.84% 6.24% 6.28% 6.41% 6.33% 6.46% 6.29% 6.25%
10.55% 10.49% 11.28% 10.63% 10.28% 10.57% 10.72% 10.59% 10.54% 9.25% 9.79% 9.11% 10.37% 9.97% 10.22%
4.12% 4.58% 4.79% 4.61% 4.31% 4.64% 4.44% 4.75% 4.30% 2.97% 3.38% 2.78% 3.91% 3.68% 3.97%
10.9 15.1 10.4 17.6 20.8 19.2 35.1 32.6 33.0 9.3 11.7 8.8 15.9 16.1 15.5
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.51 1.79 1.23 2.92 2.77 3.07 2.87 3.45 3.03 2.37 1.81 1.45 2.35 2.09 2.07
134 141 147 111 122 132 110 111 114 191 191 203 106 109 116
2,536 2,512 2,556 2,452 2,592 2,824 1,889 2,004 2,120 4,617 4,617 4,657 2,310 2,146 2,146
5.29% 6.40% 6.16% 4.01% 3.99% 3.74% 4.36% 4.30% 5.48% 10.35% 10.64% 9.50% 5.92% 5.67% 5.80%
11.24% 13.07% 12.99% 10.82% 11.86% 13.60% 11.51% 13.75% 12.86% 13.19% 13.70% 13.95% 11.76% 11.34% 12.60%
7.71% 10.39% 10.24% 7.80% 7.27% 7.45% 7.55% 7.28% 7.08% 11.37% 11.24% 11.44% 10.74% 10.25% 9.17%
3.53% 2.68% 2.75% 3.02% 4.59% 6.15% 3.96% 6.47% 5.78% 1.82% 2.46% 2.51% 1.02% 1.09% 3.43%
12%B 12%B 10%B 20.50% 22%B 20%C 15%B 12.5%B 11%B 20%B 12%B 10%B 16%C 13%C 5%C, 5%B
n/a n/a n/a 13.14% n/a 11.36% n/a n/a n/a n/a n/a n/a 12.70% 7.34% 3.14%
MTB
34.0
12,718.3
573.4
19,494.3
IFIC
1,338.7
13,655.1
Spons./Dir
8.33%
Low
10.2
JAMUNABANK
17.4
749.2
13,036.5
Spons./Dir
49.92%
Low
13.6
10.2
Spons./Dir
38.01%
Low
27.8
NBL
8.9
2,654.9
23,628.7
Spons./Dir
32.41%
8.5
Low
NCCBANK
883.2
14.4
Spons./Dir
39.32%
Low
13.0
EBL Securities Limited Research Page 19
Annexure 3
Brief Performance of Banks in Q1 of 2019
..............................
Date: 24th June, 2019............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Period End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
64.78% 63.23% 68.87% 9.81% 54.38%
Hi Hi Hi Hi Hi
17.7 21 29.1 48.5 32.9
2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1
159,133 139,895 162,626 208,196 196,632 215,074 271,495 249,051 263,821 247,737 221,229 258,695 188,284 170,667 191,215
30,117 22,381 27,506 27,988 27,620 30,457 64,129 59,552 65,659 84,006 72,653 88,870 13,878 12,175 14,040
169,498 144,507 174,978 197,493 199,770 202,401 308,003 280,799 308,093 389,549 318,986 368,985 176,552 153,962 186,599
216,810 184,818 222,320 295,011 285,499 306,051 410,226 377,720 411,934 463,977 390,445 445,522 246,745 220,249 256,404
201,393 171,383 206,457 268,713 260,345 279,364 383,019 352,977 383,888 446,760 376,963 428,203 231,655 206,071 240,844
15,417 13,435 15,864 26,299 25,155 26,686 27,207 24,742 28,046 17,216 13,482 17,319 14,859 13,926 15,326
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
16,682 3,492 4,425 18,524 4,288 4,807 24,005 5,390 6,360 17,873 3,883 4,529 17,248 3,757 4,918
10,679 2,406 3,273 10,742 2,601 2,804 14,966 3,314 3,984 15,301 3,662 4,361 11,369 2,650 3,134
6,003 1,085 1,152 7,782 1,687 2,003 9,038 2,077 2,376 2,573 221 168 5,879 1,107 1,783
1,957 467 413 2,312 578 553 5,559 1,254 1,642 6,480 1,620 1,631 168 50 79
2,543 453 689 2,379 508 648 1,895 499 516 1,164 281 314 1,962 470 578
800 129 205 942 172 137 1,226 103 117 1,160 74 129 608 113 148
11,303 2,135 2,459 13,416 2,944 3,341 17,718 3,932 4,650 11,377 2,195 2,241 8,617 1,739 2,588
5,203 1,152 1,349 7,605 1,870 1,927 8,444 1,930 1,816 8,210 1,770 1,782 4,241 791 1,046
2,280 300 420 1,782 221 457 3,310 660 1,100 2,403 180 211 1,411 332 487
2,269 313 458 2,254 351 421 3,627 695 840 409 81 94 1,248 313 469
3,627 695 841 1,246 312 467
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
2.84 0.39 0.57 1.99 0.31 0.37 3.63 0.70 0.84 1.09 0.22 0.25 1.47 0.37 0.55
4.13 7.92 4.80 9.09 17.84 10.56 7.16 8.11 7.77 32.93 63.04 40.83 18.79 18.96 10.50
19.10 19.31 19.83 23.23 24.44 23.57 27.25 26.02 28.09 45.73 44.40 46.00 17.51 18.05 18.06
0.61 0.64 0.55 0.78 0.90 0.67 0.95 0.87 0.93 0.78 1.22 0.89 1.58 1.55 1.28
94% 97% 93% 105% 98% 106% 88% 89% 86% 64% 69% 70% 107% 111% 102%
46% 54% 55% 57% 63% 58% 48% 49% 39% 72% 81% 80% 49% 45% 40%
3.77% 3.10% 2.83% 3.74% 3.43% 3.72% 3.33% 3.34% 3.60% 1.04% 0.40% 0.26% 3.12% 2.59% 3.73%
1.05% 0.68% 0.82% 0.76% 0.49% 0.55% 0.88% 0.74% 0.82% 0.09% 0.08% 0.08% 0.51% 0.57% 0.73%
14.72% 9.32% 11.56% 8.57% 5.58% 6.31% 13.33% 11.24% 11.98% 2.38% 2.41% 2.17% 8.40% 9.00% 12.23%
13.06 12.76 13.01 10.22 10.35 10.47 14.08 14.27 13.69 25.95 27.96 24.73 15.59 14.80 15.71
6.18% 5.85% 6.21% 4.89% 4.95% 4.85% 5.38% 4.99% 5.38% 4.74% 4.82% 4.60% 6.00% 6.13% 5.86%
11.26% 10.72% 11.52% 9.45% 8.85% 9.81% 9.67% 9.66% 9.62% 8.68% 9.31% 8.11% 10.60% 9.98% 10.77%
5.08% 4.87% 5.31% 4.56% 3.90% 4.96% 4.29% 4.67% 4.24% 3.94% 4.49% 3.51% 4.60% 3.85% 4.91%
11.7 12.4 11.0 18.1 22.1 15.7 26.0 22.6 26.2 35.8 54.3 40.8 27.6 27.9 23.1
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.30 2.46 2.84 2.13 1.07 1.99 1.47 0.06 3.63 -3.99 1.60 1.09 2.15 1.58 1.47
99 103 109 145 146 146 453 465 465 562 563 n/a 103 106 122
1,511 1,562 1,708 2,961 3,499 3,212 7,204 7,652 7,587 5,438 5,157 n/a 2,191 2,402 2,395
5.17% 4.69% 3.99% 5.96% 5.45% 6.16% 5.38% 8.68% 5.46% 20.64% 23.41% n/a 4.70% 3.97% 6.84%
12.38% 12.12% 12.27% 12.45% 14.01% 16.58% 11.22% 11.96% 11.94% 6.69% 6.53% n/a 11.68% 12.44% 15.63%
7.69% 7.85% 7.92% 9.30% 10.01% 10.55% 9.46% 8.42% 8.37% 5.03% 4.99% n/a 10.18% 8.48% 8.53%
4.69% 4.27% 4.35% 3.15% 4.00% 6.03% 1.76% 3.54% 3.57% 1.65% 1.54% n/a 1.50% 3.96% 7.10%
10%C, 2%B 15%B 15.5%B 15%C 7%C,7%B 12.5%C 5%C, 8%B 5%C, 5%B 10%C, 3%B 10%B 24%B 10%B 10%C, 5%B 10%B 10%B
10.20% n/a n/a 9.04% 2.55% 6.91% 2.08% 1.64% 3.85% n/a n/a n/a 6.67% n/a n/a
RUPALIBANK SHAHJABANKPREMIERBAN PRIMEBANK PUBALIBANK
800.1 1,132.3 998.3
38.8 26.6 18.9 11.4
848.6
25.2
Spons./Dir Spons./Dir Spons./Dir Govt.
376.5
9,120.9 21,400.2 26,555.9 14,608.9 21,383.8
Spons./Dir
45.62%
Low
21.233.3
Low
90.19%31.13%
Low
20.1
36.77%
Low
14.5
35.22%
Low
9.7
EBL Securities Limited Research Page 20
Annexure 3
Brief Performance of Banks in Q1 of 2019
..............................
Date: 24th June, 2019............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Period End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float
69.77% 61.07% 65.33% 79.12%
Hi Hi Hi Hi
19.7 13.2 20.5 34.0
2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1 2018 2018 Q1 2019 Q1
237,854 210,428 241,762 146,061 131,506 149,009 296,577 270,788 305,888 118,624 102,311 114,737
11,607 11,930 11,850 24,614 22,149 24,368 52,158 45,026 54,888 28,937 32,694 28,505
247,951 221,788 244,003 154,961 139,315 160,058 297,016 287,085 301,197 152,858 143,121 145,047
307,403 272,851 306,126 197,148 181,639 204,856 402,962 381,639 414,503 189,949 175,639 178,359
291,615 258,399 290,079 182,332 168,157 189,956 374,467 354,444 385,551 175,220 161,555 163,255
15,787 14,452 16,047 14,816 13,482 14,900 28,495 27,195 28,951 14,729 14,084 15,103
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
25,073 5,168 6,368 14,190 3,150 3,787 25,536 5,854 6,804 12,721 2,819 3,159
16,138 3,669 4,401 10,479 2,261 2,877 16,059 3,366 4,629 7,006 1,641 1,547
8,935 1,499 1,967 3,710 889 910 9,477 2,488 2,175 5,716 1,179 1,612
478 93 36 1,844 356 355 4,426 979 1,142 2,832 709 639
1,687 429 439 1,137 274 309 4,619 1,008 1,270 849 232 213
597 60 105 452 68 82 407 67 93 697 74 80
11,698 2,080 2,548 7,144 1,587 1,656 18,929 4,542 4,680 10,095 2,195 2,543
5,471 1,165 1,283 2,596 811 999 11,013 2,682 3,597 6,211 1,423 1,483
2,344 275 524 1,236 466 348 2,774 809 255 944 415 266
1,602 268 259 1,256 65 106 2,660 327 460 1,670 154 374
2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M 2018 2018 3M 2019 3M
1.97 0.33 0.32 1.44 0.08 0.12 2.52 0.31 0.44 4.17 0.39 0.94
7.81 14.30 11.83 7.56 38.29 21.52 6.97 15.78 10.31 6.83 18.13 7.29
19.44 19.57 19.76 17.01 17.03 17.11 27.03 25.80 27.46 36.82 35.20 37.75
0.79 0.97 0.76 0.64 0.68 0.61 0.65 0.76 0.66 0.77 0.80 0.72
96% 95% 99% 94% 94% 93% 100% 94% 102% 78% 71% 79%
47% 56% 50% 36% 51% 60% 58% 59% 77% 62% 65% 58%
3.76% 2.85% 3.25% 2.54% 2.70% 2.44% 3.20% 3.67% 2.84% 4.82% 4.61% 5.62%
0.52% 0.39% 0.34% 0.64% 0.14% 0.21% 0.66% 0.34% 0.44% 0.88% 0.35% 0.84%
10.14% 7.43% 6.46% 8.47% 1.94% 2.85% 9.33% 4.82% 6.36% 11.34% 4.39% 9.92%
18.47 17.88 18.08 12.31 12.47 12.75 13.14 13.03 13.32 11.90 11.47 10.81
6.49% 6.09% 6.62% 6.46% 5.91% 6.91% 4.64% 4.28% 5.00% 5.24% 5.11% 4.95%
10.93% 10.39% 10.56% 10.40% 9.92% 10.58% 9.19% 9.20% 9.06% 10.02% 10.08% 9.85%
4.44% 4.30% 3.94% 3.94% 4.01% 3.67% 4.55% 4.92% 4.06% 4.78% 4.97% 4.90%
15.4 18.9 15.1 10.9 11.5 10.5 17.6 19.6 18.0 28.5 28.0 27.3
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
3.10 1.80 1.97 1.37 1.42 1.44 2.49 2.58 2.52 3.86 3.83 4.17
125 138 155 114 125 134 168 178 187 229 233 235
2,363 2,599 2,847 1,992 2,076 2,389 4,152 4,459 n/a 3,667 3,542 3,527
4.44% 8.20% 7.55% 3.64% 8.15% 7.77% 8.01% 7.38% 6.79% 7.75% 6.75% 6.32%
11.55% 11.59% 14.37% 11.38% 13.96% 12.83% 11.39% 12.07% 12.77% 13.38% 12.94% 12.49%
7.93% 7.04% 8.15% 8.60% 9.13% 8.71% 7.82% 7.71% 7.43% 11.78% 11.40% 11.29%
3.62% 4.55% 6.22% 2.83% 4.83% 4.12% 3.56% 4.36% 5.34% 1.79% 1.54% 1.17%
20%C 10%B 10%B 5%C, 5%B 10%B 10%B 15%C 10%C 10%B 20%C 20%C 20%C,2%B
10.87% n/a n/a 4.20% n/a n/a 7.04% 6.36% 6.36% 8.10% 5.67% 7.02%
11,202.2
STANDBANKL UCB UTTARABANK
28.0 17.0 9.8
SIBL
14.9
812.1 871.0 1,054.1 400.1
Spons./Dir
20.88%34.67%38.93%30.23%
12,100.7 8,535.7 17,920.2
Low
9.5
Low
15.7
Spons./Dir Spons./Dir Spons./Dir
Low
22.7
Low
13.7
EBL Securities Limited Research Page 21
Annexure 4
Brief Performance of Banks in 2018Date : 24th June, 2019.............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Free Float Free Float Free Float Free Float Free Float
Shareholding Structure 68.44% 61.37% 69.98% 69.71% 14.79%
Hi Hi Hi Hi Hi
52 Weeks Price 43.9 20.7 19.5 36.3 237.2
Financial Position (in BDT mn) 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
Loans & Advances 156,371 191,685 217,380 154,116 202,940 227,544 132,111 170,441 198,958 176,046 197,073 231,875 173,398 207,257 231,554
Investment 22,940 26,106 29,888 30,201 35,602 39,645 30,307 28,527 31,129 27,896 31,932 33,488 31,778 26,198 32,208
Deposits 140,205 166,959 199,156 155,784 209,074 229,878 153,219 182,143 202,383 174,418 182,903 204,860 207,234 233,796 262,468
Total Assets 212,377 256,002 285,500 205,035 261,394 292,744 188,122 227,012 266,171 268,345 278,067 326,940 264,797 311,907 346,469
Total Liabilities 191,545 234,424 262,125 188,166 243,749 274,078 175,522 212,768 251,625 234,898 251,888 302,023 247,125 292,425 323,383
Total Equity 20,832 21,876 23,375 16,819 17,595 18,617 12,579 14,215 14,514 19,857 26,179 24,917 17,673 19,482 23,086
Income Statement (in mn BDT) 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
Interest Income 13,663 14,611 20,188 13,865 16,328 20,452 12,807 14,959 21,046 16,057 16,819 22,971 15,366 16,529 21,480
Interest Expense 8,055 8,732 12,577 10,750 12,897 16,277 8,466 10,035 14,730 9,546 9,280 13,741 5,402 5,040 6,592
Net Interest Income 5,607 5,879 7,611 3,114 3,431 4,174 4,341 4,925 6,316 6,511 7,539 9,230 9,964 11,489 14,888
Income from Investments 3,262 3,252 2,312 3,049 3,498 3,593 2,026 2,349 1,968 4,824 3,030 2,151 2,072 2,027 2,025
Commission, Exchange and Brokerage 2,659 3,527 3,468 1,967 2,748 2,470 1,453 1,965 1,466 2,424 3,308 3,614 1,545 1,918 2,178
Other Operating Income 182 206 223 2,146 2,445 1,826 544 557 609 1,050 1,311 1,609 2,351 3,076 3,533
Total Operating Income 11,710 12,863 13,615 10,276 12,122 12,063 8,364 9,796 10,359 14,809 15,189 16,605 15,931 18,511 22,623
Total Operating Expenses 5,194 5,807 6,235 5,777 5,458 5,718 3,973 4,514 4,880 7,087 8,387 9,610 10,409 12,827 15,399
Total Provisions 1,801 2,789 2,652 984 2,318 2,061 1,083 1,409 3,103 2,147 1,688 2,311 2,288 390 461
NPAT 2,716 2,428 3,111 1,530 3,020 2,923 2,418 2,632 1,410 4,004 3,459 2,225 1,775 2,455 4,201
Net Profit Attributable to Stockholders 2,716 2,428 3,111 1,530 1,656 1,154 2,628 1,409 4,004 3,459 2,225
Key Ratios 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
EPS 3.68 3.29 4.22 2.87 3.71 3.59 3.31 3.43 1.84 4.57 3.57 2.30 8.81 12.28 21.01
P/E 7.88 15.53 8.54 5.26 7.12 5.02 5.53 7.00 8.16 5.95 14.89 13.14 13.25 12.47 6.87
NAV 29.64 29.64 31.67 22.82 22.74 22.91 17.23 18.54 18.94 22.67 28.4 25.74 88.36 97.41 115.43
P/NAV 0.98 1.72 1.14 0.66 1.16 0.79 1.06 1.29 0.79 1.20 1.87 1.17 1.32 1.57 1.25
Loan to Deposits 112% 115% 109% 99% 97% 99% 86% 94% 98% 101% 108% 113% 84% 89% 88%
Operating Efficiency 44% 45% 46% 56% 45% 47% 48% 46% 47% 48% 55% 58% 65% 69% 68%
Net Interets Margin (%) 3.59% 3.07% 3.50% 2.02% 1.69% 1.83% 3.29% 2.89% 3.17% 3.70% 3.83% 3.98% 5.75% 5.54% 6.43%
ROA 1.28% 0.95% 1.09% 0.75% 1.16% 1.00% 1.29% 1.16% 0.53% 1.49% 1.24% 0.68% 0.67% 0.79% 1.21%
ROE 13.04% 11.10% 13.31% 9.10% 17.16% 15.70% 19.22% 18.52% 9.71% 20.16% 13.21% 8.93% 10.04% 12.60% 18.20%
Debt-Equity Ratio 9.19 10.72 11.21 11.19 13.85 14.72 13.95 14.97 17.34 11.83 9.62 12.12 13.98 15.01 14.01
W. Avg. Cost of Deposits 5.16% 4.75% 5.56% 7.17% 6.64% 7.00% 5.40% 5.31% 6.67% 5.04% 4.06% 5.42% 3.00% 2.31% 2.48%
W. Avg. Lending Rate 10.51% 9.67% 10.40% 10.19% 9.76% 9.76% 11.45% 10.07% 11.33% 10.15% 9.29% 10.46% 10.02% 8.83% 9.91%
Spread 5.35% 4.92% 4.84% 3.02% 3.12% 2.76% 6.05% 4.76% 4.66% 5.11% 5.23% 5.04% 7.02% 6.52% 7.43%
Year End Price 29.0 51.1 36.0 15.1 26.4 18.0 18.3 24.0 15.0 27.2 53.2 30.2 116.7 153.1 144.4
Other Information 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
EPS (Audited) 3.68 3.29 4.22 2.87 3.71 3.59 3.31 3.43 1.84 4.57 3.57 2.30 8.81 12.28 21.01
Number of Branches 82 84 84 119 129 129 87 95 99 108 118 119 165 175 184
Number of Employees 1,584 1,594 1,715 2,043 2,192 2,192 2,028 2,101 2,239 2,986 3,230 3,858 6,127 6,816 8,195
NPL% 2.76% 2.41% 2.30% 5.13% 3.79% 4.82% 4.93% 5.31% 7.05% 6.05% 5.43% 5.33% 5.20% 4.65% 4.14%
CAR % 13.92% 13.82% 12.02% 13.03% 11.93% 13.28% 13.89% 11.54% 11.98% 12.52% 12.71% 12.19% 13.10% 12.99% 15.62%
Tier-I 10.01% 10.09% 9.26% 8.35% 7.91% 8.08% 8.72% 7.60% 7.42% 9.12% 8.17% 7.17% 9.20% 8.26% 9.29%
Tier-II 3.91% 3.73% 2.76% 4.68% 4.02% 5.20% 5.17% 3.96% 4.56% 3.40% 4.54% 5.02% 3.90% 4.73% 6.33%
Dividend (C/B) 20% C, 5%B 20% C 20%C,10%B 15% C,5%B 17%C, 5%B 15%B 13% C, 10%B 15%C, 5%B 10%B 24%C 19%C, 5%B 6%C, 5%B 30%C 30%C 150%B
Dividend Yield 6.90% 3.91% 5.56% 9.93% 6.44% n/a 7.10% 6.25% n/a 8.82% 3.57% 1.99% 2.57% 1.96% n/a
Spons./Dir
30.02%
Low
13.4
CITYBANK
27.3
968
26,426.1
Spons./Dir
30.29%
Low
14.5
Low
22.5
Low
67.3
Spons./Dir
31.56%
Low
30.5
MERCANBANK
14.3
814.9
11,653.4
Spons./Dir
38.63%
EBL
36.9
738.0
27,232.2
ONEBANKLTD
13.4
766.5
10,271.6
DUTCHBANGL
68.0
200
13,600
Spons./Dir
85.21%
EBL Securities Limited Research Page 22
Annexure 4
Brief Performance of Banks in 2018Date : 24th June, 2019.............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Year End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
55.70% 52.15% 67.56% 40.00% 47.70%
Hi Hi Hi Hi Hi
90.4 28.4 18.4 39.7 21.8
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
175,841 203,431 238,400 611,419 705,729 800,970 191,866 234,317 267,672 144,438 187,247 199,205 166,540 200,328 217,553
22,938 26,889 35,133 59,193 36,726 41,193 61,732 62,911 65,610 32,464 30,615 34,541 39,712 28,145 36,544
181,479 216,930 255,074 681,045 753,914 822,201 229,973 269,828 298,335 172,738 200,274 212,535 191,573 207,284 222,735
268,324 308,317 358,005 797,927 899,599 997,959 291,798 339,288 381,576 211,550 241,319 261,076 254,866 290,946 309,228
244,584 279,887 316,304 750,634 848,935 942,493 265,264 313,454 353,449 200,033 228,844 247,855 236,003 270,013 286,038
22,153 28,430 41,700 47,293 50,664 55,467 26,524 25,824 28,117 11,517 12,475 13,222 18,863 20,934 23,190
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
18,310 21,734 27,464 52,732 56,939 67,028 16,972 17,401 23,978 13,229 14,414 17,468 14,796 16,537 21,010
6,589 8,201 11,660 29,336 31,370 37,987 12,765 13,373 18,778 8,735 8,867 11,210 10,608 10,854 13,011
11,721 13,533 15,803 23,397 25,569 29,041 4,207 4,028 5,200 4,494 5,547 6,258 4,188 5,684 7,999
2,558 2,915 2,783 769 973 1,683 5,080 5,571 5,130 2,281 2,268 2,203 3,548 2,535 2,311
5,550 6,882 7,227 5,763 6,306 5,507 2,903 3,463 3,653 1,152 1,462 1,253 2,620 3,347 3,110
357 371 195 2,102 3,132 3,958 663 872 979 551 584 514 683 805 985
20,185 23,701 26,008 32,031 35,980 40,189 12,852 13,933 14,962 8,477 9,862 10,227 11,040 12,371 14,406
11,575 14,279 16,614 17,727 18,797 19,403 4,349 4,871 5,179 3,858 3,796 3,850 4,852 5,438 6,223
1,548 1,152 752 3,874 4,709 6,702 3,213 4,880 5,114 1,106 2,061 2,265 2,745 2,736 3,554
3,881 5,498 5,670 4,479 4,921 6,310 2,435 1,169 2,473 2,016 1,751 1,864 1,644 2,112 2,233
5,193 5,546 4,479 4,921 6,310 2,435 1,169 2,473 1,644 2,112 2,233
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
4.55 4.86 5.17 2.78 3.06 3.92 2.66 1.11 2.35 3.62 3.14 3.35 1.67 1.90 2.01
14.09 22.30 14.06 10.68 11.98 6.17 7.03 20.03 6.65 6.58 13.55 9.71 10.72 12.14 8.80
31.18 24.80 32.87 29.37 31.47 34.45 28.93 28.16 26.66 22.75 22.41 22.24 21.41 18.96 21.02
2.06 4.37 2.21 1.01 1.16 0.70 0.65 0.79 0.59 1.05 1.90 1.46 0.84 1.22 0.84
97% 94% 93% 90% 94% 97% 83% 87% 90% 84% 93% 94% 87% 97% 98%
57% 60% 64% 55% 52% 48% 34% 35% 35% 46% 38% 38% 44% 44% 43%
6.67% 6.65% 6.63% 3.83% 3.62% 3.63% 2.19% 1.72% 1.94% 3.11% 2.96% 3.14% 2.51% 2.84% 3.68%
1.45% 1.78% 1.58% 0.56% 0.55% 0.63% 0.83% 0.34% 0.65% 0.95% 0.73% 0.71% 0.65% 0.73% 0.72%
17.52% 19.34% 13.60% 9.47% 9.71% 11.38% 9.18% 4.53% 8.80% 17.50% 14.04% 14.10% 8.72% 10.09% 9.63%
11.04 9.84 7.59 15.87 16.76 16.99 10.00 12.14 12.57 17.37 18.34 18.75 12.51 12.90 12.33
3.79% 3.74% 4.92% 4.75% 4.28% 4.86% 5.54% 4.99% 6.06% 5.25% 4.53% 5.23% 6.05% 4.88% 5.39%
13.09% 11.98% 12.29% 8.90% 8.52% 8.13% 9.87% 8.58% 9.85% 10.38% 8.94% 9.73% 11.02% 9.57% 10.27%
9.30% 8.24% 7.37% 4.15% 4.24% 3.27% 4.33% 3.59% 3.79% 5.13% 4.41% 4.50% 4.97% 4.69% 4.88%
64.1 108.4 72.7 29.7 36.6 24.2 18.7 22.2 15.6 23.8 42.6 32.5 17.9 23.1 17.7
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
4.55 4.86 5.17 2.78 3.06 3.92 2.66 1.11 2.35 3.62 3.14 3.35 1.67 1.90 2.01
180 186 186 318 n/a 342 128 132 135 102 110 110 105 116 123
6355 6,835 7,085 13,569 n/a n/a 2616 2704 2797 1862 1959 1906 1,970 2,087 2,256
3.40% 3.56% 3.10% 3.83% 3.59% 4.12% 4.89% 5.99% 5.87% 3.15% 3.35% 7.90% 5.41% 4.38% 4.10%
12.06% 11.97% 15.70% 10.85% 11.50% 12.17% 12.14% 10.83% 12.47% 14.62% 12.92% 14.04% 12.42% 14.75% 14.76%
10.36% 10.59% 14.45% 8.77% 8.75% 8.52% 7.73% 6.79% 7.58% 8.39% 7.66% 7.43% 8.39% 8.42% 8.88%
1.70% 1.38% 1.25% 2.08% 2.75% 3.67% 4.41% 4.04% 4.89% 6.23% 5.26% 6.61% 4.03% 6.33% 5.88%
10%C, 20%B 25%B 15%B 10%C 10%C 10%C 20%C 15%B 10%B 15%C, 10%B 20%C 10%B 12%B 12.5%B 5%C,5%B
1.56% n/a n/a 3.37% 2.73% 4.13% 10.70% n/a n/a 6.30% 4.69% n/a n/a n/a 2.82%
Low
SOUTHEASTB
13.8
1054
14,552
Spons./Dir
32.44%
ISLAMIBANK
24.5
1,610
39,445
Spons./Dir
47.85%
BRACBANK
63.7
1,073
68,318
Spons./Dir
44.30%
21.9
Low
13.3
Low
TRUSTBANK
32.0
557
BANKASIA
17.7
1,110
17,823
Spons./Dir
60.00%
Low
24.355.0
Spons./Dir
52.30%
Low
15.3
19,654
EBL Securities Limited Research Page 23
Annexure 4
Brief Performance of Banks in 2018Date : 24th June, 2019.............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Year End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
59.67% 59.34% 62.40% 58.31% 63.53%
Hi Hi Hi Hi Hi
19.5 14.2 13.5 24.3 14
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
134,833 153,868 180,499 223,397 255,033 306,265 225,890 273,352 311,417 196,519 235,905 261,874 226,547 237,634 249,185
23,783 26,041 30,642 16,474 21,605 24,024 14,856 16,100 16,204 9,159 10,145 12,215 49,082 46,382 44,352
156,757 169,730 196,874 248,224 283,644 300,378 274,225 299,106 320,011 199,704 244,806 266,205 245,394 235,562 235,383
203,277 230,828 275,397 291,134 333,893 371,510 301,669 344,487 372,183 272,900 319,255 338,465 317,169 317,098 325,154
188,362 215,001 258,148 264,666 306,242 343,294 290,609 332,376 358,478 248,563 296,735 314,982 292,835 293,095 301,258
14,915 15,828 17,249 26,468 27,650 28,216 10,760 11,771 13,361 19,611 20,759 21,715 24,324 23,994 23,885
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
13,173 13,727 18,974 22,836 22,253 27,458 26,395 28,349 34,050 18,830 20,491 24,957 19,450 18,095 19,811
9,451 10,340 13,414 14,961 15,827 19,362 19,070 19,861 24,746 9,958 11,784 16,257 16,139 14,937 17,580
3,722 3,388 5,560 7,875 6,426 8,096 7,325 8,488 9,304 8,872 8,707 8,700 3,311 3,158 2,230
3,405 3,095 2,327 517 720 945 (64) 154 430 250 437 701 5,016 4,726 4,247
1,587 2,997 2,967 1,828 2,310 2,353 502 853 807 2,256 2,791 2,729 2,856 2,994 2,478
272 237 203 777 1,567 914 374 431 668 285 329 339 169 178 198
8,986 9,716 11,056 10,996 11,023 12,308 8,138 9,925 11,208 11,664 12,264 12,470 11,351 11,057 9,153
3,409 4,252 4,395 5,047 5,066 5,386 4,409 5,038 5,778 4,153 5,308 6,161 6,021 6,021 5,714
2,706 2,445 3,631 951 633 2,686 1,173 2,073 2,356 1,548 1,355 4,131 3,021 4,962 2,736
1,552 1,609 1,410 3,040 3,298 2,333 1,410 1,390 1,595 3,053 3,169 2,457 1,509 41 43
1,350 1,591 3,135 2,450 15 (52)
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.15 1.98 1.73 2.15 2.34 1.65 1.98 1.72 2.03 3.07 3.00 2.35 2.00 0.05 0.06
8.33 11.11 8.19 5.44 7.36 7.14 7.02 8.88 5.37 5.18 8.03 8.48 11.15 410.31 210.65
21.68 19.48 21.23 18.74 19.58 19.98 15.85 14.26 15.60 19.72 20.88 20.80 36.1 31.65 31.51
0.83 1.13 0.67 0.62 0.88 0.59 0.88 1.07 0.70 0.81 1.15 0.96 0.62 0.70 0.38
86% 91% 92% 90% 90% 102% 82% 91% 97% 98% 96% 98% 92% 101% 106%
38% 44% 40% 46% 46% 44% 54% 51% 52% 36% 43% 49% 53% 54% 62%
2.76% 2.20% 3.08% 3.52% 2.52% 2.64% 3.24% 3.11% 2.99% 4.51% 3.69% 3.32% 1.46% 1.33% 0.90%
0.76% 0.70% 0.51% 1.04% 0.99% 0.63% 0.47% 0.40% 0.43% 1.12% 0.99% 0.73% 0.48% 0.01% 0.01%
10.41% 10.16% 8.17% 11.48% 11.93% 8.27% 13.11% 11.81% 11.93% 15.57% 15.27% 11.31% 6.20% 0.17% 0.18%
12.63 13.58 14.97 10.00 11.08 12.17 27.01 28.24 26.83 12.67 14.29 14.51 12.04 12.22 12.61
5.85% 5.13% 6.29% 6.70% 6.37% 7.08% 7.92% 7.20% 7.82% 6.49% 5.97% 6.26% 6.27% 5.67% 6.79%
10.85% 9.71% 10.72% 11.40% 10.10% 10.46% 12.71% 12.09% 11.67% 10.31% 9.79% 9.78% 11.44% 10.31% 11.25%
5.00% 4.58% 4.43% 4.70% 3.73% 3.38% 4.79% 4.89% 3.85% 3.82% 3.82% 3.52% 5.17% 4.64% 4.46%
17.9 22.0 14.2 11.7 17.2 11.8 13.9 15.3 10.9 15.9 24.1 19.9 22.3 22.1 12.0
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.15 1.98 1.73 2.15 2.34 1.65 1.98 1.72 2.03 3.07 3.00 2.35 2.00 0.05 0.06
94 100 101 113 118 123 158 168 177 140 154 168 104 105 105
1,668 1,771 1,917 2,747 2,791 2,964 3,224 3,640 3,898 3,070 3,446 3,682 2,423 2,354 2,310
4.01% 5.98% 4.99% 5.23% 5.32% 5.11% 2.58% 3.07% 3.34% 4.54% 4.10% 4.79% 5.02% 7.15% 33.07%
13.67% 11.93% 13.87% 11.77% 12.10% 10.88% 10.52% 12.20% 10.34% 14.90% 13.06% 14.68% 11.10% 11.25% 10.48%
8.62% 8.02% 7.42% 9.51% 8.64% 7.79% 7.51% 7.00% 6.31% 11.92% 10.40% 10.12% 6.90% 7.11% 6.11%
5.05% 3.91% 6.44% 2.26% 3.46% 3.09% 3.01% 5.20% 4.03% 2.98% 2.66% 4.56% 4.20% 4.14% 4.37%
10%C, 5%B 12.5%B 5%C, 5%B 15% C 12.50%C 10%C 5%C, 5%B 10%B 10%B 20%C 15%C,5%B 15%C, 2%B 12.50%B - -
5.59% n/a 3.52% 12.82% 7.27% 8.47% 3.60% n/a n/a 12.58% 6.22% 7.54% n/a n/a n/a
Low
17.9
ABBANK
10.0
758.1
7,581
Spons./Dir
36.47%
Low
9.7
37.60%
Spons./Dir
Low
8.8
ALARABANK
18.4
1,044.0
19,210
Spons./Dir
41.69%
Low
12.3
EXIMBANK
10.9
1,412.3
15,394
Spons./Dir
40.66%
Low
9.0
FIRSTSBANKDHAKABANK
13.4
813
10,889
Spons./Dir
40.33%
10.3
784.1
8,076
EBL Securities Limited Research Page 24
Annexure 4
Brief Performance of Banks in 2018Date : 24th June, 2019.............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Year End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
91.67% 50.08% 61.99% 67.59% 60.68%
Hi Hi Hi Hi Hi
16.4 21.8 40.5 12.0 18.0
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
141,259 183,296 210,932 118,294 143,489 166,601 114,356 145,607 166,145 213,915 252,403 317,393 129,070 149,634 176,870
26,279 29,291 32,664 30,315 26,241 31,879 21,942 25,106 27,388 57,298 57,425 54,636 24,016 29,547 33,674
160,133 200,149 226,229 141,506 167,564 188,016 131,272 151,776 166,160 240,720 272,602 314,686 132,704 159,837 191,225
200,251 256,718 286,529 169,195 197,669 225,540 165,371 201,754 222,445 306,555 352,134 407,076 174,067 203,646 241,995
186,329 234,614 262,851 153,411 182,245 207,495 155,552 189,992 209,166 270,441 311,797 362,553 157,495 186,461 224,198
13,922 22,104 23,678 15,784 15,425 18,045 9,818 11,762 13,279 36,114 40,337 44,523 16,572 17,185 17,797
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
12,626 15,039 19,012 9,709 11,472 15,002 11,381 12,161 15,687 18,964 22,517 27,960 11,244 12,739 17,656
8,221 9,439 14,405 7,142 7,625 9,656 7,503 7,853 10,436 14,869 16,106 21,051 7,281 8,103 12,016
4,405 5,600 4,607 2,567 3,847 5,345 3,878 4,308 5,251 4,096 6,411 6,908 3,963 4,636 5,640
2,081 2,105 2,044 3,748 2,605 1,859 2,011 2,127 2,343 10,415 7,595 6,138 2,030 2,051 2,857
1,552 1,717 1,640 1,427 1,847 1,898 1,228 1,578 1,683 1,543 1,817 1,591 1,250 1,698 1,449
557 536 468 447 567 792 398 466 552 546 602 1,174 415 513 559
8,596 9,959 8,759 8,189 8,866 9,894 7,515 8,479 9,829 16,600 16,425 15,811 7,657 8,898 10,505
5,137 5,414 5,165 3,964 4,476 5,106 4,107 4,564 4,945 5,784 6,027 6,822 3,147 3,854 4,264
1,372 2,138 1,035 1,316 803 1,075 947 1,656 2,342 2,330 2,503 2,040 951 1,846 2,720
1,583 2,397 1,650 1,791 2,077 2,297 1,464 1,980 1,734 5,609 4,798 3,857 2,079 1,845 1,825
1,583 2,397 1,650 1,791 2,077 2,297 1,464 1,980 1,734 5,609 4,798 3,857 2,079 1,845 1,825
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.51 1.79 1.23 2.92 2.77 3.07 2.87 3.45 3.03 2.37 1.81 1.45 2.35 2.09 2.07
8.33 10.05 8.85 5.34 7.94 5.74 8.05 10.13 11.60 4.30 7.19 6.40 5.35 8.48 7.69
24.69 16.51 17.69 25.70 25.12 24.08 19.26 20.51 23.16 18.28 17.02 16.77 18.76 19.46 20.15
0.85 1.09 0.62 0.61 0.88 0.73 1.20 1.71 1.52 0.56 0.76 0.55 0.67 0.91 0.79
88% 92% 93% 84% 86% 89% 87% 96% 100% 89% 93% 101% 97% 94% 92%
60% 54% 59% 48% 50% 52% 55% 54% 50% 35% 37% 43% 41% 43% 41%
3.12% 3.06% 2.18% 2.17% 2.68% 3.21% 3.39% 2.96% 3.16% 1.91% 2.54% 2.18% 3.07% 3.10% 3.19%
0.79% 0.93% 0.58% 1.06% 1.05% 1.02% 0.89% 0.98% 0.78% 1.83% 1.36% 0.95% 1.19% 0.91% 0.75%
11.37% 10.84% 6.97% 11.35% 13.46% 12.73% 14.91% 16.84% 13.06% 15.53% 11.90% 8.66% 12.55% 10.73% 10.26%
13.38 10.61 11.10 9.72 11.82 11.50 15.84 16.15 15.75 7.49 7.73 8.14 9.50 10.85 12.60
5.49% 5.12% 6.43% 6.30% 5.73% 6.02% 6.62% 6.04% 6.28% 7.37% 7.10% 6.28% 6.41% 5.45% 6.46%
11.36% 10.26% 10.55% 10.94% 9.52% 10.63% 11.23% 10.70% 10.72% 11.96% 11.39% 9.25% 10.62% 9.34% 10.37%
5.87% 5.14% 4.12% 4.64% 3.79% 4.61% 4.61% 4.66% 4.44% 4.59% 4.29% 2.97% 4.21% 3.89% 3.91%
20.9 18.0 10.9 15.6 22.0 17.6 23.1 35.0 35.1 10.2 13.0 9.3 12.6 17.7 15.9
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.51 1.79 1.23 2.92 2.77 3.07 2.87 3.45 3.03 2.37 1.81 1.45 2.35 2.09 2.07
134 141 147 111 122 132 110 111 114 191 191 203 106 109 116
2,536 2,512 2,556 2,452 2,592 2,824 1,889 2,004 2,120 4,617 4,617 4,657 2,310 2,146 2,146
5.29% 6.40% 6.16% 4.01% 3.99% 3.74% 4.36% 4.30% 5.48% 10.35% 10.64% 9.50% 5.92% 5.67% 5.80%
11.24% 13.07% 12.99% 10.82% 11.86% 13.60% 11.51% 13.75% 12.86% 13.19% 13.70% 13.95% 11.76% 11.34% 12.60%
7.71% 10.39% 10.24% 7.80% 7.27% 7.45% 7.55% 7.28% 7.08% 11.37% 11.24% 11.44% 10.74% 10.25% 9.17%
3.53% 2.68% 2.75% 3.02% 4.59% 6.15% 3.96% 6.47% 5.78% 1.82% 2.46% 2.51% 1.02% 1.09% 3.43%
12%B 12%B 10%B 20.50% 22%B 20%C 15%B 12.5%B 11%B 20%B 12%B 10%B 16%C 13%C 5%C, 5%B
n/a n/a n/a 13.14% n/a 11.36% n/a n/a n/a n/a n/a n/a 12.70% 7.34% 3.14%
39.32%
Low
13.0
Spons./Dir
14.4
8.5
Low
NCCBANK
883.2
Spons./Dir
38.01%
Low
27.8
NBL
8.9
2,654.9
23,628.7
Spons./Dir
32.41%
10.2
JAMUNABANK
17.4
749.2
13,036.5
Spons./Dir
49.92%
Low
13.6
10.2
1,338.7
13,655.1
Spons./Dir
8.33%
Low
MTB
34.0
12,718.3
573.4
19,494.3
IFIC
EBL Securities Limited Research Page 25
Annexure 4
Brief Performance of Banks in 2018Date : 24th June, 2019.............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Year End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float Free Float
64.78% 63.23% 68.87% 9.81% 54.38%
Hi Hi Hi Hi Hi
17.7 21 29.1 48.5 32.9
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
113,778 137,728 159,133 172,490 200,619 208,196 203,610 240,149 271,495 175,369 206,955 247,737 126,097 161,687 188,284
23,301 23,165 30,117 50,272 25,880 27,988 55,005 59,621 64,129 80,730 69,691 84,006 9,464 11,959 13,878
125,640 140,644 169,498 197,835 199,000 197,493 246,906 270,604 308,003 279,116 319,488 389,549 124,034 144,989 176,552
155,167 182,537 216,810 273,178 282,395 295,011 320,612 368,184 410,226 334,564 382,903 463,977 170,953 210,997 246,745
143,254 169,378 201,393 247,885 257,582 268,713 296,179 344,137 383,019 322,731 369,522 446,760 157,709 197,132 231,655
11,913 13,159 15,417 25,293 24,813 26,299 24,322 24,047 27,207 11,832 13,381 17,216 13,005 13,613 14,859
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
10,379 12,373 16,682 13,907 14,853 18,524 17,626 19,050 24,005 13,555 16,852 17,873 11,334 13,097 17,248
7,518 8,262 10,679 10,701 9,885 10,742 10,459 11,136 14,966 15,263 13,290 15,301 7,103 8,473 11,369
2,860 4,111 6,003 3,206 4,968 7,782 7,167 7,914 9,038 (1,708) 3,562 2,573 4,231 4,624 5,879
2,572 2,049 1,957 6,263 4,397 2,312 4,507 5,779 5,559 6,020 6,506 6,480 242 340 168
1,440 2,097 2,543 1,828 2,454 2,379 1,447 1,735 1,895 1,589 1,688 1,164 1,343 1,820 1,962
511 630 800 874 827 942 1,054 1,245 1,226 580 767 1,160 458 522 608
7,383 8,887 11,303 12,171 12,645 13,416 14,175 16,674 17,718 6,480 12,522 11,377 6,274 7,306 8,617
4,040 4,492 5,203 6,542 7,056 7,605 7,439 8,034 8,444 7,272 7,173 8,210 3,148 3,724 4,241
1,001 1,125 2,280 3,274 3,593 1,782 2,834 5,840 3,310 33 4,024 2,403 673 1,249 1,411
1,602 1,969 2,269 2,188 1,216 2,254 1,394 57 3,627 (1,212) 602 409 1,660 1,367 1,248
1,394 57 3,627 1,343 1,246
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.30 2.46 2.84 2.13 1.07 1.99 1.47 0.06 3.63 (3.99) 1.60 1.09 2.15 1.58 1.47
4.26 6.38 4.13 8.31 25.52 9.09 16.33 530.99 7.16 (6.87) 41.38 32.93 6.98 20.86 18.79
17.47 18.79 19.10 24.57 21.91 23.23 27.75 25.29 27.25 38.97 35.54 45.73 17.70 17.65 17.51
0.56 0.84 0.61 0.72 1.25 0.78 0.86 1.20 0.95 0.70 1.86 0.78 0.85 1.87 1.58
91% 98% 94% 87% 101% 105% 82% 89% 88% 63% 65% 64% 102% 112% 107%
55% 51% 46% 54% 56% 57% 52% 48% 48% 112% 57% 72% 50% 51% 49%
2.51% 2.99% 3.77% 1.86% 2.48% 3.74% 3.52% 3.30% 3.33% -0.97% 1.72% 1.04% 3.36% 2.86% 3.12%
1.03% 1.08% 1.05% 0.80% 0.43% 0.76% 0.43% 0.02% 0.88% -0.36% 0.16% 0.09% 0.97% 0.65% 0.51%
13.45% 14.97% 14.72% 8.65% 4.90% 8.57% 5.73% 0.24% 13.33% -10.24% 4.50% 2.38% 12.76% 10.04% 8.40%
12.02 12.87 13.06 9.80 10.38 10.22 12.18 14.31 14.08 27.27 27.62 25.95 12.13 14.48 15.59
6.25% 5.53% 6.18% 5.25% 4.70% 4.89% 5.00% 4.67% 5.38% 6.43% 4.94% 4.74% 6.19% 5.94% 6.00%
11.29% 10.43% 11.26% 9.84% 8.54% 9.45% 10.15% 9.22% 9.67% 11.36% 9.51% 8.68% 10.67% 9.73% 10.60%
5.04% 4.90% 5.08% 4.59% 3.84% 4.56% 5.15% 4.55% 4.29% 4.93% 4.57% 3.94% 4.48% 3.79% 4.60%
9.8 15.7 11.7 17.7 27.4 18.1 24.0 30.4 26.0 27.4 66.2 35.8 15.0 33.0 27.6
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
2.30 2.46 2.84 2.13 1.07 1.99 1.47 0.06 3.63 -3.99 1.60 1.09 2.15 1.58 1.47
99 103 109 145 146 146 453 465 465 562 563 n/a 103 106 122
1,511 1,562 1,708 2,961 3,499 3,212 7,204 7,652 7,587 5,438 5,157 n/a 2,191 2,402 2,395
5.17% 4.69% 3.99% 5.96% 5.45% 6.16% 5.38% 8.68% 5.46% 20.64% 23.41% n/a 4.70% 3.97% 6.84%
12.38% 12.12% 12.27% 12.45% 14.01% 16.58% 11.22% 11.96% 11.94% 6.69% 6.53% n/a 11.68% 12.44% 15.63%
7.69% 7.85% 7.92% 9.30% 10.01% 10.55% 9.46% 8.42% 8.37% 5.03% 4.99% n/a 10.18% 8.48% 8.53%
4.69% 4.27% 4.35% 3.15% 4.00% 6.03% 1.76% 3.54% 3.57% 1.65% 1.54% n/a 1.50% 3.96% 7.10%
10%C, 2%B 15%B 15.5%B 15%C 7%C,7%B 12.5%C 5%C, 8%B 5%C, 5%B 10%C, 3%B 10%B 24%B 10%B 10%C, 5%B 10%B 10%B
10.20% n/a n/a 9.04% 2.55% 6.91% 2.08% 1.64% 3.85% n/a n/a n/a 6.67% n/a n/a
35.22%
Low
9.7
31.13%
Low
20.1
36.77%
Low
14.5
45.62%
Low
21.233.3
Low
90.19%
Spons./Dir
14,608.9 21,383.8
Spons./Dir Spons./Dir Spons./Dir Govt.
376.5
9,120.9 21,400.2 26,555.9
848.6
25.2 38.8 26.6 18.9 11.4
PREMIERBAN PRIMEBANK PUBALIBANK
800.1 1,132.3 998.3
RUPALIBANK SHAHJABANK
EBL Securities Limited Research Page 26
Annexure 4
Brief Performance of Banks in 2018Date : 24th June, 2019.............................
Price (BDT)
Number of Shares (in mn)
Market Cap. (in BDT mn)
Shareholding Structure
52 Weeks Price
Financial Position (in BDT mn)
Loans & Advances
Investment
Deposits
Total Assets
Total Liabilities
Total Equity
Income Statement (in mn BDT)
Interest Income
Interest Expense
Net Interest Income
Income from Investments
Commission, Exchange and Brokerage
Other Operating Income
Total Operating Income
Total Operating Expenses
Total Provisions
NPAT
Net Profit Attributable to Stockholders
Key Ratios
EPS
P/E
NAV
P/NAV
Loan to Deposits
Operating Efficiency
Net Interets Margin (%)
ROA
ROE
Debt-Equity Ratio
W. Avg. Cost of Deposits
W. Avg. Lending Rate
Spread
Year End Price
Other Information
EPS (Audited)
Number of Branches
Number of Employees
NPL%
CAR %
Tier-I
Tier-II
Dividend (C/B)
Dividend Yield
Free Float Free Float Free Float Free Float
69.77% 61.07% 65.33% 79.12%
Hi Hi Hi Hi
19.7 13.2 20.5 34.0
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
173,776 209,296 237,854 105,039 128,228 146,061 224,338 262,582 296,577 83,311 105,061 118,624
10,831 11,603 11,607 25,533 20,234 24,614 56,517 44,327 52,158 31,708 32,919 28,937
190,293 228,408 247,951 122,554 134,731 154,961 256,957 278,005 297,016 134,733 148,321 152,858
227,815 276,290 307,403 152,789 175,699 197,148 329,444 365,209 402,962 162,280 178,855 189,949
213,622 262,107 291,615 140,216 162,289 182,332 303,614 338,337 374,467 148,871 164,928 175,220
14,193 14,184 15,787 12,573 13,410 14,816 25,829 26,872 28,495 13,410 13,927 14,729
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
16,966 18,609 25,073 10,252 10,572 14,190 20,898 21,195 25,536 9,308 10,434 12,721
9,576 10,625 16,138 6,976 7,575 10,479 12,220 12,096 16,059 5,839 6,068 7,006
7,390 7,984 8,935 3,276 2,998 3,710 8,678 9,099 9,477 3,470 4,366 5,716
238 379 478 1,574 2,039 1,844 4,163 4,280 4,426 4,095 2,836 2,832
1,641 2,017 1,687 914 1,147 1,137 3,249 4,238 4,619 776 1,013 849
446 605 597 297 333 452 362 273 407 565 643 697
9,714 10,984 11,698 6,061 6,516 7,144 16,453 17,891 18,929 8,907 8,858 10,095
3,987 4,758 5,471 2,837 3,201 2,596 8,797 9,569 11,013 6,381 6,020 6,211
1,914 2,665 2,344 999 1,043 1,236 2,447 2,485 2,774 484 341 944
2,291 1,465 1,602 1,088 1,238 1,256 1,590 2,722 2,660 1,653 1,534 1,670
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
3.10 1.80 1.97 1.37 1.42 1.44 2.49 2.58 2.52 3.86 3.83 4.17
5.94 13.48 7.81 8.69 10.97 7.56 8.55 9.14 6.97 6.40 9.21 6.83
19.22 17.46 19.44 15.88 15.40 17.01 24.50 25.49 27.03 33.52 34.81 36.82
0.96 1.39 0.79 0.75 1.01 0.64 0.87 0.93 0.65 0.74 1.01 0.77
91% 92% 96% 86% 95% 94% 87% 94% 100% 62% 71% 78%
41% 43% 47% 47% 49% 36% 53% 53% 58% 72% 68% 62%
4.25% 3.81% 3.76% 3.12% 2.34% 2.54% 3.87% 3.47% 3.20% 4.16% 4.16% 4.82%
1.01% 0.53% 0.52% 0.71% 0.70% 0.64% 0.48% 0.75% 0.66% 1.02% 0.86% 0.88%
16.14% 10.33% 10.14% 8.66% 9.24% 8.47% 6.16% 10.13% 9.33% 12.33% 11.01% 11.34%
15.05 18.48 18.47 11.15 12.10 12.31 11.75 12.59 13.14 11.10 11.84 11.90
6.19% 5.39% 6.49% 6.08% 5.59% 6.46% 5.28% 4.07% 4.64% 5.24% 4.84% 5.24%
11.14% 10.21% 10.93% 10.51% 9.40% 10.40% 10.11% 8.99% 9.19% 11.05% 10.12% 10.02%
4.95% 4.82% 4.44% 4.43% 3.81% 3.94% 4.83% 4.92% 4.55% 5.81% 5.28% 4.78%
18.4 24.3 15.4 11.9 15.6 10.9 21.3 23.6 17.6 24.7 35.3 28.5
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
3.10 1.80 1.97 1.37 1.42 1.44 2.49 2.58 2.52 3.86 3.83 4.17
125 138 155 114 125 134 168 178 187 229 233 235
2,363 2,599 2,847 1,992 2,076 2,389 4,152 4,459 n/a 3,667 3,542 3,527
4.44% 8.20% 7.55% 3.64% 8.15% 7.77% 8.01% 7.38% 6.79% 7.75% 6.75% 6.32%
11.55% 11.59% 14.37% 11.38% 13.96% 12.83% 11.39% 12.07% 12.77% 13.38% 12.94% 12.49%
7.93% 7.04% 8.15% 8.60% 9.13% 8.71% 7.82% 7.71% 7.43% 11.78% 11.40% 11.29%
3.62% 4.55% 6.22% 2.83% 4.83% 4.12% 3.56% 4.36% 5.34% 1.79% 1.54% 1.17%
20%C 10%B 10%B 5%C, 5%B 10%B 10%B 15%C 10%C 10%B 20%C 20%C 20%C,2%B
10.87% n/a n/a 4.20% n/a n/a 7.04% 6.36% 6.36% 8.10% 5.67% 7.02%
Low
22.7
Low
13.7
Low
9.5
Low
15.7
Spons./Dir Spons./Dir Spons./Dir Spons./Dir
20.88%34.67%38.93%30.23%
12,100.7 8,535.7 17,920.2
812.1 871.0 1,054.1 400.1
SIBL
14.9
STANDBANKL UCB UTTARABANK
28.0 17.0 9.8
11,202.2
EBL Securities Limited Research Page 27
Important Disclosures
Disclaimer: This document has been prepared by the Research Team of EBL Securities Limited (EBLSL) for information purpose only of its clients residing both in Bangladesh and abroad, on the basis of the publicly available information in the market and own research. This document does not solicit any action based on the material contained herein and should not be taken as an offer or solicitation to buy or sell or subscribe to any security. Neither EBLSL nor any of its directors, shareholders, member of the management or employee represents or warrants expressly or impliedly that the information or data or the sources used in the documents are genuine, accurate, complete, authentic and correct. However all reasonable care has been taken to ensure the accuracy of the contents of this document. Being a broker, EBLSL may have a business relationship with the public companies from time to time. EBLSL and its affiliates, directors, management personnel and employees may have positions in, and buy or sell the securities, if any, referred to in this document. EBLSL disclaims liability for any direct, indirect, punitive, special, consequential, or incidental damages related to the report or the use of the report.
This document is not directed to, or intended for distribution to or use by, any person or entity that is citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The information and data presented herein are the exclusive property of EBLSL and any unauthorized reproduction or redistribution of the same is strictly prohibited. No part of this report should be copied or used in any other report or publication or anything of that sort without proper credit given or prior written permission taken from the authorized publisher of this report. This disclaimer applies to the report irrespective of being used in whole or in part.
Analyst Certification: The person or persons named as the author(s) of this report hereby certify that the recommendations and opinions expressed in the research report accurately reflect their personal views about the subject matter(s) discussed. The views of the author(s) do not necessarily reflect the views of the EBL Securities Limited (EBLSL) and/or any of its salespeople, traders and other professionals and are subject to change without any prior notice. All reasonable care has been taken to ensure the accuracy of the contents of this document and the author(s) will not take any responsibility for any decision made by investors based on the information herein.
Compensation of Analyst(s): The compensation of research analyst(s) is intended to reflect the value of the services they provide to the clients of EBLSL. The compensation of the analysts is impacted by the overall profitability of the firm. However, EBLSL and its analyst(s) confirms that no part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations, opinions or views expressed in the research reports.
General Risk Factors: The information provided in the report may be impacted by market data system outages or errors, both internal and external, and affected by frequent movement of market events. The report may contain some forward looking statements, projections, estimates and forecasts which are based on assumptions made and information available to us that we believe to be reasonable and are subject to certain risks and uncertainties. There may be many uncontrollable or unknown factors and uncertainties which may cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements. EBLSL cautions all investors that such forward-looking statements in this report are not guarantees of future performance. Investors should exercise good judgment and perform adequate due-diligence prior to making any investment. All opinions and estimates contained in this report are subject to change without any notice due to changed circumstances and without legal liability. However, EBLSL disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the publication of this report to reflect the occurrences and results of unanticipated events.
For U.S. persons only: This research report is a product of EBL Securities Ltd., which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.
This report is intended for distribution by EBL Securities Ltd. only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor.
EBLSL Rating Interpretation
Overweight : Stock is expected to provide positive returns at a rate greater than its required rate of return Accumulate : Stock is expected to provide positive inflation adjusted returns at a rate less than its required rate of return Market weight : Current market price of the stock reasonably reflect its fundamental value Underweight : Stock expected to fall by more than 10% in one year Not Rated : Currently the analyst does not have adequate conviction about the stock's expected total return
About EBL Securities Ltd.: EBL Securities Ltd. (EBLSL) is one of the fastest growing full-service brokerage companies in Bangladesh and a fully owned subsidiary of Eastern Bank Limited. EBLSL is also one of the top ten leading stock brokerage houses of the country. EBL Securities Limited is the TREC-holder of both exchanges of the country; DSE (TREC# 026) and CSE (TREC# 021). EBLSL takes pride in its strong commitment towards excellent client services and the development of the Bangladesh capital markets. EBLSL has developed a disciplined approach towards providing capital market services, including securities trading, margin loan facilities, depository services, foreign trading facilities, Bloomberg Terminal, online trading facilities, research services, panel brokerage services, trading through NITA for foreign investors & NRBs etc.
EBLSL Key Management
Md. Sayadur Rahman Managing Director [email protected] Md. Humayan Kabir SVP & Chief Operating Officer (COO) [email protected]
EBLSL Research Team
M. Shahryar Faiz FAVP & Head of Research [email protected] Mohammad Asrarul Haque Research Analyst [email protected] Mohammad Rehan Kabir Senior Research Associate [email protected] Asaduzzaman Ashik Research Associate [email protected] Md. Abdullah Al Faisal Research Associate [email protected] Arif Abdullah Research Associate [email protected] Farzana Hossain Laizu Junior Research Associate [email protected]
EBLSL Institutional & Foreign Trade Team
Asif Islam Associate Manager [email protected] Khairul Alam Probationary Officer [email protected]
For any queries regarding this report: [email protected]
EBLSL Research Reports are also available on:
To access EBLSL research through Bloomberg use <EBLS>
Our Locations
Head Office:
Jiban Bima Bhaban,
10 Dilkusha C/A, Dhaka-1000
+8802 9553247, 9556845
+8802 47111935; FAX: +8802 47112944 [email protected]
HO Extension-1:
Modhumita Building 160 Motijheel C/A (2nd Floor) Dhaka-1000. +88 02 9569480, 9564393, +88 02 8825236
HO Extension-2:
Bangladesh Sipping Corporation (BSC) Tower 2-3, Rajuk Avenue (4th floor), Motijheel, Dhaka-1000 +880257160801-4
Chattogram Branch:
Suraiya Mansion (6th Floor); 30, Agrabad C/A Chattogram-4100 +031 2522041-43
Dhanmondi Branch:
Sima Blossom (4th Floor) House # 390 (Old), 3 (New), Road # 27 (Old), 16 (New), Dhanmondi R/A, Dhaka-1209. +8802-9130268, +8802-9130294
The Financial and Risk business of Thomson Reuters