Author Topic: AKBL -- Askari Bank Limited  (Read 92855 times)

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Offline Admin

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AKBL -- Askari Bank Limited
« Reply #-1 on: August 08, 2009, 12:42:11 PM »
All About Askari bank Limited
« Last Edit: February 03, 2012, 03:13:04 PM by M&M »

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AKBL -- Askari Bank Limited
« Reply #-1 on: August 08, 2009, 12:42:11 PM »

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Re: AKBL -- Askari Bank Limited
« on: August 08, 2009, 12:42:39 PM »
Askari Bank decides against merger with Mybank

* Sources say there was disagreement over swap ratio because one bank had a big infected portfolio

By Mushfiq Ahmad

KARACHI: Askari Bank Limited announced on Friday that it had decided not to proceed with the merger of Mybank Limited with and into Askari Bank Limited.

It did not disclose why it had taken this decision. There was no word about the merger of Askari Leasing with Askari Bank.

In June, Askari Leasing had announced its intention to merge with Askari Bank and at the same time intentions to merge Askari Bank and Mybank were also announced. Well-informed sources told Daily Times that one of the banks had a big infected portfolio because of which the two disagreed on the swap ratio. As a result, talks broke down, they said.

Another source said the two banks might have concluded that they would not be able to achieve the purpose for which they were seeking to merge.

This is the third time in recent months that banks have failed to merge after having started negotiations. In December 2008, the proposed merger of Atlas Bank and KASB failed to materialise. Later Atlas Bank and Silk Bank conducted due diligence for a possible merger, but then decided not to proceed with the proposed transaction.

Small banks have been trying to seek mergers because they have been facing problems in competing with the large banks. With limited branch networks, they are facing difficulties in mobilising deposits.

A few small banks are also facing problems in meeting the paid up capital requirements set by the State Bank of Pakistan. Banking industry in Pakistan in general is facing increasing number of non-performing loans because of economic slowdown and high interest rates.

Seeing these difficult circumstances, the central bank reduced the paid up capital requirements for banks in April this year. They are now required to raise their minimum paid-up capital (free of losses) to Rs 6 billion by December 31, 2009, Rs 7 billion by December 31, 2010, Rs 8 billion by December 31, 2011, Rs 9 billion by December 31, 2012 and Rs 10 billion by December 31, 2013.

In September 2008, the State Bank had asked banks to raise their capital to Rs 10 billion by December 31, 2010, Rs 15 billion by December 31, 2011, Rs 19 billion by December 31, 2012 and Rs 23 billion by December 31, 2013.

Offline mian saeed

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Re: AKBL -- Askari Bank Limited
« Reply #1 on: October 02, 2009, 07:20:47 PM »
what is near term target of AKBL? is it good in long term as well?

Offline Karuli

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Re: AKBL -- Askari Bank Limited
« Reply #2 on: October 02, 2009, 07:28:22 PM »
mybank merge in AHBL . Askri bank ki koi news nahe hay

Offline 007

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Re: AKBL -- Askari Bank Limited
« Reply #3 on: October 03, 2009, 02:20:58 AM »
tou phir uper lock issay kyun laga hai

Offline Asim

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Re: AKBL -- Askari Bank Limited
« Reply #4 on: October 03, 2009, 10:39:50 AM »
bhai big fihes ke market hai yeh.. jab unka dil chahta hai kisi be item ko barha dete hain.. cartel samajhte ho na..   

aik misaal deta hun..   abhe dewan salman ke result me heavy loss aya.. lekin big fishes ne apma maal nikalne ke liye usse 1.40 se 2 pe le ja keh public ko maal pakra dya..  iss tarhan se karte hain ye games..

Offline mian saeed

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Re: AKBL -- Askari Bank Limited
« Reply #5 on: October 28, 2009, 11:11:28 PM »
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=012269

Farzooq Sb, would you please be kind enough to elaborate this notice??? would it have any positive effect on AKBL
« Last Edit: October 28, 2009, 11:16:02 PM by mian saeed »

Offline Farzooq

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Re: AKBL -- Askari Bank Limited
« Reply #6 on: October 28, 2009, 11:40:34 PM »
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=012269

Farzooq Sb, would you please be kind enough to elaborate this notice??? would it have any positive effect on AKBL

not much effect
the merger of askari bank and askari leasin will increase the paid up capital of the bank from
7 billion to 12 billion
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Offline mian saeed

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Re: AKBL -- Askari Bank Limited
« Reply #7 on: October 28, 2009, 11:55:38 PM »
 8)

Offline Admin

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Re: AKBL -- Askari Bank Limited
« Reply #8 on: November 06, 2009, 02:48:22 PM »
Merger of Askari Leasing Limited with AKBL
AKBL is scheduled to hold Extra-ordinary General Meeting on November
19, 2009 to amend its Memorandum of Association by incorporating
clause of merger and amalgamation with other company whose objects
are similar of AKBL. Another agenda is to raise authorized capital from
PKR 7 billion to PKR 12 billion. We believe increase in authorize capital
is necessary for the merger of Askari Leasing Limited (ASKL) with and
into AKBL.

Conclusion
At the current price level of PKR 25.93/share, the scrip of AKBL is
trading at a discount of 14% to its December 2009 target price of PKR
30/share Buy.

Offline mian saeed

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Re: AKBL -- Askari Bank Limited
« Reply #9 on: November 06, 2009, 09:05:30 PM »
Farzoq Sb, it would be more appreciated if you would mention the source at the end of such reports... by the way i am anxiously waiting AKBL to touch 30.... ;D

Offline Farzooq

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Re: AKBL -- Askari Bank Limited
« Reply #10 on: November 06, 2009, 09:20:03 PM »
Farzoq Sb, it would be more appreciated if you would mention the source at the end of such reports... by the way i am anxiously waiting AKBL to touch 30.... ;D

sure will do it in future
detail rpts are uploaded on research rpts page
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Offline mian saeed

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Re: AKBL -- Askari Bank Limited
« Reply #11 on: November 06, 2009, 09:27:45 PM »
Thank u sir

Toshi

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Re: AKBL -- Askari Bank Limited
« Reply #12 on: November 07, 2009, 11:04:48 PM »
AKBL—detailed accounts review – 9M-CY2009

Askari Bank Limited (AKBL) posted net earnings of PKR 1,117 million
(EPS: PKR 2.32) for the nine months period ended September 30, 2009, a
175% YOY increase.

Key points:
• Mark-up income surged by 28% YOY to PKR 16,463 million. This is
on the back of a 55% YOY rise in interest earning investments and
high yield on fixed income investments.
• Mark-up expenses have gone up by 30% YOY mainly due to high cost
of borrowing along with a 19% YOY growth in deposits. On a QOQ
basis, mark-up expenses jumped by 13% mainly due to a 6% QOQ
increase in deposits.
• Impairment loss on available for sale investments was booked at PKR
348 million in 1HCY2009. This was due to decline in value of its
investments. However no impairment was booked in 3Q-CY2009,.
• The bank has made a provision against non-performing loans (NPLs)
of PKR 1,335 million, a 49% YOY decline. NPLs to gross advances
ratio went up from 8.1% on September 30, 2008 to 10.7% on
September 30, 2009. On a QOQ basis, NPLs to gross advances ratio
has also gone up by 160 basis points. This indicates that growth in
NPLs for AKBL which appeared to had slowed down in 2Q-CY2009
has reemerged in 3Q-CY2009. However, the bank has maintained an
adequate coverage ratio of 80% in 9M-CY2009 which is higher than
average of its peers.
• “Non mark-up income” declined by 15% YOY on the back of one-time
gain of around PKR 200 million on account of “income from dealing
in foreign currencies” in 2Q-FY2008.
• Non mark-up expenses grew by 20% YOY on the back of expansion of
branch network from 166 in 9M-CY2008 to 205 in 9M-CY2009.

Merger of Askari Leasing Limited with AKBL

AKBL is scheduled to hold Extra-ordinary General Meeting on November
19, 2009 to amend its Memorandum of Association by incorporating
clause of merger and amalgamation with other company whose objects
are similar of AKBL. Another agenda is to raise authorized capital from
PKR 7 billion to PKR 12 billion. We believe increase in authorize capital
is necessary for the merger of Askari Leasing Limited (ASKL) with and
into AKBL.

Conclusion
At the current price level of PKR 25.93/share, the scrip of AKBL is
trading at a discount of 14% to its December 2009 target price of PKR
30/share Buy.




Offline Admin

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Re: AKBL -- Askari Bank Limited
« Reply #13 on: November 10, 2009, 11:50:18 AM »
Recommendation: ‘Hold’
Nine month results of AKBL remained well above our
expectations particularly in relation to NII growth and quantum
of FSV relaxation. Though the quantum of provision reversal
is expected to be significantly lower in 4Q2009, AKBL is still
expected to post reasonably strong earnings in last quarter.
As a result, we have revised our full year 2009 EPS estimates
for the bank to Rs3.2 as against Rs2.0 earlier. Trading at
2009E PE and PBV of 7.6x and 0.9x respectively, we
maintain our ‘Hold’ stance on the scrip at current levels.

js

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Re: AKBL -- Askari Bank Limited
« Reply #14 on: November 17, 2009, 11:29:05 AM »
Askari Leasing gets go ahead for the merger

According to a notice issued at the exchange, the BOD of
Askari Leasing and Askari Bank have given the green signal
for the merger between the two entities at a swap ratio of 1.83
shares of the leasing company with one share of the bank.
The bank currently has a share capital of 507mn shares,
which after the completion of the merger will increase by
28mn shares to a total of 535mn shares. If Askari Leasing
continues to post the level of profits witnessed in FY09, the
merger would have an anti dilutive effect on the combined
entities’ EPS. We currently have a ‘Hold’ stance on the bank,
which trades

Toshi

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Re: AKBL -- Askari Bank Limited
« Reply #15 on: November 22, 2009, 11:36:16 PM »
R3 = 369.573
midr3 = 364.105
R2 = 358.637
midr2 = 352.255
R1 = 345.873
midr1 = 340.405
*************
p = 334.937
*************
mids1 = 328.555
S1 = 322.173
mids2 = 316.705
S2 = 311.237
mids3 = 304.855
S3 = 298.473

Offline Karuli

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Re: AKBL -- Askari Bank Limited
« Reply #16 on: January 20, 2010, 06:14:24 PM »

Offline Farzooq

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Re: AKBL -- Askari Bank Limited
« Reply #17 on: February 08, 2010, 12:41:47 PM »
bm 26th feb
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Offline co2

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Re: AKBL -- Askari Bank Limited
« Reply #18 on: February 12, 2010, 11:59:23 AM »
uperlocked :thumbsup_anim: :thumbsup_anim:
An investor without investment objectives is like a traveler without a destination.  ~Ralph Seger