Bank: NIB BANK LIMITED - Analysis of Financial Statements December 2003 - March 2007
NIB Bank Limited (formerly NDLC-IFIC Bank Limited) is a scheduled commercial bank and is principally engaged in the business of banking as defined in the Banking Ordinance, 1962. It was incorporated in March 2003 as a public listed company. Currently, it is listed on all the three stock exchanges of Pakistan.
In October 2003, all assets and liabilities and all rights and obligations of the former National Development Leasing Corporation (NDLC) and Pakistan operations of IFIC Bangladesh were amalgamated with and into NIB Bank. In April 2004, the Pakistan operations of Credit Agricole Indosuez (the global French bank) were also amalgamated with and into NIB Bank.
In June 2005, Temasek Holdings of Singapore through its indirect subsidiary, Bugis Investments (Mauritius) Pte. Limited, acquired over 70% shares in the capital of NIB Bank. Temasek, the investment arm of the Government of Singapore, is a premier international investor in the process of establishing a pan-Asian banking presence.
The investment in NIB Bank is its first investment in Pakistan and in terms of amount it is the largest non-privatization investment by any foreign investor in a bank incorporated in Pakistan. This foreign investment also showcases foreign investor's confidence in Pakistan's banking sector and will greatly improve not only the image and performance of NIB Bank but also Pakistan's investment profile.
Presently, NIB Bank has a countrywide network of 41 branches and 15 new branches are planned for 2007.
Recently, NIB Bank reached an agreement with certain shareholders of Pakistan Industrial Credit and Investment Corporation (PICIC) to acquire majority shares of PICIC at a price of PKR 78 per share following completion of due diligence process. By acquiring a majority stake in PICIC, NIB Bank would automatically acquire indirect holding in PICIC Commercial Bank, PICIC Insurance Company and other institutions being controlled by PICIC (DFI). This merger is expected to be successfully completed by the year-end.
RECENT PERFORMANCE (H1- FY'07):
NIB bank's balancesheet size grew from Rs 46.4 bn in December 2006 to Rs 85.68 bn in June 2007. This 84 % increase is mainly attributed to the successful acquisition (63.36%) of PICIC's outstanding shares amounting to Rs 20.5 bn. This 2nd biggest financial sector acquisition was financed by issuing the biggest rights issue in the history of Pakistan of Rs 18.7 bn, where the foreign exchange stayed in the country. Through this acquisition, the Bank will acquire the control of PICIC, PICB and PICIC Asset Management Company.
Excluding the PICIC investment, total assets grew 64% over June 2006 and 39% over December 2006.
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Jun '07 Vs Jun '07 Vs
Jun '06 Dec '06
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Assets growth 114% 84%
Loan growth 54% 29%
Deposits growth 59% 33%
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Total Advances increased by 29% over December 2006 and by 54% to Rs 40.0 bn over June 2007. The advances composition with 65% in high yielding commercial and consumer loans, reflects Bank's stated strategy to grow in underserved segments of the market and provide an opportunity to generate higher returns.
Deposits continued to grow impressively at 7% and 33 % from June 2006 and December 2006 respectively, reaching Rs 40.8 bn in June 2007. Through focused marketing efforts in selected segments, NIB is increasing its proportion of current/savings accounts to total deposits (17.58% compared to 13.8% SPLY), thereby developing a more low cost and stable deposit base. This positive change has so far improved the liquidity profile of the Bank.
Although the loan to deposit ratio appears to be high from the B/S figures, it is at an acceptable level when export refinance and lease key money adjustments are made. As all funds from the rights issue financing the acquisition have not been received yet, this was bridged by the bank (approximating to Rs 6 bn), hence showing higher borrowings from financial institutions.
Nevertheless, net spreads have continuously improved over the period from 2.11% in H1 2006 to 4.03% in H1 2007 primarily due to the growth in Bank's higher yielding consumer and commercial loans and reduced cost of funds.
With higher commission earnings, non-interest income also registered a 34% increase. Revenues were further boosted by the appreciation in bank's investments in NAFA funds (its assets management associate), thereby showing virtually no reliance on the volatile equity earning streams.
To support this significant growth in revenues, bank invested in people, premises and IT. The costs associated with this rapid growth strategy and other investments generated administrative expenses of Rs 908.0 mn, which were still lower than forecast. However, the efficiency ratio (operating expenses to revenues) improved from 94.35% to 72.69% in SPLY, showing bank's ability to calibrate its growth to improve efficiency and profitability.
The asset quality is considered acceptable with NPLs/Advances improving slightly from 3.3 to 2.94 in SPLY. Provisioning expense of Rs 144.8 mln is higher than in the same period last year due to a growth in volumes of loans and advances as well as slower collections in some products. Collections are expected to come back on target in subsequent months. The Bank is continuing to invest heavily in understanding, designing and delivering customer-centric business models for each of the Commercial, SME and Consumer segments.
These unique business models, will provide superior service, faster turnaround time and above all, will help it in building a lasting relationship with its customers. The PAT at Rs 170.5 mln also compares favourably with Rs 95.94 mln for the FY '06.
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Financial Highlights - NIB Rs '000
Q1 '07 Q1 '06 Chg (%) H1 '07 H1 '06 Chg (%)
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Interest earned 1,299,036 657,700 97.51% 2,839,338 1,464,971 93.82%
Interest expensed 880,043 491,130 79.19% 1,871,891 1,086,196 72.33%
Net interest income 418,993 166,570 151.54% 967,447 378,775 155.41%
Provision against NPLs 76,652 2,077 3590.52% 144,714 18,565 679.50%
Total Provisions 76,652 2,077 3590.52% 144,714 18,565 679.50%
Net interest income after provision 342,341 164,493 108.12% 822,733 360,210 128.40%
Total non-interest income 110,698 102,204 8.31% 286,261 214,333 33.56%
Total non-interest expenses 418,733 254,081 64.80% 911,348 559,580 62.86%
PBT 41,142 9,527 331.85% 265,429 14,812 1691.99%
Taxation (18,969) (5,526) 243.27% 94,899 1,850 5029.68%
PAT 22,173 4,001 454.19% 170,530 12,962 1215.61%
Basic/Diluted EPS 0.07 0.01 600.00% 0.507 0.039 1200.00%
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Q1 '07 FY '06 Chg (%) H1 '07 FY '06 Chg (%)
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Deposits 32,815,372 30,566,540 7.36% 40,715,332 30,566,540 33.20%
Advances 34,560,855 31,052,169 11.30% 40,028,252 31,052,169 28.91%
Investments 10,396,571 6,594,036 57.67% 30,058,606 6,564,036 357.93%
ADR 1.05 1.02 3.67% 0.98 1.02 -3.23%
NPLs 109,900 1,023,868 -89.27% 1,175,785 1,023,868 14.84%
NPLs/Advances 0.32% 3.30% -90.36% 2.94% 3.30% -10.91%
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FINANCIAL PERFORMANCE (FY'03 - FY'06):
NIB Bank continued its strong growth momentum in 2006 both in terms of volumes and top line revenue. Total assets increased by Rs 14,410 mln to Rs 46,429 mln in December 2006 and total revenues increased by 82% reaching Rs 1,515 mln in 2006. Gross mark up earned doubled from Rs 1,717 mln to Rs 3,499 mln between 2005 and 2006 and net mark up earned grew 75% in the same period.
The addition of new customers and incremental business from existing customers allowed non mark up income to increase 98% from Rs 236 mln to Rs 468 mln. By effectively cross selling trade related products, foreign exchange volumes at USD 1,012 mln in 2006 showed a 59% increase over 2005 as well as better profitability per unit of foreign currency.
The strong revenue growth highlighted above was supported by an expansion in its fully on-line branch network from 27 to 41 in December 2006 in 14 cities and installation of 23 ATMs during the year. This rapid expansion of their franchise supported revenue growth as well as strengthened its risk management and other support functions.
As a result of this expansion, operating costs increased to Rs 1,224 mln in 2006 from Rs 713 mln in 2005. Despite a substantial increase in operating costs, the cost to revenue ratio reduced to 81% in 2006 from 85% in 2005. The cost to revenue is consistent with its business plan and reasonable for a Bank which is in its development stage.
In mid 2006, the Bank launched a very successful Personal Installment Loan product. The monthly disbursals of this product were higher than those of other banks selling this product for some years. The collection experience to date on such loans has also been better than the expectations.
The Prudential Regulations require a 5% general provisioning against the total outstanding balance on such loans at the year end. This being the first year, the regulatory requirement has generated a non tax deductible provision charge of Rs 194 mln in the 2006 profit and loss account of the Bank. It is important to highlight that this charge acts as a reserve and is not an actual provision related to specific loans going bad.
Notwithstanding the general provisioning explained above, profit after tax showed an increase in 2006, primarily as a result of tax credits related to the acquisition of Credit Agricole Pakistan. Operating profit before provisions increased by 154% over 2005 to reach Rs 300 mln in 2006.
For NIB, the return on assets trend was increasing up-till 2004, but fell in 2005 and recovered in 2006. This can be attributed to the declining profit after tax mainly due a high provision for NPLs.
ROD of NIB, indicating the return that the bank is receiving from its deposits, is higher than the ROA but follows a trend similar to it, solely due to the smaller amount of deposits that the bank has compared to its assets base as the numerator is same for both the ratios. It has been increasing till '05. This rise is due to the bank's better profitability as it becomes a major player in the financial market. However, like ROA it nose-dived in '05 owing to declining profit after tax but recovered in 2006 due to increase in 2006 PAT.
Around 99 % deposits are from the customers while the remaining 1% is from the financial institutions. Also, 92% is in local currency while 8% is in foreign currency.
An analysis of deposits further reveals that 40% deposits are held by individuals and 11 and 10% by financial and non-profit organizations (trusts), respectively. The share of other sectors is very minimal 0.03% (sugar) to ranging from 6% (Transport, Storage and Communication).
The trend for ROE is similar to that of ROA with a rapid increase from 2001 to 2002, as the bank was relatively newer in 2001 but by 2002 it started solidifying its customer base, thus leading to a rise in revenues and profits, becoming a boon to investors. This is proven by the calculation of the percentage increase in profits by 72.07% in this one year time frame. Whilst the bank was not issuing a great number of shares, hence the ratio kept rising till 2004 after which it fell in 2005. This is explained by a rise in profits being less than the rise in equity. The ratio recovered again in 2006 on account of improved profit after tax in '06.
The asset quality of the bank has declined 2003 onwards as the NPLs and provisions rose sharply as a % of the total advances and NPLs, respectively.
The Bank's NPL as a percentage of gross advances reduced slightly from 3.46% in 2005 to 3.21% in 2006. Improved collection efforts led to provision reversals of Rs 74 mln, plus recoveries against written-off loans of Rs 12.5 mln in 2006. However, mainly due to regulatory requirements, provisioning against loans and advances increased by Rs 179 mln.
Sectoral analysis of advances revealed that around 35% of loans were given to the textile sector, 6% for export/import purposes and 20% to individuals. However, as some doubtful loans have the tendency to stay under cover for sometime due to various reasons, a prudent policy for NIB Bank would be that the management remains extra vigilant in the appraisal and monitoring of all loans.
Recently, SBP proposed 100% cash provisioning for non-performing loans (NPLs). This is likely to decrease banks' profitability by 40%. Like all other banks, PICB's asset quality is also likely to further deteriorate, if it doesn't increase its advances considerably.
Trend for Advances to Deposits ratio (ADR), a key indicator of how liquid the bank's assets are, show that it has been fluctuating. While the ratio fell after 2003, it recovered in 2004, thus slighty rising till FY '06. The reason for its initial decline was the rise in deposits not being offset by an equal or greater rise in advances. The slight growth in average advances (62%) in 2005 was much higher than the growth in average deposits 60% in the same period, leading to a rise in the ADR then onwards.
In 2006 as well, average advances rose by 23% which was not matched by deposits that rose by a lower 15%, thus setting the stage for another increase in the ratio. Although the loan to deposit ratio appears to be high from the B/S figures, it is at an acceptable level when export refinance and lease key money adjustments are made.
Earning assets to Assets simply calculates that what proportion of the assets held by the bank is actually helping to generate revenue for it. The earning assets of NIB are lending to financial institutions, investments and advances. These three assets help generate income for the bank.
The trend as shown by the graph is similar to ADR trend that shows a comparatively higher ratio in 2003, and there was a decline then onwards which can be explained by an increase in the total assets which are not offset by an equal or greater increase in the earning assets. Therefore that particular increase in assets can be explained by an increase in bank's cash balances, balances with other banks, again liquid, and the increase in operating fixed and other assets. This is not a good sign for NIB as it means that it has money tied up in assets which are more or less "idle" as they are not helping it in generating income which is the ultimate motive of any profit driven enterprise. However, it remained stagnant 2004 onwards as well as in FY '06 due same proportionate increase in assets and earning assets, thereby maintaining the same ratio as in the same period last year.
The trend lines for both the yield on earning assets and cost of funding them depict a rising trend till 2004 and continued to rise sharply after 2005 till 2006. The reason for this trend can certainly be the fact that the interest rates were comparatively low till 2004, but show a sharp rise 2005 onwards after the tight monetary stance by SBP. Also NIB was investing in low interest bearing options initially but later changed its strategy.
Given its relatively young age, the Bank initially did not have access to a large pool of low cost deposits. Consequently, the advances growth was financed through new deposits which, under tight monetary conditions and intense market competition, came at a premium, thereby increasing the cost of funds.
Despite this, it managed to improve its net interest spread by 53 basis points between 2005 and 2006 by improving the yield on advances and increasing the proportion of current accounts in the deposit portfolio.
By improving the lending composition towards higher yielding products sold to commercial and consumer customer segments, the yield on interest earning assets improved by 198 basis points between 2005 and 2006.
Through focused marketing efforts in selected segments, NIB is increasing its proportion of current/ savings accounts to total deposits as well as reducing its average deposit size, thereby developing a more low cost and stable deposit base. This positive change has so far improved the liquidity profile of the Bank.
The solvency ratios are even stricter measure of the liquidity of a bank's assets. Equity to assets indicates the use of equity in financing the bank's assets. This ratio has seen an overall decline 2003 onwards.
A slight decline in the ratio in FY'06 can be attributed to a higher increase in NIB's assets base than its equity base reflecting its rapid growth strategy.
The increase in Total Assets has been managed largely through additional Deposits. Growth in Total Assets has not been achieved through a corresponding increase in Equity which, as a percentage of Total Assets, has reduced to 9.4% (December 31, 2005: 11%).
Equity to deposits ratio further contrasts with two modes of financing. While equity is an entire category, deposits are a very important section of liabilities for a bank since the finance for a bank operations as well as investing activities comes primarily from deposits. The trend is similar to that of Equity to assets. The ratio fell 2003 onwards. This depicts that the use of equity for financing is tapering compared to the use of borrowings, deposits and other funds like NAFA funds. This is a good sign for the bank as it may mean less volatile earning payments. However, it may increase bank's borrowing costs.
The declining trend on account of higher proportionate increase in deposits than in equity base shows that like all the other banks NIB is also attracting larger deposits from its customers.
Earning Assets to Deposits ratio shows a contrast between the bank's reliance on earning assets over deposits with respect to revenue generation. As we can observe in the graph, this ratio has declined after 2003 but has been on a slight rise after that. The initial decline may be explained through the fact that as the bank grows in size and operations, it attracts a greater deposit base, hence the rise in deposits is much greater than average earnings assets. In later years (after 2004) both average earning assets and deposits are increasing. However, the rise in deposits is being offset by a slightly higher increase in earning assets (mainly due to higher investments and advances).
Debt to equity ratio measures the reliance of the bank upon the funds invested by the owners as compared to the reliance of the bank on liabilities for raising capital. A high ratio would indicate liability reliance surpassing equity reliance and vice versa. The ratio is above 4 in all cases which obviously means that liabilities are a major source of finance as compared to share capital. The trend shows that the ratio steadily increased from 2003 through 2005, owing to the rise in liabilities being much more than the rise in equity, but later declined considerably due to a comparatively greater increase in assets than liabilities.
This trend is further confirmed by the Deposit times capital ratio showing that increase in debts is mainly due to a rise in deposits of NIB.
According to the notes to the financial statements, Capital Adequacy Ratio of the bank works out to 11.61% as on December 31, 2006 (2005: 17.42%) as against prescribed minimum equivalent to 8% of the risk weighted assets of the banking company.
Among the market value ratios of NIB, the market to book ratio continued to show an erratic trend on account of fluctuating market prices compared with very modest increases in BV. However, this ratio declined in '06 owing to the rise in BV/share (mainly due to a rise in unappropriated profits) coupled with the decline in market price from 29.7 to 24.
The P/E multiple of NIB, that also shows an erratic trend remained flat in '06 despite the fall in market price. This is due to a much lower EPS in '06. No dividend payments are made by NIB as it is pursuing a rapid growth policy and retaining all of its profits for its expansion programme.
FUTURE OUTLOOK: The operating environment for Banks in 2007 will continue to be very challenging in the wake of intense competition in the pricing of assets and liabilities. Political uncertainties ahead of general elections and other extraneous factors, coupled with the ongoing tight monetary policy are also the obvious challenges to this sector.
As the economy witnessed a slowdown in the credit demand, Credit off-take of the banking sector showed nominal increase of 0.83% in the 7mths'07 and stood at Rs 2.43t as compared to Rs 2.41t in Dec'06. The major reason behind this slowdown is the increasing non-performing loans (NPLs) of the banking sector and high interest rates spread. The weighted average lending rates of the banking sector was 11.31% at the end of 7mnth'07, up by 21 basis points from Dec'06.
SBP has strictly advised all commercial banks to decrease the spread, which will help in curbing inflation and will also help in increasing the deposit base of the banks. Erosion of banking spreads will force the banks to offer improved and innovative products and services in an effort to produce better results.
Increased competition will further encourage the banks to use new financial instruments to facilitate transactions and adjust their risk profile. It will also require banks to re-align business objectives and further diversify their products.
With an acceptable level of controls and an appropriate level of technology infrastructure, NIB Bank is poised to offer excellent services to its valued clients through its countrywide network of branches.
As a consequence of the investment by Temasek Holdings, NIB Bank is expected to benefit from technology transfer in terms of training, international best practices and products derived from Temasek's considerable investments in Asian banks.
Moreover, SBP has decided to completely withdraw the benefit of forced sale value (FSV) against all NPLs for calculating provisioning requirement from December 31, 2007. This is to be implemented from the next year but it would likely to hit the banking sector's including NIB's profitability.
As a result, the Bank needs to develop other fee generating revenue sources. Stock broking, investment banking and wealth management are areas where this can be achieved. Consequently, the bank is in the process of identifying suitable business opportunities that will allow it to grow quickly in these areas as well.
The current flow of liquidity into the marketplace creates substantial opportunities for Asset Management especially when considering the anticipated maturity of instruments issued by the GoP's Savings Schemes. NIB Bank also plans to enter the Asset Management business as soon as possible to take advantage of the expected growth in this business. To this end, National Fullerton Asset Management Company Limited has already been incorporated in Pakistan with NIB Bank as its joint venture partner.
The forthcoming merger of PICIC group and NIB Bank will be one step forward in this direction. By consolidating the banking sector as envisioned by the SBP and enhancing the FDI as per GoP's objectives, it will give birth to a number of opportunities to the new entity. The merged entity with a strong capital base/equity will lead to further widening of the business and market share by tapping additional niches in the current market. The newly emerged organisation will be better placed amongst the financial institutions given its size and strength and large network of branches which will give it the distinct competitive advantage in customer service delivery.
Return for the nine months of 2007 on NIB Bank share is stated to be amongst the highest in the banking sector. So far 2007 has been an eventful year for NIB Bank, depicting good progress including its successful acquisition of PICIC Group besides enhanced investment in the Bank itself by Temasek. This momentum of progress is expected to hold continue in 2008 and later.
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N.I.B. Bank Ltd - Financials
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Balance Sheet
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ASSETS 2003 2004 2005 2006
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Cash and balances with treasury ban 330,953 974,659 2,085,141 2,928,404
Balances with other banks 17,334 309,218 1,966,118 1,362,497
Lending to financial Institutions 347,579 1,812,907 2,270,000 2,600,000
Investments 951,957 1,187,529 5,129,285 6,594,036
Advances 6,791,963 11,737,275 19,622,929 31,052,169
Other Assets 185,960 406,486 576,691 1,142,363
Operating fixed assets 67,283 129,389 368,551 622,216
Deferred tax assets - - - 127158
Total Assets 8,693,029 16,557,463 32,018,715 46,428,843
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LIABILITIES
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Bills payable 74,467 98,620 274,325 215,769
Borrowings from
financial institution 1,975,230 4,159,194 4,547,096 9,164,121
Deposits and other accounts 4,778,974 10,648,570 22,554,274 30,566,540
Redeemabale capital 166,607 - -
Deferred tax liabilities 198,531 98,911 2,465 -
Other liabilities 239770 188320 427,680 2,150,538
Total Liabilities 7,433,579 15,193,615 27,805,840 42,096,968
NET ASSETS 4075590 4058050 3529391 2219270
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REPRESENTED BY
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Share capital 1,229,041 1,229,041 3,361,522 3,361,522
Reserves 9,603 34,125 694,623 719,810
Unappropriated profit 16,522 114,609 197,626 298,376
1,255,186 1,377,775 4,253,771 4,379,708
(Deficit) on revaluation 4,284 -13,927 -40,896 -47,833
of securities - net
Total Equity 1259450 1363848 4212875 4331875
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Income Statement
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Mark-up/return/interest earned 172,372 803,542 1,716,917 3,499,278
Mark-up/return/interest expensed 82,552 412,680 1,118,957 2,452,192
Net mark-up/interest income 89,820 390,862 597,960 1,047,086
Provision against 7,794 73,255 120,931 269,583
non-performing advances
Provision for diminution - - -29,643 -
in investment value
Bad Debts writted off directly - - - -
7,794 -73,255 -91,288 -269,583
Net mark-up/interest 82,026 317,607 506,672 777,503
income after provisions
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NON MARK-UP/INTERST INCOME
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Fee, commission and broerage income 4,299 40,418 91,707 179,994
Dividend income 1,125 16,015 16,668 14,528
Income from foreign currencies 783 25,596 109,145 208,627
Gain on sale of securities - 12,806 4,040 222
Income from dealing in govt. securities - - - -
Other income 1,499 16,732 14,599 64,721
Total non mark-up/interest income 7,706 111,567 236,159 468,092
Total Income 89,732 429,174 742,831 1,245,595
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NON MARK-UP/INTEREST EXPENSE
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Administrative expenses 61,987 393,719 711,545 1,221,423
Other (reversals)/provisions/write offs - 3,964 327 -328
Other charges - 158 1,182 2,587
Total non mark-up/interest expenses -61,987 -397,841 -713,054 -1,223,682
Share of profit / (loss) from associates - -2776 8079
Extra ordinary / Unusual items - - - -
Profit before taxation 27745 31,333 27,001 29,992
Taxation - Current 8,682 -14,031 -20,178 -33,422
Prior years - -5,687 - -
Deferred 1,590 99,620 96,948 129,367
Profit after taxation 20,653 122,609 76,770 95,945
Unappropriated profit brought forward 16,522 103,771 125,937
Profits available for appropriation 20,653 139,131 114,609 197,626
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Financial Ratios
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EARNING RATIOS
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Return on Deposits 0.43% 0.74% 0.29% 0.31%
Return on Assets 0.24% 0.50% 0.20% 0.21%
Return on Equity 1.65% 4.35% 1.78% 2.19%
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LIQUIDITY RATIOS
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Advances to Deposit Ratio 1.42 0.94 0.95 1.02
Earning Assets to Assets 0.93 0.86 0.86 0.87
Yield on earning assets 0.02 0.04 0.05 0.09
Cost of funding earning assets 0.01 0.02 0.03 0.06
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ASSET QUALITY RATIO
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Non-Performing Loans 1,514,243 1,464,030 699,033 1,023,868
NPLs to advances 0.22 0.12 0.04 0.03
Provisions to NPLs 0.01 0.05 0.17 0.26
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SOLVENCY RATIOS
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Equity to Assets 14.44% 11.59% 11.01% 9.43%
Equity to Deposits 26.26% 16.96% 16.25% 14.33%
Earning assets to Deposits 1.69 1.26 1.27 1.32
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DEBT MANAGEMENT RATIOS
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Debt to Asset 0.86 0.89 0.89 0.91
Debt to Equity 5.92 7.64 8.1 4.79
Deposit times capital 3.81 5.90 6.15 3.48
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MARKET VALUE RATIOS
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Price/Earnings Ratio 107.29 19.70 66.07 66.27
Market to book value 1.79 1.74 2.35 1.88
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DIVIDEND RATIOS
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Dividend Per share 0.00 0.00 0.00 0.00
Dividend yield 0.00 0.00 0.00 0.00
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COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi.
DISCLAIMER: No reliance should be placed on the [above information] by any one for making any financial, investment and business decision. The [above information] is general in nature and has not been prepared for any specific decision making process. [The newspaper] has not independently verified all of the [above information] and has relied on sources that have been deemed reliable in the past. Accordingly, the newspaper or any its staff or sources of information do not bear any liability or responsibility of any consequences for decisions or actions based on the [above information].
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