number of listed banks activities rather shrinking deposit ... · bangladesh banking sector h1 2018...

Bangladesh Banking Sector H1 2018 Earnings Update Date: 13th September, 2018

1 EBL Securities Limited Research

Riding on growing economic activity and favorable policy interventions by BB, Banks’ profitability improved in Q2’18 than Q1’18 but profit growth was not so high while comparing with Q2’17

Industry Fundamentals

Number of Listed Banks 30

Market Cap. (in BDT mn) 563,640.63

Financial Position (in BDT mn) 2017 H1 2018 H1

Loans & Advances 5,655,092 6,669,774

Investment 887,369 976,404

Deposits 6,225,918 7,071,966

Total Assets 8,026,627 9,199,870

Total Liabilities 7,504,282 8,570,477

Total Equity 574,995 620,911

Inc. Statement (in mn BDT) 2017 H1 2018 H1

Interest Income 245,778 312,156

Interest Expense 157,179 206,705

Net Interest Income 88,599 105,451

Income from Investments 41,269 36,107

Comm., Exch. and Brokerage 34,787 33,970

Other Operating Income 12,226 12,506

Total Operating Income 176,880 188,034

Total Operating Expenses 89,172 98,776

Total Provisions 30,136 28,711

NPAT 30,509 28,774

Key Ratios 2017 H1 2018 H1

EPS 1.37 1.30

NAV 26.05 26.75

Loan to Deposits* 90.8% 94.3%

Operating Efficiency 50.4% 52.5%

Net Interest Margin (%) 3.1% 3.2%

ROA 0.8% 0.6%

ROE 10.6% 9.3%

Debt-Equity Ratio 1305.1% 1380.3%

W. Avg. Cost of Deposits 5.1% 6.1%

W. Avg. Lending Rate 9.8% 10.6%

Spread (as on June ’17 & ’18) 4.7% 4.4%

Slashing down the CRR rate by 1% and Repo rates by

0.75% and extended time period (up to March ’19) for

bringing ADR ratio as per Asset-Liability Management

(ALM) Guidelines have eased the liquidity pressure to

some extent and drove the call money rate down to

2.77% (as on June ’18).

The ADR ratio for the Banking sector was 90.6% in H1 of

2018 compared to 84.7% in H1 of 2017 (excluding

interbank deposits and government deposits in total

deposits calculation) indicates increasing in lending

activities rather shrinking deposit collections to offset

the proposed ratio at 83.5% & 89% (for Islamic banks)

within March 2019.

Unlike Q1, aggressiveness for collecting deposits became

relaxed in Q2 which has marginally improved the spreads

of the banks.

Reduced corporate tax rates for banks in FY’2018-19

budget improved profitability due to lower current tax

expenses.

Due to lower provisioning for off balance sheet

exposures (1% instead of 2% on Bills for Collection and

Guarantees), banks Total Provisions decreased which

improved their NPAT in recent quarter.

Total Deposits stood at BDT 9,683.04 bn (excl. Interbank

Deposits and Government Deposits) and Loans &

Advances stood at BDT 8,776.99 bn at the end of H1 of

2018.

Recent financial scams, increasing default loan have

brought the banking sector under criticism in respect to

their corporate governance. Moreover, longer tenure of

directorship in recent “Bank-Company (Amendment) Bill

2018” will cause longer time to streamline banks with

poor governance.

After June, 2018 classified loan as percentage of total

loan was 10.41% which was 10.78% by then end of

March 2018 and 9.31% by the end of December, 2017.

*Total deposits (including interbank deposits and government deposits are considered while calculating

loan to deposit ratio of listed private commercial banks



Top performers at a glimpse

Islami Bank had the highest Net Profit after Tax of BDT 3,027 mn in H1 of 2018 followed by Brac Bank’s NPAT of BDT 2,534 mn and Pubali Bank’s NPAT of BDT 2,166 mn in the same period.

Most of the banks experienced positive YoY growth in NPAT in H1 of 2018. Considering the YoY NPAT growth, Mutual Trust Bank has noted highest 106.7% growth in NPAT in H1 of 2018. Mutual Trust Bank achieved this tremendous growth centering on Interest Income & Investment Income in H1 of 2018. Pubali Bank recorded 89.2%, Bank Asia recorded 59.5% and Jamuna Bank noted 35.3% YoY growth in NPAT in H1 of 2018.

In H1 of 2018, all Banks have recorded positive Earnings per Share (EPS) with slight reduction in provisions. Dutch Bangla Bank has noted highest EPS in the Banking industry with BDT 8.13 in H1 2018. Besides, Brac Bank recorded BDT 2.36, Pubali Bank recorded BDT 2.17 and Mercantile Bank recorded BDT 1.94 earnings per share. On the other hand, Standard Bank recorded BDT 0.10 EPS in H1 of 2018 which is lowest in the industry.

Around 80% of the listed banks has experienced positive YoY growth in Net Interest Income in H1 of 2018. Uttara Bank recorded 155% YoY growth in Net Interest Income which is highest in the industry followed by National Bank 107%, Prime Bank 75% and Bank Asia 62%. Besides, AB Bank experienced the highest degrowth of 40% in Net Interest Income (YoY) followed by Rupali Bank’s 37% negative growth in the same context.

Uttara Bank has recorded highest Net Interest Margin of 9.7% in H1 of 2018 where Brac Bank was the close competitor in this stance with 6.9% margin followed by Dutch Bangla Bank having 6.3% margin. Conversely, Rupali Bank’s net interest margin was 0.8% which is lowest in the sector.

52.5% Operating efficiency ratio of the whole banking sector indicates total operating expenses are 52.5% of the total operating income earned by the sector. In this criteria, AB Bank turns out to be the most efficient bank with 33.7% efficiency ratio in H1 of 2018 followed by Southeast Bank’s 34.5% and Trust Bank’s 38.2% efficiency ratio. On the other hand, Rupali bank seems to be the most inefficient bank in this criteria as they have an efficiency ratio of 79.9% which is uppermost in the sector.

Mercantile Bank logged 18.2% Return on Equity in H1 of 2018 which is well above the industry average of 9.0%. Moreover, Pubali Bank was in the rally with 16.8% ROE along with Brac Bank having 16.3% ROE. On the contrary, both EXIM Bank & Standard Bank generated mere 1.3% ROE in H1 of 2018.

75.59

86.43

70

80

90

100

110

1-Jan-18 17-Jan-18 2-Feb-18 18-Feb-18 6-Mar-18 22-Mar-18 7-Apr-18 23-Apr-18 9-May-18 25-May-18 10-Jun-18 26-Jun-18

Rebased Performance (Banks & DSEX)

Banking Sector DSEX

The Correlation of the price movement of Banking Sector with the Market (DSEX) seemed strongly positive in first half of

2018 but in later period the divergence has widen slightly. Inclusively, the Banking sector underperformed compared to

the DSEX.



Financial Position Updates

Loans & Advances: The lending activities were accelerated with 17.9% YOY & 7.9% YTD growth in H1 of 2018 to affiliate with modest deposit collection in the same period. The total sector’s Loans & Advances mounted at BDT 6,669.77 bn as on June 2018 compared to BDT 6182.98 bn as on December 2017.

Deposits: For supporting the investment activities, Banks were sensibly aggressive to mount deposits from the clients. The total Deposit of the Banking Sector logged 13.6% YOY & 6.0% YTD growth in H1 of 2018. Total Deposits stood at BDT 7,071.97 bn as on June 2018 from 6,672.07 bn as on December 2017.

Total Assets & Liabilities: The total Assets of the Banking industry enlarged by 14.6% YOY in H1 of 2018 from H1 of 2017 which was backed by the remarkable growth in Loans & Advances. On the other hand, Total liabilities of the sector recorded 14.2% YOY & 7.2% YTD growth in H1 of 2018.

Income Statement Updates

Net Interest Income in H1 of 2018 increased by 19.0% YOY accompanied by slight increase in Net Interest Margin. Net Interest Margin was 3.16% in H1 compared to 3.13% in H1 of 2017. Overall Interest Expense has increased in H1 of 2018 due to the increased weighted average cost of deposit. Moreover, Banks are running less efficiently in H1 of 2018 with 52.5% efficiency ratio compared to 50.4% efficiency ratio in H1 of 2017.

Most of the Banks experienced negative growth in the Income from Investments due to the depressing performance of the capital market in the first half of 2018. The Sector recorded 12.5% YOY degrowth in Investment Income in the aforesaid period. Income from Exchange, Commissions & Brokerage slightly decreased in H1 of 2018.

Total operating income increased by 6.3% from H1 of 2017. On the other hand, total operating expense has increased by 10.8% (YOY basis) and 4.9% (YTD basis) in the first half of 2018.

The Banking sector has provisioned BDT 28,711 mn against classified loans in H1 of 2018 compared to BDT 30,136 mn in H1 of 2017. Expecting that the overall classified loan ratio will hover around 6%, Provisioning seems justified in this first half of 2018.

Net Profit after Tax stood at BDT 28,774 mn in H1 of 2018 compared to BDT 30,509 mn in H1 of 2017 having 5.7% degrowth. Average EPS for the whole Sector was BDT 1.30 in H1 of 2018 compared to BDT 1.37 in H1 of 2017.

Graphical Presentation & Summarized Performance of Banks

Pages 4 to 7 presents the Graphical Presentation of the performance of the Banks in H1 of 2018. 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.

Page 8 presents the Ranking of Banks based on the performance of H1 of 2018. The latter part of this report presents the brief performance of Banks in H1 of 2018. While calculating Industry Average, ICBIBANK has been excluded as there were no financial information available.



89

13

4

18

2

29

8

30

7

33

4

36

9

44

5

55

3

57

1

59

8

60

1

77

3

77

7

79

8

87

3

88

4

1,0

79

1,1

12

1,2

17

1,3

29

1,3

49

1,3

90

1,5

82

1,5

90

1,6

25

2,1

66

2,5

34

3,0

27

-

500

1,00 0

1,50 0

2,00 0

2,50 0

3,00 0

-

500

1,00 0

1,50 0

2,00 0

2,50 0

3,00 0

STA

ND

BA

NK

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RU

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LIB

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EXIM

BA

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AB

BA

NK

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NPAT (in BDT mn)

NPAT Industry Average

-78

.2%

-75

.4%

-71

.5%

-70

.9%

-50

.1%

-49

.0%

-37

.7%

-33

.8%

-32

.0%

-31

.5%

-27

.1%

-20

.9%

-15

.5%

-9.3

%

0.4

%

0.5

%

1.3

%

5.1

%

10

.0%

12

.7%

13

.6%

14

.5%

25

.3%

26

.9%

33

.9%

35

.3%

59

.5%

89

.2%

10

6.7

%

-80.0%

-50.0%

-20.0%

10. 0%

40. 0%

70. 0%

100 .0%

-80.0%

-50.0%

-20.0%

10. 0%

40. 0%

70. 0%

100 .0%

ON

EBA

NK

LTD

STA

ND

BA

NK

L

ALA

RA

BA

NK

EXIM

BA

NK

AB

BA

NK

TRU

STB

AN

K

FIR

STSB

AN

K

RU

PA

LIB

AN

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UTT

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AB

AN

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CIT

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NK

EBL

UC

B

PR

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AN

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MER

CA

NB

AN

K

DH

AK

AB

AN

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SHA

HJA

BA

NK

ISLA

MIB

AN

K

PR

EMIE

RB

AN

BR

AC

BA

NK

SIB

L

DU

TCH

BA

NG

L

NC

CB

AN

K

NB

L

SOU

THEA

STB

JAM

UN

AB

AN

K

BA

NK

ASI

A

PU

BA

LIB

AN

K

MTB

NPAT Growth (YoY)

NPAT Growth Industry Average

0.1

0

0.1

3

0.3

9

0.4

0

0.4

1

0.4

3

0.4

3

0.4

4

0.5

0

0.5

6

0.7

0

0.7

4

0.9

7

1.0

0

1.0

1

1.0

5

1.0

8

1.1

0

1.3

8

1.5

1

1.5

2

1.7

3

1.7

6

1.8

3

1.8

8

1.9

4

2.1

7

2.3

6

8.1

3

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

STA

ND

BA

NK

L

EXIM

BA

NK

AB

BA

NK

ON

EBA

NK

LTD

SIB

L

ALA

RA

BA

NK

IFIC

RU

PA

LIB

AN

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FIR

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AN

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AN

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BR

AC

BA

NK

DU

TCH

BA

NG

L

6M EPS (BDT)

EPS Industry Average



-40

%

-37

%

-23

%

-20

%

-17

%

-9% 11

%

12

%

13

%

14

%

17

%

18

%

18

%

19

%

19

%

21

%

25

%

26

%

27

%

29

%

31

%

35

%

39

%

42

% 62

%

62

%

75

% 10

7%

15

5%

-45%

5%

55%

105 %

155 %

AB

BA

NK

RU

PA

LIB

AN

K

IFIC

ALA

RA

BA

NK

FIR

STSB

AN

K

EXIM

BA

NK

ISLA

MIB

AN

K

STA

ND

BA

NK

L

PU

BA

LIB

AN

K

SIB

L

SHA

HJA

BA

NK

BR

AC

BA

NK

UC

B

ON

EBA

NK

LTD

NC

CB

AN

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CIT

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NK

TRU

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AN

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EBL

MTB

DU

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BA

NG

L

PR

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RB

AN

MER

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NB

AN

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SOU

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STB

DH

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AB

AN

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JAM

UN

AB

AN

K

BA

NK

ASI

A

PR

IMEB

AN

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NB

L

UTT

AR

AB

AN

K

Net Interest Income Growth (YoY)

Net Interest Income Growth Industry Average

0.8

%

1.0

%

1.6

%

1.8

%

1.9

%

2.1

%

2.1

%

2.3

%

2.4

%

2.8

%

2.8

%

2.9

%

3.1

%

3.1

%

3.1

%

3.3

%

3.3

%

3.3

%

3.4

%

3.4

%

3.4

%

3.5

%

3.6

%

3.7

%

3.8

%

3.9

%

6.3

%

6.9

%

9.7

%

0.0 %

1.0 %

2.0 %

3.0 %

4.0 %

5.0 %

6.0 %

7.0 %

8.0 %

9.0 %

10. 0%

RU

PA

LIB

AN

K

AB

BA

NK

NB

L

SOU

THEA

STB

MER

CA

NB

AN

K

IFIC

EXIM

BA

NK

FIR

STSB

AN

K

STA

ND

BA

NK

L

ALA

RA

BA

NK

SHA

HJA

BA

NK

DH

AK

AB

AN

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ON

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NK

LTD

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NC

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NK

ASI

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DU

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BA

NG

L

BR

AC

BA

NK

UTT

AR

AB

AN

K

Net Interest Margin (%)

NIM Industry Average

34

%

34

% 38

%

40

%

40

%

42

% 45

%

46

%

46

%

47

%

47

%

47

%

47

%

48

%

50

%

51

%

52

%

52

%

53

%

54

%

57

% 60

%

61

%

62

%

63

%

65

% 68

% 76

% 80

%

30%

40%

50%

60%

70%

80%

AB

BA

NK

SOU

THEA

STB

TRU

STB

AN

K

NC

CB

AN

K

BA

NK

ASI

A

UTT

AR

AB

AN

K

EBL

SHA

HJA

BA

NK

DH

AK

AB

AN

K

ON

EBA

NK

LTD

PU

BA

LIB

AN

K

ISLA

MIB

AN

K

JAM

UN

AB

AN

K

MER

CA

NB

AN

K

MTB

EXIM

BA

NK

SIB

L

NB

L

STA

ND

BA

NK

L

PR

EMIE

RB

AN

ALA

RA

BA

NK

PR

IMEB

AN

K

UC

B

IFIC

CIT

YBA

NK

BR

AC

BA

NK

FIR

STSB

AN

K

DU

TCH

BA

NG

L

RU

PA

LIB

AN

K

Operating Efficiency Ratio

Operating Efficiency Ratio Industry Average



1%

1% 2% 2% 4

% 5% 5% 5% 6

% 6% 6% 7% 8% 8% 1

0%

10

%

11

%

11

%

11

%

11

%

12

%

12

%

12

%

13

%

14

% 16

%

16

%

17

% 18

%

1%

3%

5%

7%

9%

11%

13%

15%

17%

19%

EXIM

BA

NK

STA

ND

BA

NK

L

RU

PA

LIB

AN

K

AB

BA

NK

ALA

RA

BA

NK

ON

EBA

NK

LTD

SIB

L

IFIC

FIR

STSB

AN

K

NB

L

PR

IMEB

AN

K

DH

AK

AB

AN

K

UTT

AR

AB

AN

K

UC

B

NC

CB

AN

K

TRU

STB

AN

K

SHA

HJA

BA

NK

CIT

YBA

NK

BA

NK

ASI

A

PR

EMIE

RB

AN

ISLA

MIB

AN

K

SOU

THEA

STB

EBL

JAM

UN

AB

AN

K

MTB

DU

TCH

BA

NG

L

BR

AC

BA

NK

PU

BA

LIB

AN

K

MER

CA

NB

AN

K

Return on Equity

ROE Industry Average

0.1

%

0.1

%

0.1

%

0.2

%

0.2

%

0.2

%

0.2

%

0.3

%

0.4

%

0.5

%

0.5

%

0.6

%

0.6

%

0.6

%

0.6

%

0.7

%

0.7

%

0.8

%

0.8

%

0.8

%

0.8

%

0.9

%

0.9

%

0.9

%

1.0

%

1.0

%

1.1

%

1.1

% 1.5

%

0.0 %

0.2 %

0.4 %

0.6 %

0.8 %

1.0 %

1.2 %

1.4 %

1.6 %

RU

PA

LIB

AN

K

STA

ND

BA

NK

L

EXIM

BA

NK

AB

BA

NK

FIR

STSB

AN

K

SIB

L

ON

EBA

NK

LTD

ALA

RA

BA

NK

IFIC

DH

AK

AB

AN

K

TRU

STB

AN

K

PR

IMEB

AN

K

UC

B

UTT

AR

AB

AN

K

ISLA

MIB

AN

K

SHA

HJA

BA

NK

NB

L

NC

CB

AN

K

PR

EMIE

RB

AN

MTB

BA

NK

ASI

A

SOU

THEA

STB

CIT

YBA

NK

EBL

JAM

UN

AB

AN

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DU

TCH

BA

NG

L

PU

BA

LIB

AN

K

MER

CA

NB

AN

K

BR

AC

BA

NK

Return on Assets

ROA Industry Average

2.9

%

3.0

%

3.0

%

3.2

%

3.3

%

3.5

%

3.7

%

3.8

%

4.0

%

4.1

%

4.1

%

4.1

%

4.4

%

4.4

%

4.5

%

4.5

%

4.6

%

4.7

%

4.8

%

4.8

%

4.8

%

4.9

%

4.9

%

4.9

%

4.9

%

5.0

%

5.0

%

7.5

%

7.7

%2.5 %

3.5 %

4.5 %

5.5 %

6.5 %

7.5 %

NB

L

MER

CA

NB

AN

K

EXIM

BA

NK

ISLA

MIB

AN

K

FIR

STSB

AN

K

ALA

RA

BA

NK

STA

ND

BA

NK

L

SOU

THEA

STB

NC

CB

AN

K

AB

BA

NK

PU

BA

LIB

AN

K

IFIC

MTB

RU

PA

LIB

AN

K

TRU

STB

AN

K

DH

AK

AB

AN

K

ON

EBA

NK

LTD

PR

IMEB

AN

K

SHA

HJA

BA

NK

SIB

L

UC

B

CIT

YBA

NK

EBL

UTT

AR

AB

AN

K

JAM

UN

AB

AN

K

PR

EMIE

RB

AN

BA

NK

ASI

A

BR

AC

BA

NK

DU

TCH

BA

NG

L

Spread (As on June 2018)

Spread Industry Average



10

6

14

1

14

9

16

0

16

0

16

5

17

0

17

7

18

8

18

9

19

6

20

2

20

8

21

1

21

8

21

9

22

0

22

1

22

3

23

1

24

3

25

3

25

7

25

7

27

8

27

9

28

4

29

3

77

2

50

140

230

320

410

500

590

680

770

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

TRU

STB

AN

K

ON

EBA

NK

LTD

IFIC

PR

IMEB

AN

K

BA

NK

ASI

A

EBL

BR

AC

BA

NK

MER

CA

NB

AN

K

SIB

L

DU

TCH

BA

NG

L

CIT

YBA

NK

RU

PA

LIB

AN

K

AB

BA

NK

PU

BA

LIB

AN

K

ALA

RA

BA

NK

SOU

THEA

STB

NB

L

UC

B

EXIM

BA

NK

FIR

STSB

AN

K

ISLA

MIB

AN

K

Loans & Advances (in BDT bn)

15

0

15

2

15

4

16

1

16

5

17

6

17

9

18

5

19

3

19

6

19

9

20

7

21

2

21

4

21

8

22

1

22

7

23

2

23

7

24

9

25

8

27

7

28

9

28

9

29

2

29

2

30

7

35

2

79

0

120

220

320

420

520

620

720

UTT

AR

AB

AN

K

STA

ND

BA

NK

L

PR

EMIE

RB

AN

MTB

SHA

HJA

BA

NK

DH

AK

AB

AN

K

JAM

UN

AB

AN

K

NC

CB

AN

K

ON

EBA

NK

LTD

EBL

PR

IMEB

AN

K

BA

NK

ASI

A

TRU

STB

AN

K

IFIC

CIT

YBA

NK

MER

CA

NB

AN

K

AB

BA

NK

BR

AC

BA

NK

SIB

L

DU

TCH

BA

NG

L

ALA

RA

BA

NK

EXIM

BA

NK

SOU

THEA

STB

NB

L

PU

BA

LIB

AN

K

UC

B

FIR

STSB

AN

K

RU

PA

LIB

AN

K

ISLA

MIB

AN

K

Deposits (in BDT bn)

Deposits Industry Average

15

.6

16

.9

17

.0

17

.4

17

.5

17

.7

17

.9

18

.7

19

.7

20

.0

20

.2

20

.4

20

.5

21

.3

21

.5

21

.9

21

.9

25

.5

25

.8

26

.6

27

.8

29

.0

29

.3

29

.7

32

.0

32

.4

34

.3 5

5.0

10

2.5

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100 .0

STA

ND

BA

NK

L

IFIC

FIR

STSB

AN

K

PR

EMIE

RB

AN

ON

EBA

NK

LTD

NB

L

SIB

L

SHA

HJA

BA

NK

EXIM

BA

NK

BA

NK

ASI

A

DH

AK

AB

AN

K

NC

CB

AN

K

ALA

RA

BA

NK

MER

CA

NB

AN

K

TRU

STB

AN

K

MTB

PR

IMEB

AN

K

UC

B

PU

BA

LIB

AN

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JAM

UN

AB

AN

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CIT

YBA

NK

BR

AC

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NK

EBL

SOU

THEA

STB

AB

BA

NK

ISLA

MIB

AN

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UTT

AR

AB

AN

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RU

PA

LIB

AN

K

DU

TCH

BA

NG

L

Net Asset Value Per Share (in BDT)

NAVPS Industry Average



Ranking of Banks in Terms of Performance in H1 of 2018 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 Cap. Adjusted), Cost to Income Ratio (Operating Efficiency), Return on Equity, Return on Assets, Spread, Net Interest Margin, NPL Ratio, and Dividend Yields. NPL Ratio and Dividend Yields are 2017 data and Spread are as on June 2018 data. Others data are based on the performance in H1 of 2018. Top 10 Banks have been colored differently on the following graph:

Banks Rating Criterions

EPS Cost to Income ROE Spread ROA NIM NPL Ratio Div. Yields Ratings on 100 EBL 4.46 7.54 6.85 6.30 6.35 3.58 10 5.33 62.99 MERCANBANK 5.22 7.09 10.00 3.88 7.60 1.95 6.36 8.77 63.59 ONEBANKLTD 1.01 7.23 2.51 5.97 1.61 3.16 4.54 8.51 43.20 CITYBANK 4.83 5.35 5.96 6.30 5.97 3.88 4.46 4.86 52.01 DUTCHBANGL 5.37 4.46 8.70 10.00 6.75 6.49 5.18 2.67 62.01 BRACBANK 8.36 5.23 8.93 9.74 10.00 7.09 6.77 - 70.15 ISLAMIBANK 10.00 7.16 6.36 4.19 4.29 3.69 6.71 3.72 57.66 SOUTHEASTB 6.03 9.78 6.40 4.94 5.84 1.83 4.02 - 48.54 TRUSTBANK 1.99 8.83 5.52 5.87 3.21 3.36 7.19 6.39 52.94 BANKASIA 4.02 8.41 6.03 6.47 5.61 4.03 5.50 - 50.09 DHAKABANK 1.99 7.29 3.99 5.90 3.15 2.98 4.03 - 36.66 EXIMBANK 0.61 6.56 0.72 3.91 0.72 2.16 4.53 9.90 36.38 FIRSTSBANK 1.30 4.93 3.34 4.26 1.37 2.37 7.85 - 31.76 ALARABANK 1.48 5.93 2.28 4.57 1.81 2.90 5.88 8.47 41.67 ABBANK 0.98 10.00 1.35 5.31 1.27 0.98 3.49 - 29.22 IFIC 1.90 5.48 2.77 5.38 2.82 2.14 3.77 - 30.32 JAMUNABANK 4.36 7.13 7.25 6.42 6.70 3.44 6.04 - 51.68 MTB 2.88 6.73 7.64 5.70 5.49 3.19 5.60 - 46.54 NBL 4.91 6.48 3.48 3.71 4.76 1.65 2.27 - 34.08 NCCBANK 2.92 8.42 5.39 5.16 5.14 3.20 4.25 10.00 55.60 PREMIERBAN 2.56 6.26 6.08 6.43 5.30 3.42 5.14 - 43.98 PRIMEBANK 2.62 5.62 3.53 6.13 3.76 3.80 4.42 3.47 41.69 PUBALIBANK 7.16 7.18 9.23 5.31 7.46 3.47 2.78 2.23 56.04 RUPALIBANK 0.55 4.22 0.88 5.73 0.43 0.84 1.03 - 17.08 SHAHJABANK 2.83 7.36 5.93 6.18 4.54 2.91 6.07 - 44.78 SIBL 1.10 6.54 2.52 6.23 1.56 3.53 2.94 - 30.52 STANDBANKL 0.29 6.34 0.72 4.79 0.62 2.48 3.30 - 23.18 UCB 3.66 5.56 4.53 6.29 3.78 3.51 3.27 8.66 49.06 UTTARABANK 1.82 8.11 4.42 6.39 4.07 10.00 3.57 7.72 57.63

17

.08

23

.18

29

.22

30

.32

30

.52

31

.76

34

.08

36

.38

36

.66

41

.67

41

.69

43

.20

43

.98

44

.78

46

.54

48

.54

49

.06

50

.09

51

.68

52

.01

52

.94

55

.60

56

.04

57

.63

57

.66

62

.01

62

.99

63

.59

70

.15

-

10.0 0

20.0 0

30.0 0

40.0 0

50.0 0

60.0 0

70.0 0

80.0 0

RU

PA

LIB

AN

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STA

ND

BA

NK

L

AB

BA

NK

IFIC

SIB

L

FIR

STSB

AN

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NB

L

EXIM

BA

NK

DH

AK

AB

AN

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ALA

RA

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NK

PR

IMEB

AN

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ON

EBA

NK

LTD

PR

EMIE

RB

AN

SHA

HJA

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NK

MTB

SOU

THEA

STB

UC

B

BA

NK

ASI

A

JAM

UN

AB

AN

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CIT

YBA

NK

TRU

STB

AN

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NC

CB

AN

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PU

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LIB

AN

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AR

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AN

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Ratings Out of 100

Date: 13 September 2018

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% 60.41% 69.98% 69.77% 13.00%

Hi Hi Hi Hi Hi

52 Weeks Price 59.0 29.7 27.0 57.3 178.2

Financial Position (in BDT mn) 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1

Loans & Advances 191,685 170,967 210,729 202,940 182,173 219,105 170,441 154,209 189,347 197,073 186,813 223,118 207,257 186,217 220,640

Investment 26,106 25,175 30,254 35,602 31,812 36,902 28,527 25,717 30,143 31,932 31,480 31,282 26,198 26,881 26,076

Deposits 166,959 154,170 195,850 209,074 186,091 221,081 182,143 170,012 192,564 182,903 182,947 218,317 233,796 224,380 249,370

Total Assets 256,300 231,366 287,165 261,394 247,318 281,293 227,012 213,720 257,345 278,067 259,402 314,508 311,907 300,856 325,514

Total Liabilities 234,424 210,233 265,578 243,749 230,878 263,936 212,768 200,738 243,899 251,888 239,570 288,916 292,425 282,427 305,009

Total Equity 21,876 21,133 21,587 17,595 16,389 17,357 14,219 12,955 13,419 26,179 28,775 25,591 19,482 18,429 20,505

Income Statement (in mn BDT) 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1

Interest Income 14,611 6,920 9,653 16,328 7,626 9,916 14,959 7,156 9,741 16,819 8,107 10,546 16,529 7,745 10,078

Interest Expense 8,732 4,018 5,992 12,897 6,088 7,839 10,035 4,708 6,833 9,280 4,629 6,346 5,040 2,336 3,126

Net Interest Income 5,879 2,902 3,661 3,431 1,538 2,076 4,925 2,448 2,908 7,539 3,478 4,200 11,489 5,408 6,952

Income from Investments 3,252 1,712 1,031 3,498 1,448 1,639 2,349 1,020 941 3,030 1,623 1,028 2,027 1,072 1,045

Commission, Exchange and Brokerage 3,527 1,704 1,742 2,748 1,205 1,165 1,965 947 685 3,308 1,503 1,650 1,918 871 1,129

Other Operating Income 206 91 105 2,445 1,562 1,045 557 249 287 1,311 1,039 927 3,076 1,512 1,661

Total Operating Income 12,863 6,409 6,540 12,122 5,753 5,926 9,796 4,663 4,821 15,189 7,643 7,805 18,511 8,863 10,786

Total Operating Expenses 5,807 2,684 2,927 5,458 2,664 2,820 4,514 1,990 2,249 8,387 4,222 4,922 12,827 6,468 8,157

Total Provisions 2,789 999 1,362 2,318 652 813 1,409 245 1,361 1,688 615 603 390 (403) (575)

NPAT 2,428 1,705 1,349 3020 1,575 1,582 2,632 1,392 304 3,459 1,907 1,390 2,455 1,419 1,625

Net Profit Attributable to Stockholders 2,428 1,705 1,349 1,656 1,091 1,127 2,628 1,387 307 3,459 1,907 1,390

Key Ratios 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1

EPS 3.29 2.31 1.83 3.89 1.93 1.94 3.60 1.81 0.40 3.90 2.18 1.51 12.28 7.10 8.13

P/E 15.53 7.58 9.25 6.79 4.84 4.38 6.67 5.80 20.63 13.64 8.58 11.13 12.47 7.19 7.47

NAV 29.64 28.64 29.25 22.74 21.18 21.30 18.55 17.75 17.51 28.40 32.86 27.78 97.41 92.21 102.52

P/NAV 1.72 1.22 1.16 1.16 0.88 0.80 1.29 1.18 0.94 1.87 1.14 1.21 1.57 1.11 1.18

Loan to Deposits 115% 111% 108% 97% 98% 99% 94% 91% 98% 108% 102% 102% 89% 83% 88%

Operating Efficiency 45% 42% 45% 45% 46% 48% 46% 43% 47% 55% 55% 63% 69% 73% 76%

Net Interets Margin (%) 3.07% 3.39% 3.48% 1.69% 1.69% 1.90% 2.89% 3.17% 3.07% 3.83% 3.72% 3.77% 5.54% 5.81% 6.30%

ROA 0.95% 1.47% 0.94% 1.16% 1.27% 1.12% 1.16% 1.30% 0.24% 1.24% 1.47% 0.88% 0.79% 0.94% 1.00%

ROE 11.10% 16.14% 12.50% 17.16% 19.22% 18.23% 18.51% 21.41% 4.58% 13.21% 13.26% 10.86% 12.60% 15.40% 15.85%

Debt-Equity Ratio 10.72 9.95 12.30 13.85 14.09 15.21 14.96 15.50 18.18 9.62 8.33 11.29 15.01 15.33 14.87

W. Avg. Cost of Deposits 5.06% 4.68% 6.02% 6.77% 6.48% 7.31% 5.48% 5.27% 7.29% 4.42% 3.78% 6.23% 2.24% 2.24% 2.56%

W. Avg. Lending Rate 9.47% 9.66% 10.87% 9.27% 9.91% 10.30% 10.10% 9.95% 11.89% 9.33% 9.26% 11.08% 8.76% 8.93% 10.26%

Spread 4.41% 4.98% 4.85% 2.50% 3.43% 2.99% 4.62% 4.68% 4.60% 4.91% 5.48% 4.85% 6.52% 6.69% 7.70%

Other Information 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

EPS (Audited) 3.25 3.68 3.29 1.90 2.87 3.89 2.82 3.31 3.60 4.10 4.57 3.90 15.10 8.88 12.28

Number of Branches 80 82 84 109 119 129 85 87 95 108 108 118 155 165 175

Number of Employees 1,577 1,584 1,594 2,117 2,043 2,192 1,976 2,028 2,101 2,716 2,986 3,230 5,201 6,127 6,816

NPL% 3.26% 2.76% 2.41% 4.95% 5.13% 3.79% 3.58% 4.93% 5.31% 7.60% 6.05% 5.40% 3.70% 5.20% 4.65%

CAR % 14.96% 13.92% 13.82% 11.87% 13.03% 11.93% 10.93% 13.89% 11.56% 13.42% 12.52% 12.71% 13.70% 13.10% 14.50%

Tier-I 10.73% 10.01% 10.09% 8.53% 8.35% 7.91% 8.46% 8.72% 7.60% 9.48% 9.12% 8.17% 9.50% 9.20% 9.20%

Tier-II 4.22% 3.91% 3.73% 3.34% 4.68% 4.02% 2.47% 5.17% 3.96% 3.94% 3.40% 4.54% 4.20% 3.90% 5.30%

Dividend (C/B) 20%C, 15%B 20% C, 5%B 20% C 12% C 15% C, 5%B 17%C, 5%B12.5%C, 12.5%B13% C, 10%B 15%C, 5%B 22%C 24%C 19%C, 5%B 40%C 30%C 30%C

Dividend Yield 6.99% 6.90% 3.91% 11.21% 9.93% 6.44% 8.17% 7.10% 6.25% 10.78% 8.82% 3.57% 3.72% 2.57% 1.96%

Spons./Dir

30.02%

Low

13.7

CITYBANK

32.4

968

31,362.8

Spons./Dir

30.23%

Low

14.5

Low

28.3

Low

109.0

Spons./Dir

31.56%

Low

30.5

MERCANBANK

17.9

814.9

14,587.1

Spons./Dir

39.59%

EBL

34.0

738.0

25,092.0

ONEBANKLTD

15.3

766.5

11,728.0

DUTCHBANGL

124.0

200

24,800

Spons./Dir

87.00%

EBL SEcurities Limited Research


Price (BDT)



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

Other Information

EPS (Audited)

Number of Branches

Number of Employees

NPL%

CAR %

Tier-I

Tier-II

Dividend (C/B)

Dividend Yield


55.70% 52.27% 67.56% 40.00% 48.16%

Hi Hi Hi Hi Hi

114.4 39.5 24.0 47.9 25.5

2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1

203,431 181,315 217,808 705,729 661,726 771,863 234,317 206,957 257,314 187,247 169,494 188,214 200,328 186,830 208,484

26,889 24,190 27,937 36,726 35,763 36,685 62,911 59,508 60,590 30,615 29,701 31,727 28,145 25,323 30,396

216,930 191,162 231,919 753,914 704,016 790,375 269,828 237,870 288,782 200,274 183,077 212,138 207,284 197,436 206,513

319,550 285,401 342,366 899,599 825,435 953,378 339,288 303,831 367,868 241,319 225,754 252,927 290,946 272,856 293,269

291,120 259,945 306,395 848,935 825,435 901,188 313,454 278,047 340,600 228,844 213,858 240,969 270,013 253,271 271,119

26,600 23,823 31,129 50,664 50,155 52,190 25,824 25,774 27,258 12,475 11,896 11,958 20,934 19,585 22,150

2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1

21,734 10,242 12,946 56,939 27,591 32,411 17,401 8,056 11,379 14,414 6,723 8,421 16,537 7,755 10,335

8,201 3,883 5,445 31,370 15,110 18,567 13,373 6,410 9,091 8,867 4,261 5,352 10,854 5,229 6,253

13,533 6,359 7,501 25,569 12,481 13,845 4,028 1,646 2,288 5,547 2,462 3,069 5,684 2,526 4,083

2,915 1,307 1,379 973 585 834 5,571 2,740 2,375 2,268 1,165 1,027 2,535 1,399 1,111

6,882 3,397 3,599 6,306 3,068 2,633 3,463 1,677 1,776 1,462 746 450 3,347 1,560 1,468

371 222 94 3,132 1,475 1,859 872 378 449 584 301 240 805 359 418

23,701 11,285 12,573 35,980 17,609 19,171 13,933 6,441 6,888 9,862 4,674 4,786 12,371 5,844 7,080

14,279 6,855 8,115 18,797 8,630 9,035 4,871 2,140 2,375 3,796 1,742 1,828 5,438 2,620 2,838

1,152 469 347 4,709 2,529 3,222 4,880 1,517 1,560 2,061 622 1,234 2,736 1,610 1,449

5,498 2,421 2,728 4,921 2,879 3,027 1,169 1,187 1,590 1,751 1,178 601 2,112 763 1,217

5,193 2,240 2,534 4,921 2,879 3,027 1,169 1,187 1,590


6.07 2.09 2.36 3.06 1.79 1.88 1.27 1.29 1.73 3.14 2.11 1.08 2.14 0.69 1.10

17.86 19.31 15.08 11.98 8.99 6.33 17.48 7.17 4.54 13.55 6.26 13.61 10.79 12.46 7.85

24.87 27.86 29.03 31.47 31.15 32.42 28.16 28.11 29.73 22.40 21.36 21.47 18.85 19.84 19.95

4.36 2.90 2.45 1.16 1.03 0.73 0.79 0.66 0.53 1.90 1.24 1.37 1.23 0.87 0.86

94% 95% 94% 94% 94% 98% 87% 87% 89% 93% 93% 89% 97% 95% 101%

60% 61% 65% 52% 49% 47% 35% 33% 34% 38% 37% 38% 44% 45% 40%

6.65% 7.01% 6.89% 3.62% 3.77% 3.59% 1.72% 1.59% 1.78% 2.96% 2.91% 3.26% 2.84% 2.70% 3.92%

1.63% 1.57% 1.48% 0.55% 0.70% 0.64% 0.34% 0.78% 0.86% 0.73% 1.04% 0.48% 0.73% 0.56% 0.83%

19.52% 18.80% 16.28% 9.71% 11.48% 11.60% 4.53% 9.21% 11.66% 14.04% 19.80% 10.06% 10.09% 7.79% 10.99%

10.94 10.91 9.84 16.76 16.46 17.27 12.14 10.79 12.50 18.34 17.98 20.15 12.90 12.93 12.24

3.82% 3.49% 5.05% 4.38% 4.16% 5.29% 5.27% 4.93% 6.44% 4.32% 4.41% 5.51% 4.58% 4.73% 5.53%

11.67% 11.95% 12.55% 7.61% 8.75% 8.52% 8.84% 8.41% 10.24% 8.81% 8.93% 10.03% 9.40% 9.46% 10.51%

7.85% 8.46% 7.50% 3.23% 4.59% 3.23% 3.57% 3.48% 3.80% 4.49% 4.52% 4.52% 4.82% 4.73% 4.98%

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

3.19 4.55 6.07 2.12 2.78 3.06 3.35 2.66 1.27 3.04 3.62 3.14 2.89 1.67 2.14

106 112 118 304 318 n/a 122 128 132 101 102 110 98 105 116

7700 6355 6,835 13,622 13,569 n/a 2376 2616 2704 1740 1862 1895 1,839 1,970 2,087

5.99% 3.40% 3.56% 4.25% 3.83% 3.59% 4.25% 4.89% 5.99% 2.68% 3.15% 3.35% 4.26% 5.41% 4.38%

12.29% 12.06% 11.97% 11.93% 10.85% 11.50% 11.52% 12.14% 10.83% 10.81% 14.62% 12.92% 12.46% 12.42% 14.89%

10.40% 10.36% 10.59% 9.69% 8.77% 8.75% 8.57% 7.73% 6.79% 7.53% 8.39% 7.66% 8.95% 8.39% 8.53%

1.89% 1.70% 1.38% 2.24% 2.08% 2.75% 2.95% 4.41% 4.04% 3.28% 6.23% 5.26% 3.51% 4.03% 6.36%

25% C 10%C, 20%B 25%B 20%C 10%C 10%C 15%C 20%C 15%B 7%C, 8%B 15%C, 10%B 20%C 15%C, 5%B 12%B 12.5%B

5.13% 1.56% n/a 7.19% 3.37% 2.73% 8.52% 10.70% n/a 2.90% 6.30% 4.69% 9.09% n/a n/a

Low

SOUTHEASTB

15.6

1054

16,450

Spons./Dir

32.44%

ISLAMIBANK

24.2

1,610

38,962

Spons./Dir

47.73%

BRACBANK

70.3

1,073

75,397

Spons./Dir

44.30%

21.9

Low

13.3

Low

TRUSTBANK

34.9

557

BANKASIA

16.8

1,110

19,438

Spons./Dir

60.00%

Low

24.363.0

18,655

Spons./Dir

51.84%

Low

15.3



Price (BDT)




52 Weeks Price


Loans & Advances

Investment

Deposits

Total Assets

Total Liabilities

Total Equity


Interest Income

Interest Expense

Net Interest Income






Total Provisions

NPAT


Key Ratios

EPS

P/E

NAV

P/NAV

Loan to Deposits



ROA

ROE

Debt-Equity Ratio



Spread

Other Information

EPS (Audited)

Number of Branches

Number of Employees

NPL%

CAR %

Tier-I

Tier-II

Dividend (C/B)

Dividend Yield


59.89% 58.42% 64.78% 58.31% 63.53%

Hi Hi Hi Hi Hi

26.3 19.3 18.9 28.4 26.8


153,868 146,202 169,701 255,033 234,457 283,863 273,352 248,476 293,118 235,905 222,996 256,609 237,634 236,923 242,672

26,041 24,262 27,209 21,605 20,108 21,513 16,100 14,967 15,987 10,145 7,564 8,900 46,382 44,018 43,859

169,730 161,349 176,012 283,644 261,519 277,143 299,106 275,473 306,881 244,806 221,713 257,873 235,562 227,698 227,025

230,828 222,975 256,283 333,893 310,890 342,919 344,487 316,837 364,595 319,255 303,047 331,277 317,098 319,359 318,193

215,001 208,154 239,858 306,242 283,796 315,088 332,376 305,185 352,115 293,735 279,336 306,866 293,095 294,718 293,911

15,828 14,821 16,425 27,650 27,094 27,831 11,771 11,336 12,130 22,521 18,815 21,411 23,994 24,631 24,282


13,727 6,399 8,839 22,253 10,761 12,599 28,349 13,784 15,526 20,491 10,120 12,056 18,095 8,981 9,629

10,340 4,667 6,386 15,827 7,466 9,618 19,861 9,728 12,155 11,784 5,572 8,435 14,937 7,048 8,469

3,388 1,732 2,453 6,426 3,295 2,982 8,488 4,056 3,372 8,707 4,548 3,621 3,158 1,933 1,159

3,095 1,299 1,108 720 327 460 154 50 210 437 207 180 4,726 2,518 1,823

2,997 1,343 1,178 2,310 1,116 1,056 853 314 322 2,791 1,408 1,297 2,994 1,571 1,307

237 134 116 1,567 361 399 431 371 325 329 140 169 178 96 122

9,716 4,509 4,856 11,023 5,098 4,897 9,925 4,791 4,229 12,264 6,302 5,267 11,057 6,119 4,411

4,252 1,904 2,246 5,066 2,345 2,517 5,038 2,521 2,893 5,308 2,460 2,995 6,021 3,016 1,488

2,445 1,481 1,426 633 1,817 2,131 2,073 950 552 1,355 1,083 1,125 4,962 2,369 666

1,609 595 598 3,298 625 182 1,390 592 369 3,169 1,340 382 41 597 298

1,609 595 598 3,135 1,191 445 15 572 270


2.23 0.73 0.74 2.34 0.44 0.13 1.89 0.81 0.50 3.15 1.14 0.43 0.05 0.79 0.39

9.87 12.81 9.59 7.35 13.86 45.77 8.10 8.15 10.80 7.65 8.20 26.40 410.31 11.96 15.90

21.91 20.52 20.21 19.58 19.18 19.71 16.51 15.90 17.02 22.65 18.92 20.51 31.65 36.55 32.02

1.00 0.91 0.70 0.88 0.64 0.60 0.93 0.83 0.63 1.06 0.99 1.11 0.70 0.52 0.39

91% 91% 96% 90% 90% 102% 91% 90% 96% 96% 101% 100% 101% 104% 107%

44% 42% 46% 46% 46% 51% 51% 53% 68% 43% 39% 57% 54% 49% 34%

2.20% 2.37% 2.89% 2.52% 2.81% 2.10% 3.11% 3.26% 2.30% 3.69% 4.08% 2.82% 1.33% 1.63% 0.96%

0.70% 0.53% 0.47% 0.99% 0.40% 0.11% 0.40% 0.37% 0.20% 0.98% 0.79% 0.27% 0.01% 0.37% 0.19%

10.16% 8.03% 7.28% 11.93% 4.61% 1.31% 11.81% 10.45% 6.08% 13.92% 12.66% 4.15% 0.17% 4.85% 2.46%

13.58 14.04 14.60 11.08 10.47 11.32 28.24 26.92 29.03 13.04 14.85 14.33 12.22 11.97 12.10

5.22% 5.03% 6.78% 6.39% 6.22% 7.46% 7.19% 7.04% 8.49% 5.92% 5.97% 6.27% 6.04% 5.52% 7.43%

10.19% 9.89% 11.32% 9.85% 10.09% 10.47% 12.06% 11.99% 11.77% 9.81% 9.68% 9.79% 10.42% 10.26% 11.52%

4.97% 4.86% 4.54% 3.46% 3.87% 3.01% 4.87% 4.95% 3.28% 3.89% 3.71% 3.52% 4.38% 4.74% 4.09%

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

2.21 2.15 2.23 1.48 2.15 2.34 1.26 1.97 1.89 2.25 3.07 3.15 2.15 2.00 0.05

87 94 100 103 113 118 148 158 168 129 140 154 101 104 105

1,524 1,668 1,771 2,700 2,747 2,794 2,820 3,224 3,640 2,810 3,070 3,446 2,276 2,423 2,354

4.66% 4.01% 5.98% 4.69% 5.23% 5.32% 2.76% 2.58% 3.07% 4.66% 4.54% 4.10% 3.16% 5.02% 6.91%

10.46% 13.67% 11.96% 12.04% 11.77% 12.10% 10.51% 10.52% 12.00% 16.65% 14.90% 12.28% 11.09% 11.10% 11.25%

8.58% 8.62% 7.95% 9.80% 9.51% 8.64% 7.44% 7.51% 6.77% 13.17% 11.92% 9.59% 7.18% 6.90% 7.11%

1.88% 5.05% 4.01% 2.24% 2.26% 3.46% 3.07% 3.01% 5.23% 3.48% 2.98% 2.69% 3.91% 4.20% 4.14%

6%C, 10%B 10%C, 5%B 12.5%B 12% C 15% C 12.50%C 10% 5%C, 5%B 10%B 10%C, 5%B 20%C 15%C, 5%B 12.50%B 12.50%B -

3.05% 5.59% n/a 13.95% 12.82% 7.27% 11.36% 3.60% n/a 6.80% 12.58% 6.22% n/a n/a n/a

Low

19.2

ABBANK

12.5

758.1

9,477

Spons./Dir

36.47%

Low

10.9

ALARABANK

20.2

1,044.0

21,089

Spons./Dir

41.69%

10.6

FIRSTSBANK

10.5

784.1

8,233

35.22%

Spons./Dir

Low

9.8

40.11%

Low

12.3

EXIMBANK

11.3

1,412.3

15,958

Spons./Dir

41.58%

Low

DHAKABANK

14.3

813

11,620

Spons./Dir



Price (BDT)




52 Weeks Price


Loans & Advances

Investment

Deposits

Total Assets

Total Liabilities

Total Equity


Interest Income

Interest Expense

Net Interest Income






Total Provisions

NPAT


Key Ratios

EPS

P/E

NAV

P/NAV

Loan to Deposits



ROA

ROE

Debt-Equity Ratio



Spread

Other Information

EPS (Audited)

Number of Branches

Number of Employees

NPL%

CAR %

Tier-I

Tier-II

Dividend (C/B)

Dividend Yield


94.08% 49.68% 62.69% 67.87% 60.86%

Hi Hi Hi Hi Hi

22.0 25.8 39.8 16.0 19.5


183,296 161,250 195,692 143,489 123,245 160,266 145,607 132,293 159,914 252,403 235,818 278,386 149,634 141,371 164,648

29,291 26,459 32,984 26,241 27,145 29,155 25,106 21,878 27,015 57,425 55,361 57,961 29,547 24,814 33,929

200,149 182,139 213,783 167,564 144,846 179,419 151,776 134,938 160,570 272,602 259,356 289,375 159,837 142,269 185,018

256,718 227,821 273,001 197,669 175,551 217,507 201,754 183,478 214,900 352,134 332,160 376,947 203,646 189,893 232,441

234,614 212,975 250,377 182,245 159,437 201,178 189,992 173,484 202,367 311,797 295,391 335,054 186,461 172,613 214,441

22,104 14,847 22,623 15,425 16,113 16,329 11,762 9,995 12,533 40,337 36,768 41,893 17,185 17,280 18,000


15,039 6,836 9,007 11,472 5,497 7,441 12,161 5,722 7,579 22,517 8,670 12,121 12,739 6,003 8,334

9,439 4,177 6,970 7,625 3,838 4,761 7,853 3,777 5,099 16,106 7,590 9,889 8,103 3,859 5,775

5,600 2,659 2,037 3,847 1,659 2,679 4,308 1,945 2,480 6,411 1,079 2,233 4,636 2,144 2,559

2,105 974 994 2,605 1,159 1,163 2,127 974 1,113 7,595 3,899 3,053 2,051 960 1,386

1,717 882 793 1,847 880 991 1,578 699 750 1,817 863 739 1,698 755 667

536 271 210 573 238 212 466 208 249 602 254 308 513 236 259

9,959 4,786 4,034 8,872 3,937 5,045 8,479 3,827 4,592 16,425 6,095 6,332 8,898 4,095 4,872

5,414 2,442 2,483 4,482 2,077 2,386 4,564 2,027 2,303 6,027 2,976 3,297 3,854 1,706 1,950

2,138 1,014 651 803 361 682 1,656 875 917 2,503 1,340 804 1,846 835 1,131

2,397 832 571 2,077 842 1,139 1,980 422 873 4,798 1,047 1,329 1,845 706 884

2,397 832 571 2,077 798 1,079 1,980 422 873 4,798 1,047 1,329 1,845 706 884


2.34 0.62 0.43 3.38 1.30 1.76 3.89 0.74 1.52 2.02 0.44 0.56 2.09 0.80 1.00

7.69 13.95 14.77 6.51 7.04 4.38 9.00 16.62 9.41 6.4 13.18 8.75 8.48 8.38 7.35

18.49 11.09 16.90 25.12 26.24 26.59 20.51 22.55 21.86 17.02 18.61 17.67 19.46 19.56 20.38

0.97 1.56 0.75 0.88 0.70 0.58 1.71 1.09 1.31 0.76 0.62 0.55 0.91 0.69 0.72

92% 89% 92% 86% 85% 89% 96% 98% 100% 93% 91% 96% 94% 99% 89%

54% 51% 62% 51% 53% 47% 54% 53% 50% 37% 49% 52% 43% 42% 40%

3.06% 3.30% 2.08% 2.68% 2.69% 3.34% 2.96% 2.94% 3.10% 2.54% 0.92% 1.60% 3.10% 3.03% 3.11%

0.93% 0.73% 0.42% 1.05% 0.91% 0.99% 0.98% 0.46% 0.81% 1.36% 0.63% 0.71% 0.91% 0.74% 0.76%

10.84% 11.21% 5.04% 13.46% 9.91% 13.22% 16.84% 8.45% 13.93% 11.90% 5.70% 6.35% 10.73% 8.17% 9.83%

10.61 14.34 11.07 11.82 9.89 12.32 16.15 17.36 16.15 7.73 8.03 8.00 10.85 9.99 11.91

5.36% 5.04% 7.23% 5.60% 5.61% 6.02% 5.45% 6.17% 6.66% 6.97% 7.12% 6.20% 5.37% 5.39% 6.56%

10.14% 10.18% 11.37% 9.54% 9.37% 10.96% 9.88% 10.88% 11.05% 11.12% 11.42% 9.06% 9.42% 9.34% 10.53%

4.78% 5.14% 4.14% 3.94% 3.76% 4.94% 4.43% 4.71% 4.39% 4.15% 4.30% 2.86% 4.05% 3.95% 3.97%

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

1.87 1.79 2.34 2.68 2.92 3.38 3.08 2.87 3.89 1.96 2.37 2.02 1.57 2.35 2.09

129 134 141 102 111 122 106 110 111 191 191 191 104 106 109

2,489 2,536 2,512 2,304 2,452 2,592 1,801 1,889 2,004 4,266 4,617 4,617 2,296 2,310 2,146

6.46% 5.29% 6.40% 6.60% 4.01% 3.99% 2.08% 4.36% 4.30% 7.01% 10.35% 10.64% 7.18% 5.92% 5.67%

10.07% 11.24% 12.57% 12.73% 10.82% 11.86% 12.19% 11.51% 13.79% 12.05% 13.19% 12.12% 13.52% 11.76% 11.34%

8.96% 7.71% 9.84% 9.38% 7.80% 7.27% 7.44% 7.55% 7.30% 10.50% 11.37% 9.66% 12.41% 10.74% 10.25%

1.11% 3.53% 2.73% 3.35% 3.02% 4.59% 4.75% 3.96% 6.49% 1.55% 1.82% 2.46% 1.11% 1.02% 1.09%

12%B 12%B 12%B 19.50% 20.50% 22%B 20%B 15%B 12.5%B 15%B 20%B 12%B 12.75%C 16.00% 13.00%

n/a n/a n/a 16.25% 13.14% n/a n/a n/a n/a n/a n/a n/a 14.01% 12.70% 7.34%

39.14%

Low

13.0

Spons./Dir

14.5

8.9

Low

NCCBANK

883.2

Spons./Dir

37.31%

Low

26.1

NBL

9.3

2,654.9

24,690.6

Spons./Dir

32.13%

Low

10.8

JAMUNABANK

16.3

749.2

12,212.4

Spons./Dir

50.32%

Low

13.6

IFIC

11.5

1,338.7

15,395.5

Spons./Dir

5.92%

MTB

36.9

12,806.7

573.4

21,157.1



Price (BDT)




52 Weeks Price


Loans & Advances

Investment

Deposits

Total Assets

Total Liabilities

Total Equity


Interest Income

Interest Expense

Net Interest Income






Total Provisions

NPAT


Key Ratios

EPS

P/E

NAV

P/NAV

Loan to Deposits



ROA

ROE

Debt-Equity Ratio



Spread

Other Information

EPS (Audited)

Number of Branches

Number of Employees

NPL%

CAR %

Tier-I

Tier-II

Dividend (C/B)

Dividend Yield


64.78% 61.97% 70.01% 100.00% 53.87%

Hi Hi Hi Hi Hi

18.7 30.5 33.0 74.9 36.5


137,728 129,808 149,132 200,619 178,344 202,390 240,149 213,739 253,450 206,955 185,668 230,802 161,687 143,274 176,679

23,165 24,619 24,741 25,880 26,971 22,483 59,621 57,374 62,335 69,691 69,751 83,781 11,959 9,840 13,067

140,644 136,226 154,054 199,000 197,675 198,969 270,604 255,095 291,511 319,488 311,980 351,627 144,989 134,951 164,574

182,537 174,065 197,206 282,395 262,653 286,572 368,184 344,212 392,111 382,903 376,431 422,774 210,997 192,120 231,429

169,378 161,520 183,266 257,582 238,192 261,745 342,397 319,005 366,373 369,522 363,204 406,066 197,132 178,108 216,785

13,159 12,545 13,941 24,813 25,207 24,827 25,787 25,207 25,738 13,381 13,226 16,707 13,613 13,763 14,391


12,373 5,907 7,637 14,879 7,130 8,962 19,050 9,309 11,412 16,852 7,921 8,296 13,097 6,041 8,081

8,262 4,014 5,162 9,885 4,997 5,226 11,136 5,507 7,134 13,290 6,438 7,357 8,473 3,908 5,581

4,111 1,892 2,475 4,994 2,133 3,736 7,914 3,802 4,278 3,562 1,483 939 4,624 2,132 2,500

2,049 899 835 4,397 3,217 1,192 5,779 2,964 2,611 6,506 3,086 2,946 340 145 192

2,097 831 951 2,454 1,108 1,090 1,735 825 922 1,688 724 514 1,820 854 971

630 286 344 860 381 473 1,245 680 606 767 279 342 522 240 285

8,887 3,907 4,605 12,704 6,838 6,491 16,674 8,270 8,417 12,522 5,572 4,741 7,306 3,371 3,949

4,492 1,965 2,482 7,115 3,353 3,896 8,034 3,688 3,954 7,173 3,491 3,792 3,724 1,507 1,810

1,125 900 750 3,593 2,048 991 4,100 1,702 660 4,024 1,272 415 1,249 480 565

1,969 703 773 1,216 879 798 1,797 1,145 2,166 602 202 134 1,367 769 779

1,797 1,145 2,166 1,343 758 777


2.83 0.88 0.97 1.18 0.78 0.70 1.89 1.15 2.17 1.98 0.66 0.44 1.74 0.98 1.01

5.55 6.53 5.62 23.22 14.62 11.50 16.08 10.70 5.32 33.43 21.06 44.43 18.97 8.21 11.49

18.87 18.39 17.42 24.11 23.76 21.93 25.29 26.51 25.78 44.07 47.91 55.02 17.65 19.07 18.65

0.83 0.63 0.63 1.14 0.96 0.73 1.20 0.93 0.90 1.50 0.58 0.71 1.87 0.84 1.24

98% 95% 97% 101% 90% 102% 89% 84% 87% 65% 60% 66% 112% 106% 107%

51% 50% 54% 56% 49% 60% 48% 45% 47% 57% 63% 80% 51% 45% 46%

2.99% 2.92% 3.32% 2.49% 2.39% 3.69% 3.30% 3.56% 3.38% 1.72% 1.60% 0.81% 2.86% 2.98% 2.83%

1.08% 0.81% 0.78% 0.43% 0.67% 0.56% 0.49% 0.67% 1.10% 0.16% 0.11% 0.06% 0.64% 0.79% 0.67%

14.97% 11.20% 11.09% 4.90% 6.98% 6.43% 6.97% 9.08% 16.83% 4.50% 3.05% 1.60% 9.86% 11.02% 10.81%

12.87 12.88 13.15 10.38 9.45 10.54 13.28 12.66 14.23 27.62 27.46 24.30 14.48 12.94 15.06

5.65% 5.47% 6.56% 4.65% 4.60% 4.94% 4.59% 4.55% 5.58% 4.68% 4.82% 4.67% 5.91% 5.82% 6.12%

10.03% 10.75% 11.51% 8.31% 8.41% 9.66% 9.03% 9.30% 9.67% 9.13% 9.47% 9.08% 9.59% 9.68% 10.88%

4.38% 5.28% 4.95% 3.66% 3.81% 4.72% 4.44% 4.75% 4.09% 4.45% 4.65% 4.41% 3.68% 3.86% 4.76%

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

1.41 2.30 2.83 2.11 2.13 1.18 3.34 1.47 1.89 0.86 -3.99 1.98 1.79 2.15 1.74

95 99 103 127 127 128 444 453 465 554 562 563 93 103 106

1,378 1,511 1,562 2,934 2,961 3,499 7,086 7,204 7,652 5,646 5,438 5,157 2,156 2,191 2,402

6.64% 5.17% 4.69% 7.82% 5.96% 5.45% 5.32% 5.38% 8.68% 17.00% 20.64% 23.41% 6.47% 4.70% 3.97%

9.01% 12.38% 12.12% 12.74% 12.45% 14.01% 11.87% 11.22% 12.93% 8.49% 6.69% 6.53% 13.52% 11.68% 12.44%

5.71% 7.69% 7.85% 10.00% 9.30% 10.01% 10.22% 9.46% 9.38% 6.20% 5.03% 4.99% 12.40% 10.18% 8.48%

3.30% 4.69% 4.27% 2.74% 3.15% 4.00% 1.65% 1.76% 3.55% 2.29% 1.65% 1.54% 1.12% 1.50% 3.96%

10%B 10%C, 2%B 15%B 16%C 15%C 7%C,7%B 12%C 5%C, 8%B 5%C, 5%B 15%B 10%B 24%B 13%C 10%C, 5%B 10%B

n/a 10.20% n/a 8.29% 9.04% 2.55% 5.56% 2.08% 1.64% n/a n/a n/a 9.63% 6.67% n/a

35.22%

Low

9.7

29.99%

Low

20.1

38.03%

Low

14.5

46.13%

Low

21.235.8

Low

0.00%

Spons./Dir

15,512.5 21,044.4

Spons./Dir Spons./Dir Spons./Dir Spons./Dir

376.5

8,640.9 18,343.0 23,461.1

848.6

24.8 41.2 23.5 16.2 10.8

PREMIERBAN PRIMEBANK PUBALIBANK

800.1 1,132.3 998.3

RUPALIBANK SHAHJABANK



Price (BDT)




52 Weeks Price


Loans & Advances

Investment

Deposits

Total Assets

Total Liabilities

Total Equity


Interest Income

Interest Expense

Net Interest Income






Total Provisions

NPAT


Key Ratios

EPS

P/E

NAV

P/NAV

Loan to Deposits



ROA

ROE

Debt-Equity Ratio



Spread

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

67.45% 60.85% 63.33% 81.85%

Hi Hi Hi Hi

34.1 17.4 26.3 42.5

2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1 2017 2017 HY1 2018 HY1

209,296 195,511 219,668 128,228 112,765 141,356 262,582 237,316 278,954 105,061 88,938 105,852

11,603 10,352 11,509 20,234 20,182 24,509 44,327 53,872 61,158 32,919 32,280 32,316

228,408 213,052 237,174 134,731 126,744 151,793 278,005 267,540 292,126 148,321 140,196 150,132

276,290 257,137 290,226 175,699 159,587 195,197 365,209 343,295 397,290 178,855 169,177 183,370

262,107 244,125 275,708 162,289 147,054 181,651 338,337 317,849 370,367 164,928 155,734 169,652

14,184 13,012 14,518 13,410 12,533 13,546 26,872 25,447 26,923 13,927 13,443 13,718

2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1

18,609 8,705 11,710 10,572 5,010 6,689 21,195 10,098 12,246 10,434 4,964 8,567

10,625 5,412 7,948 7,575 3,492 4,984 12,096 6,068 7,489 6,068 2,947 3,425

7,984 3,292 3,762 2,998 1,519 1,705 9,099 4,030 4,756 4,366 2,017 5,142

379 174 209 2,039 876 705 4,280 2,102 2,128 2,836 1,368 1,387

2,017 973 874 1,147 529 569 4,238 1,935 2,202 1,013 499 480

605 257 275 342 151 206 273 139 178 643 316 343

10,984 4,696 5,120 6,526 3,074 3,185 17,891 8,206 9,264 8,858 4,200 7,352

4,758 2,164 2,642 3,201 1,524 1,694 9,569 5,163 5,625 6,020 2,828 3,059

2,665 1,362 1,226 1,043 643 899 2,485 547 1,262 341 201 482

1,465 294 334 1,238 362 89 2,722 1,316 1,112 1,534 812 553

2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1 2017 2017HY1 2018HY1

1.98 0.36 0.41 1.56 0.42 0.10 2.58 1.25 1.05 3.83 2.03 1.38

12.27 31.25 19.39 10.00 13.69 62.50 9.15 8.64 8.38 9.22 6.03 8.95

19.21 16.02 17.88 15.40 15.83 15.55 25.49 24.14 25.54 34.81 33.60 34.29

1.26 1.40 0.89 1.01 0.73 0.80 0.93 0.89 0.69 1.01 0.73 0.72

92% 92% 93% 95% 89% 93% 94% 89% 95% 71% 63% 71%

43% 46% 52% 49% 50% 53% 53% 63% 61% 68% 67% 42%

3.81% 3.37% 3.43% 2.34% 2.69% 2.41% 3.47% 3.40% 3.41% 4.16% 4.54% 9.72%

0.53% 0.23% 0.23% 0.70% 0.45% 0.09% 0.75% 0.77% 0.56% 0.86% 0.96% 0.60%

10.33% 4.52% 4.60% 9.24% 5.78% 1.32% 10.13% 10.34% 8.26% 11.01% 12.09% 8.06%

18.48 18.76 18.99 12.10 11.73 13.41 12.59 12.49 13.76 11.84 11.58 12.37

5.44% 5.26% 6.83% 5.62% 5.31% 6.82% 3.94% 4.06% 4.80% 4.77% 4.75% 5.48%

9.96% 10.18% 11.63% 9.43% 9.24% 10.51% 8.88% 8.98% 9.64% 9.84% 10.04% 10.40%

4.52% 4.92% 4.80% 3.81% 3.93% 3.69% 4.94% 4.92% 4.84% 5.07% 5.29% 4.92%

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

2.77 3.10 1.98 2.12 1.37 1.56 3.81 2.49 2.58 3.78 3.86 3.83

111 125 138 104 114 125 158 168 178 227 229 233

2,130 2,363 2,599 1,604 1,992 2,076 3,837 4,152 4,459 3,743 3,667 3,542

3.84% 4.44% 8.20% 3.23% 3.64% 7.30% 5.23% 8.01% 7.38% 8.27% 7.75% 6.75%

12.33% 11.55% 11.59% 12.18% 11.38% 13.96% 12.16% 11.39% 12.07% 12.61% 13.38% 12.94%

8.69% 7.93% 7.04% 9.44% 8.60% 9.13% 8.20% 7.82% 7.71% 10.69% 11.78% 11.40%

3.64% 3.62% 4.55% 2.82% 2.83% 4.83% 3.96% 3.56% 4.36% 2.07% 1.79% 1.54%

15%C, 5%B 20%C 10%B 15%B 5%C, 5%B 10%B 20%C, 5%B 15%C 10%C 20%C 20%C 20%C

10.42% 10.87% n/a n/a 4.20% n/a 9.39% 7.04% 6.36% 8.81% 8.10% 5.67%

Low

22.7

Low

14.9

Low

10.0

Low

15.7

Spons./Dir Spons./Dir Spons./Dir Spons./Dir

18.15%36.67%39.15%32.55%

12,750.4 9,232.5 19,185.2

812.1 871.0 1,054.1 400.1

SIBL

15.7

STANDBANKL UCB UTTARABANK

24.7 18.2 10.6

9,882.0


Bangladesh Banking Sector H1 2018 Earnings Update Date: 13 September, 2018

EBL Securities Limited Research

DISCLAIMER This document has been prepared by the Research Team of EBL Securities Limited (EBLSL) for information 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 has been prepared for information purpose only and 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 of 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. EBLSL will not take any responsibility for any decisions made by investors based on the information herein.

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number of listed banks activities rather shrinking deposit ... · bangladesh banking sector h1 2018...

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