Author Topic: HMB -- Habib Metropolitan Bank  (Read 16061 times)

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Toshi

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HMB -- Habib Metropolitan Bank
« Reply #-1 on: January 01, 2010, 06:37:39 PM »
All About Habib Metropolitan Bank
« Last Edit: February 23, 2012, 02:38:28 PM by M&M »

Pakinvestorsguide

HMB -- Habib Metropolitan Bank
« Reply #-1 on: January 01, 2010, 06:37:39 PM »

Toshi

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Re: HMB -- Habib Metropolitan Bank
« on: January 01, 2010, 06:44:39 PM »
HABIB METROPOLITAN BANK - Analysis of Financial Statements C Y 2003 - 2003 Q 2009

OVERVIEW (December 31 2009): Habib Metropolitan Bank was initially known as Metropolitan Bank. It was incorporated in Pakistan on August 3, 1992. From October 1992 to September 2006, it remained a highly rated bank and with its nationwide 51-branch online network, established as a distinguished provider of trade finance services. On October 26, 2006, Habib Bank A.G. Zurich's Pakistan operations merged into Metropolitan Bank Limited and it was named as Habib Metropolitan Bank Limited (HMB).

Demonstrating a strong commitment to Pakistan's economy, HBZ is the principal shareholder of HMB. With headquarters in Switzerland, the HBZ Group also operates in Hong Kong, Singapore, United Arab Emirates, Kenya, South Africa, United Kingdom and North America. For the seventh consecutive year, the Pakistan Credit Rating Agency Limited (PACRA) has assigned AA+ (Double A plus) for long-term and A1+ (A one plus) for short-term to the bank. The bank has a network of 100 branches, with 4 Islamic banking branches.

RECENT FINANCIAL PERFORMANCE 3Q08-3Q09)

HMB is a now better off with conditions improving in the country. Pakistan's forex is improving owing to the IMF programme and strong home remittance inflows. This has improved liquidity and lead to stability in the forex. The stock exchanges' performance is improving and investor confidence is rising leading to positive portfolio inflows. SBP remained very active through its OMOs to maintain liquidity and the overall interest rates reflect a stable trend. Discount rate was reduced by 100bps from 14% to 13% in August 2009, which translated in lower interbank rates. This interest rate wasn't further adjusted because the core inflation declined.

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BALANCE SHEET ITEMS
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                                                              Rs  in '000
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                                    Dec 31 2008   Sept 30 2009   Growth %
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Deposits                            128,127,997    134,238,626       4.8%
Advances                            108,261,259     99,141,611      -8.4%
Investments                          53,335,855    107,956,571     102.4%
Lendings to financial institutions       98,176      4,750,000    4738.2%
Total Assets                        289,823,287    346,086,808      19.4%
Share Capital                         6,022,020      7,527,525      25.0%
Shareholders' Equity                295,943,483    358,364,333      21.1%
=========================================================================

HMB made steady progress during these 9 months. Total assets grew by 19.4% from Rs 290bn to Rs 346bn during the 9 months from Dec 2008. The deposits stand at Rs 134bn showing an increase of 4.8% from Rs 128bn. However, HMB's advances declined during the 9 months under consideration by 8.4% from Rs 108bn to Rs 99bn. This was due to lower credit demand from the private sector and the bank's strategy to keep risk exposures at acceptable levels. The most notable change is in the investment figure that has risen by 102.4% from Rs 53bn to Rs 108bn in the 9 months ended. The paid-up capital has increased from Rs 6bn to Rs 7.5bn depicting a 21.1% rise and the shareholders' equity also shows a 21.1% rise from Rs 296bn to Rs 358bn.

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PROFIT & LOSS ITEMS
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                                                                    Rs  in '000
===============================================================================
                                          Sept 30 2008  Sept 30 2009   Growth %
===============================================================================
Net Spread Earned before Provisions          3,483,076     4,896,312      40.6%
Fee, Commission, forex & Other Income        2,449,634     2,385,036      -2.6%
Net Spread after Provisions                  3,094,774     3,748,102      21.1%
Provision against non-performing financing   1,747,599     3,192,140      82.7%
Administrative Expenses                      2,334,646     2,599,842      11.4%
Profit Before Taxation                       3,608,293     3,907,478       8.3%
Profit After Taxation                        2,432,642     2,710,883      11.4%
EPS - Rupees                                      3.23           3.6      11.5%
===============================================================================

HMB made steady progress during these 9 months. Total assets grew by 19.4% from Rs 290bn to Rs 346bn during the 9 months from Dec 2008. The deposits stand at Rs 134bn showing an increase of 4.8% from Rs 128bn. However, HMB's advances declined during the 9 months under consideration by 8.4% from Rs 108bn to Rs 99bn. This was due to lower credit demand from the private sector and the bank's strategy to keep risk exposures at acceptable levels. The most notable change is in the investment figure that has risen by 102.4% from Rs 53bn to Rs 108bn in the 9 months ended. The paid-up capital has increased from Rs 6bn to Rs 7.5bn depicting a 21.1% rise and the shareholders' equity also shows a 21.1% rise from Rs 296bn to Rs 358bn.

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PROFIT & LOSS ITEMS
===============================================================================
                                                                    Rs  in '000
===============================================================================
                                          Sept 30 2008  Sept 30 2009   Growth %
===============================================================================
Net Spread Earned before Provisions          3,483,076     4,896,312      40.6%
Fee, Commission, forex & Other Income        2,449,634     2,385,036      -2.6%
Net Spread after Provisions                  3,094,774     3,748,102      21.1%
Provision against non-performing financing   1,747,599     3,192,140      82.7%
Administrative Expenses                      2,334,646     2,599,842      11.4%
Profit Before Taxation                       3,608,293     3,907,478       8.3%
Profit After Taxation                        2,432,642     2,710,883      11.4%
EPS - Rupees                                      3.23           3.6      11.5%
===============================================================================

HMB shows a marginal rise in profits for the 9 months ended September 2009. The profit before tax has risen by 8.3% from Rs 3.61bn to Rs 3.91bn in comparison with the 9 months ended 2008. While for the same period, the PAT rose by 11.4% from Rs 2.43bn to Rs 2.71bn. This reflected into an EPS of Rs 3.60 showing a growth of 11.5% from Rs 3.23 during the same period last year. The administrative expenses have been checked under control despite network expansion and they currently amount to Rs 2.6bn. HMB holds a satisfactory +11% capital adequacy calculated on Basle II methodology.

The only significant change that is seen is in the provision against non-performing financings. This significantly rose by a massive 82.7% from Rs 1.75bn to Rs 3.19bn. It is this increase that offset the 40.6% growth in Net Spread before provisions. This in turn, meant that the profits grew rather insignificantly. However, this points out to a strengthening of the asset quality as the coverage of the non-performing portfolio has been improved. HMB Islamic banking is also growing with its 4 full service Islamic banking branches with 21 Islamic banking counters at branches in 6 cities are catering to the customers seeking Shariah compliant products.

FINANCIAL PERFORMANCE

In the year CY08, 5% growth in total assets was witnessed. The increase in the assets has been brought about mostly by an increase of 58% in deferred tax assets, 21% in advances, 18% fixed operating assets and 12% cash and cash balances. The investments have shown a 14% decline while lending to other financial institutions has shown a 98% decline. The investments showed a decline due to fall in the amount of Market Treasury Bills and provisioning of value of investments to the tune of Rs 250 million.

This is in sharp contrast trend with last year when increase in assets was triggered by increase in investments and a marginal increase in advances. The elimination of the FSV (Forced Sale Value) benefit has resulted in a higher provisioning against the NPLs. An industry-wise rise in the NPLs has prompted the banks to be cautious in their lending and has made SBP more vigilant and stringent with its rules. The deposits have shown an increase of 6%. Fixed deposits and savings have shown an increase of 13.9% and 4.75 respectively while the current non-remunerative accounts have shown a decline of 6.41%.

On one hand, the non-remunerative deposits will help in depressing the cost of funds; while the increase in the fixed deposits will help the bank have more of loanable funds (CRR on more than 1 year deposits is zero). The bank is undergoing a consolidation process after its merger in 2006. The benefits from the merger are expected to accrue over the next couple of years or so. In line with the industry trend, the bank has been retaining its profits in form of bonus share issue. Such measures will help the bank strengthen its position and maintain its MCR.

ROA of HMBL rose drastically in 2005 to 1.99 from 1.28 in 2004, after which it has been falling. In the year 2007, ROA fell to 1.74 as compared to 1.83 in CY06. This was because of profits for the bank showed a growth of 34% while average assets grew by 40%. As previously mentioned the asset growth in CY07 has been supported by significant growth rates witnessed in investments, operating fixed assets and advances. Also provisions for non-performing loans of the bank have risen by 302.2% in 2007 causing a decline in banks profits. Among the NPLs by sector, Textile sector had the largest number of NPLs.

The bank was acquired by the Habib group at the end of 2006, which caused the assets to jump up as well as the costs. The PAT (Profit after Taxation) has increased by 17%. Hence the ROA shows a nominal increase from 1.74% in CY07 to 1.85% in CY08. ROD has had a similar growth trend. Deposits shot up in the year 2005 and continued to rise through 2007. There has been a significant rise in fixed and savings deposits of the bank. In the year 2006 alone, fixed deposits rose from Rs 20.5 billion to Rs 48.5 billion while Savings deposits rose from Rs 13.5 billion to Rs 21.7 billion because of the merger. ROD has increased from 2.50% in CY07 to 2.63% in CY08.

This is primarily due to 17% rise in PAT. ROE had a sharp rise in 2005 because the bank's profitability rose substantially compared to the equity but declined in 2006 and 2007. This was primarily because bank's equity grew at a greater pace that the profitability mainly because of bonus issue and increase in reserve money. In CY08, the equity has increased by 20%, which is more than the growth rate of PAT, which is 17%. Hence ROE shows a decline from 22.94% in CY07 to 22.92% in CY08.

ASSET QUALITY RATIOS

The NPLs have shown a rising trend since CY04. The NPLs stood at Rs 804 million in CY07, which shot upto Rs 1748 million in CY08. This contributed to an increase of 117%. This year the SBP gave a directive to the companies that they can avail 30% FSV and lower their expenses owing to bad debts given the extraordinary liquidity crunch situation. However, HMB did not avail this and has recorded full impairment of the NPLs, which has consequently affected profitability of the company. The provisions to NPLs has shown an increase from 0.54 in CY07 to 0.57 in CY08 due to 131% increase in provisions.

The provisions to average advances has increased from 0.50% in CY07 to 1.01% in CY08 while NPLs to advances has increased from 0.93% in CY07 to 1.76% in CY08. The debt management ratios show a decling trend from CY04. The debt to equity has reduced from 12.19 in CY07 to 11.41 in CY08. This is due to a 5% increase in debt and a 12% increase in the equity. Hence, this signals towards the consolidation process of the bank to meet the he MCR requirement. The deposit time capital has reduced from 9.17 in CY07 to 8.71 in CY08 due to an 11% increase in average deposits and a 17% increase in total liabilities. The debt to assets has declined from 0.94 in CY04 to 0.92 in CY08.

The solvency ratios show an optimistic trend. The equity to deposits had increased from 10.91% in CY07 to 11.48% in CY08. The equity to assets has increased from 7.58% in CY07 to 8.06% in CY08. Earning assets to deposits have decreased from 131.45% in CY07 to 129.98% in CY08. Equity to liabilities has increased from 8.21% in CY07 to 8.77% in CY08. Equity to total assets is a common measure used to analyse capital adequacy of a bank. There was a dip in this ratio in the year 2004 but has risen since then. This dip was primarily because of the cash dividend given by the bank causing lesser profits retention and thus a lower equity. With share capital and bonus shares issue the bank's equity has risen over the years.

Because of the increase in the bank's equity, the ratio equity to deposits has had an increasing trend in the last few years, rising from 9.42 in 2004 to 10.91 in 2007. The bank's earning assets have been on the rise primarily because of increasing advances that form 56.4 percent of the total Earning Assets. This has particularly declined from 61.9% in 2006. But alongside there has also been a growth in bank deposits resulting in a declining trend for EA to deposits. But from year 2006 has seen the ratio start to increase again as the bank's EA increase again indicating HMBL's strength to meet its debt obligations.

In the year 2007, the earning assets were more than the deposits, with the bank making up for the shortfall by borrowing from the financial institutions. On the one hand, this depicts aggressive investment strategy of the bank and on the other, it highlights the need for the bank to raise more deposits. Earning assets rose by 18% in 2006 to Rs 159.24 billion. But EA has formed a stable 90% part of the total assets of the bank. Since 2004 to the year 2007, there has been an increase from Rs 2.78 billion to Rs 11.98 billion in earnings from mark-up, returns and interest. The net interest margin of the bank has declined from 40% in CY05 to 32% in CY08 in line with the industry trend of slightly depressed margins.

However, this decline has been more than made up by an increase in the non-interest income. The capital to risk assets ratio has increased from 14.08% in CY07 to 14.45% in CY08. The liquidity ratios are positive for the period under consideration. The advances to deposit have increased from 77.5% in CY07 to 79.5% in CY08. This is against the cap of 70% put on banks. However, the banks have a time frame of 6 months to adhere. The earning assets to assets have reduced marginally from 91.4% in CY07 to 91.2% in CY08. Cost of funding earning assets has increased from 0.06 in CY07 to 0.07 in CY08 while the yield on earning assets has increased from 0.08 in CY07 to 0.10 in CY08.

The dividend payout ratios have improved in CY08. The dividend per share was Rs 0.83 in CY08. Dividend payout and dividend yields have shown a significant surge compared to the prior years. The dividend cover has shown a fluctuating trend consequently illustrating the trend of the dividend payout. Dividend cover is the reciprocate of dividend payout. Hence, when dividend payout increased in CY08 the dividend cover drastically lowered. Both the market value/book value and price to earnings show negative trends in the present FY08. Price to earnings ratio in the year 2007 stood at 20.12 as compared to 4.65 in CY08.

Similarly, the market value/book value plunged from 3.33 in CY07 to 1.01 in CY08. This is due to considerable decline in the market value of the stock price of the company. The current market price of the HMB stock is Rs 25.25 per share. The price stood at Rs 38.50 in August 2007. This shows a decline of 54%. Since a couple of months the prices of stocks at KSE have stabilised, without further impairment in the value of stocks. This is an optimistic situation.

FUTURE OUTLOOK

Banking industry after enjoying a robust growth for a number of years is going through turbulent phase these days. The biggest problem haunting the industry is liquidity crunch. Sharp increase in NPLs is hurting the banking sector's profitability. The monetary policy stance has fluctuated drastically over the present fiscal year 2009. From extremely tight monetary policy in the beginning of the year, the policy has been loosened in August 2009.

This will have diverse implications on the banking sector. At first the profitability of the banking sector was directly affected and banks booked high losses. However, this recent step is yet to materialize in any positive transformation of the sector, which in view of the present situation will take a long while.

The problem has worsened due to high interest rates, chanelling of deposits in National Saving Schemes (NSS) and very low recovery rate of consumer financing. Along with these factors, Government of Pakistan's agreement with the IMF to raise the discount rates to 15 percent which was a prior condition for agreement with the Fund for the approval of 7.6 billion dollars short-term loan exacerbated the crisis. Banks as a result of above factors were being forced to pay high deposit rates to attract liquidity and remain in the business. Although the SBP has reduced the Cash Reserve Requirement and also given some temporary relaxation in CAR, it has hardly done any good to the ailing sector.

The discount rate has recently been slashed down to 13% in view of drastic decline in inflation from 19% in March 2009 to 11% in August 2009. This will provide relief to the industries and will further augment growth of the banking sector. Thanks to the stringent policy of the State Bank with regard to loan provisioning and higher immunity of the banking sector from global financial crisis due to various factors, the problems of the banking industry have not assumed critical proportions, but monetary authorities in Pakistan need to be vigilant. In fact, containment of credit and money supply within reasonable limits with a view to stabilizing the price level is the real purpose of tight monetary policy.

Dealing with the NPLs and prudent asset management still remains a top priority with the banks. Banks need to avoid the temptation to join the race for attracting higher level of deposits in a tight market by offering unaffordable deposit rates and preserve the market share at all costs. This will make them stronger in face of a similar liquidity crunch in the future. In July 2009, the SBP has asked banks to increase their lending as they have excess liquidity and to stimulate economic growth. The textile exports have suffered gravely due to worldwide economic crunch situation.

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HABIB METROPOLITAN BANK - FINANCIALS
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BALANCE SHEET                                                  Rupees in Millions
================================================================================
==================
ASSETS                                       2003     2004      2005      2006      2007      2008
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Cash and balances with treasury banks       3,295    4,648     5,146    11,348    10,202    11,401
Balances with other banks                     607    2,359     1,118     6,297     3,691     2,974
Lending to financial institutions           3,896    4,132     5,463     5,447     3,989        98
Investments                                17,959   15,560    22,809    39,556    61,736    53,336
Advances                                   32,230   40,122    43,463    83,324    89,827   108,261
Operating fixed assets                        343      370       419       649     1,294     1,529
Deferred tax assets                             -        -         -         -         -     1,146
Other assets                                  652      700     1,248     2,048     2,128     3,369
Total assets                               58,982   67,891    79,666   148,668   172,867   182,115
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LIABILITIES                                  2003     2004      2005      2006      2007      2008
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Bills payable                                 940    1,203     1,046     1,620     3,210     2,372
Borrrowing from financial institutions     13,155   12,327    14,429    29,518    29,992    30,436
Deposits and other accounts                39,338   48,596    56,713   102,493   121,066   128,128
Deferred Tax liabilities                      758      536       485       177        61         0
Other liabilities                             984      965     1,334     3,993     5,020     6,082
Total Liabilities                          55,175   63,627    74,007   137,800   159,349   167,018
EQUITY                                      2,003    2,004     2,005     2,006     2,007      2008
Share capital                               1,000    1,200     1,560     3,005     5,018     6,022
Reserves                                    1,699    2,322     3,375     5,825     6,384     7,040
Unappropriated profit                          54       46        99     1,835     2,060     3,180
Surplus on revaluation                      1,055      696       626       203        56   (1,145)
Total Equity                                3,807    4,264     5,659    10,868    13,518    15,097
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PROFIT AND LOSS
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INTEREST INCOME                              2003     2004      2005      2006      2007      2008
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Markup/ interest earned                     2,685    2,784     4,359     7,289    11,984    15,873
Markup/interest expensed                    1,312    1,261     2,225     4,416     8,259    10,907
Net markup/ interest income                 1,373    1,523     2,134     2,873     3,724     4,966
Provision against NPLs & advances-net         135       84        51       108       435     1,005
Net markup/interest income                  1,238    1,438     2,082     2,764     3,282     3,717
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NON INTEREST INCOME                          2003     2004      2005      2006      2007      2008
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Fee commision and brokerage income            323      372       423       581       998     1,186
Dividend income                                29        5        33        42        33       656
Income from dealing with foreign currencies   145      279       331       673     1,154     2,043
Gain/loss on sale of securities                 -        -         -       198       822       171
Other income                                  154       98       140       235       170       221
Total non markup/non interest income          651      755       927     1,729     3,177     4,276
Total Income                                1,889    2,193     3,009     4,493     6,459     7,993
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NON MARKUP/ INTEREST EXPENSE                 2003     2004      2005      2006      2007      2008
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Administrative expenses                       662      814       971     1,350     2,254     3,102
Other Charges-net                               3        1         7         1         0       147
Total Non markup interest expense            (665)    (815)     (977)   (1,351)   (2,254)  (3,250)
PROFIT BEFORE TAXATION                        665      815       977     1,351     4,204     4,743
Taxation                                      545      562       566     1,047    (1,407)  (1,464)
PROFIT AFTER TAXATION                         678      816     1,465     2,095     2,797     3,280
Cash dividend                                   -        1         0         0         0       501
Basic/diluted EPS                            5.65     5.23      9.39      4.92      4.65      5.45
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FINANCIAL RATIOS                             2003     2004      2005      2006      2007      2008
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Cost of Funds                                0.03     0.02      0.03      0.04      0.06      0.07
Intermediation Cost                          0.02     0.01      0.01      0.01      0.02      0.02
Net Profit Margin                            0.02     0.01      0.02      0.02      0.02      0.02
Interest Margin                              0.51     0.55      0.49      0.39      0.31      0.31
Net Interest margin                          0.41     0.43      0.40      0.32      0.25      0.33
Non Interest Income Ratio                    0.20     0.21      0.18      0.19      0.21      0.28
Capital Ratio                                0.07     0.06      0.07      0.07      0.08      0.08
Capital to risk Asset Ratio                  0.13     0.11      0.12      0.13      0.14      0.14
Interest Spread                              0.03     0.03      0.03      0.03      0.02      0.03
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Liquidity Ratio                              2003     2004      2005      2006      2007      2008
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Advances to Deposit                          0.76     0.82      0.79      0.80      0.77      0.79
Earning Assets to Assets                     0.92     0.92      0.92      0.91      0.91      0.91
Cost of funding Earning Assets               0.03     0.02      0.03      0.04      0.06      0.07
Yield on earning assets                      0.06     0.05      0.06      0.07      0.08      0.10
--------------------------------------------------------------------------------------------------
Solvency Ratio                               2003     2004      2005      2006      2007      2008
--------------------------------------------------------------------------------------------------
Equity to Assets                             0.07     0.06      0.07      0.07      0.08      0.08
Equity to Deposits                           0.10     0.09      0.09      0.10      0.11      0.11
Earning assets to Deposits                   1.36     1.33      1.28      1.30      1.31      1.30
Equity to Liabilities                        0.07     0.07      0.07      0.08      0.08      0.09
--------------------------------------------------------------------------------------------------
Debt Management Ratio                        2003     2004      2005      2006      2007      2008
--------------------------------------------------------------------------------------------------
Debt to Equity (times)                      13.52    14.72     13.87     12.82     12.19     11.41
Deposit time capital (times)                 9.81    10.89     10.61      9.63      9.17      8.71
Debt to Assets(times)                        0.93     0.94      0.93      0.93      0.92      0.92
Cost to Income Ratio                         0.20     0.23      0.18      0.15      0.15      0.20
--------------------------------------------------------------------------------------------------
Earning Ratio                                2003     2004      2005      2006      2007      2008
--------------------------------------------------------------------------------------------------
Return on Assets                             0.01     0.01      0.02      0.02      0.02      0.02
Return on Deposits                           0.02     0.02      0.03      0.03      0.03      0.03
Return on Equity                             0.20     0.20      0.30      0.25      0.23      0.23
--------------------------------------------------------------------------------------------------
Asset Quality Ratios                         2003     2004      2005      2006      2007      2008
--------------------------------------------------------------------------------------------------
Nonperforming loans to advances              0.00     0.00      0.00      0.00      0.01      0.02
Provisions to non performing loans           1.16     0.94      0.58      1.00      0.54      0.57
Nonperforming loans                           116       90        89       108       804     1,748
Provisions to average advances               0.01     0.00      0.00      0.00      0.01      0.01
EPS                                          5.65     5.23      9.39      4.03      4.65      5.45
Weighted no. of shares                        120      156       156       520       602       602
Average market price*                       30.04    48.70     68.41     70.00     74.65     25.35
--------------------------------------------------------------------------------------------------
Dividend payout ratios                       2003     2004      2005      2006      2007      2008
--------------------------------------------------------------------------------------------------
Dividend per share                           0.00     0.00      0.00      0.00      0.00      0.83
Dividend payout                              0.00     0.00      0.00      0.00      0.00      0.15
Dividend yield                               0.00     0.00      0.00      0.00      0.00      0.03
Dividend cover                                  -     1480    732654    232733    699352      6.54
--------------------------------------------------------------------------------------------------
Market Value Ratios                          2003     2004      2005      2006      2007      2008
--------------------------------------------------------------------------------------------------
Price to Earnings                            5.32     9.31      7.29     17.37     16.07      4.65
MV/BV                                        0.95     1.78      1.89      3.35      3.33      1.01
================================================================================
==================

COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi.

Offline Farzooq

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Re: HMB -- Habib Metropolitan Bank
« Reply #1 on: December 03, 2010, 12:58:45 PM »
AKD Quotidian

HMB: Target Price Revision

We raise our target price for HMB to PkR26.0/share from PkR22.5/share previously. Revision in target price follows a 2%-11% increase in EPS estimates across CY10F-CY14F post incorporation of the recent 50bps hike in the DR and lower credit cost estimates on the back of recent improvement in asset quality. Regarding the latter, NPL formation has slowed to just 5%QoQ in 3QCY10 vs. 6.9%QoQ for the sector. In our view, deceleration in NPL formation tracks improving textile sector dynamics where 4MFY11 textile exports are up 23%YoY. Further improvement may follow post implementation of EU trade concessions, expected from Jan 1'11 onwards. HMB trades at a CY11F P/B of 0.95x and PER of 6.2x. Our revised target price of PkR26.0/share offers upside of 7.4% and implies an Accumulate stance. While upside appears relatively confined at the moment, continued improvement in asset quality metrics would compel us to revisit our stance on HMB.
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Offline M&M

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Re: HMB -- Habib Metropolitan Bank
« Reply #2 on: March 02, 2011, 07:57:22 PM »
"The only true wisdom is in knowing you know nothing." - Socrates

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Offline Abdul Qadir

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Re: HMB -- Habib Metropolitan Bank
« Reply #3 on: April 25, 2011, 08:23:56 PM »
Worth buying stock at current levels around 19.

Offline momo

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Re: HMB -- Habib Metropolitan Bank
« Reply #4 on: August 26, 2011, 05:41:00 AM »
Can anyone please tell the 2Q/1H earnings?

Thanks.

Offline Poker Face

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Re: HMB -- Habib Metropolitan Bank
« Reply #5 on: August 26, 2011, 06:37:56 PM »
Can anyone please tell the 2Q/1H earnings?

Thanks.

http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=026665

HY eps 1.37 previous 1.40

Regards
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Offline momo

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Re: HMB -- Habib Metropolitan Bank
« Reply #6 on: August 26, 2011, 07:08:30 PM »
Good buy, yeah?

Thanks.

Offline 007

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Re: HMB -- Habib Metropolitan Bank
« Reply #7 on: August 27, 2011, 02:42:15 AM »
iss say achi eps tou BAFL ki hai

Offline Farzooq

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Re: HMB -- Habib Metropolitan Bank
« Reply #8 on: February 23, 2012, 12:32:19 PM »
AKD Daily

HMB: CY11 Result Preview

Habib Metropolitan Bank Ltd (HMB) is scheduled to announce its full-year CY11 result on Monday, Feb 27'12. On a consolidated basis, we expect HMB to post NPAT of PkR3.17bn (EPS: PkR3.03) in CY11 against NPAT of PkR2.80bn (EPS: PkR2.68) in CY10, translating into growth of 13%YoY. Alongside the result, we expect HMB to announce a cash dividend of PkR0.50-PkR0.75/share, while the possibility of a 10% bonus issue cannot be ruled out. Sequentially we believe 4QCY11 would likely have been the best quarter of CY11 with projected NPAT up 33%QoQ to PkR990mn (EPS: PkR0.94) due to decrease in loan provisions (enhanced FSV benefit) and higher fx income. Key highlights for CY11E are expected to be 1) 11%YoY NII growth, 2) 2%YoY decrease in loan provisions, 3) 12%YoY increase in non-interest income on higher investment and fee income, and  4) relatively high admin expense growth of 20%YoY due to branch network expansion. Having gained 8.3%CYTD, HMB trades at a CY12F P/B of 0.7x and PER of 5.2x where our target price of PkR20/share offers upside of 9.4% and implies an Accumulate stance. That said, we will look to revisit our investment case post release of CY11 accounts.              .

 
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Offline AGz

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Re: HMB -- Habib Metropolitan Bank
« Reply #9 on: February 27, 2012, 03:12:28 PM »
Annual Result
EPS: Rs.3.13
15% Dividend .. No Bonus
« Last Edit: February 27, 2012, 03:19:57 PM by AGz »
Aurangzeb A. Durrani
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Offline junaidph

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Re: HMB -- Habib Metropolitan Bank
« Reply #10 on: February 27, 2012, 03:16:13 PM »
Annual Result
15% Dividend .. No Bonus

phir bhi freez...kamal bhai nikal gaiy thay na 20 k as pas

Offline frazmunaf

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Re: HMB -- Habib Metropolitan Bank
« Reply #11 on: February 27, 2012, 04:50:47 PM »
target price 24. :fingerscrossed1:

Offline kamal

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Re: HMB -- Habib Metropolitan Bank
« Reply #12 on: February 27, 2012, 04:55:25 PM »
target price 24. :fingerscrossed1:

Orders milay hain kia Fraz?

 :skeptic:
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline frazmunaf

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Re: HMB -- Habib Metropolitan Bank
« Reply #13 on: February 27, 2012, 08:42:29 PM »
aqeel group tezi karay ga. uske daughter sana dhedhi hmb kay shares koe handel kar rehe hai. :fingerscrossed1:

Offline frazmunaf

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Re: HMB -- Habib Metropolitan Bank
« Reply #14 on: February 27, 2012, 10:22:53 PM »
i like this 1. :fingerscrossed1:

Offline kamal

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Re: HMB -- Habib Metropolitan Bank
« Reply #15 on: February 27, 2012, 10:29:52 PM »
i like this 1. :fingerscrossed1:

Chalo than kal laitay hain tumharay kehnay pai ..waisay mainnay 17 wala 18.85 tak sale kardia tha ...i mean gain realised. ..by thurs and friday ..Now u saying to would be in ..
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline frazmunaf

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Re: HMB -- Habib Metropolitan Bank
« Reply #16 on: February 27, 2012, 10:35:24 PM »
i like this 1. but nt saying u 2 buy.

Offline kamal

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Re: HMB -- Habib Metropolitan Bank
« Reply #17 on: February 27, 2012, 10:37:50 PM »
i like this 1. but nt saying u 2 buy.


 ::) :biggthumpup: uyeh kia baat hui ...dear ...u like for gain ya silk ki tarah aik level tak uthao gay .. :skeptic:
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline kamal

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Re: HMB -- Habib Metropolitan Bank
« Reply #18 on: February 27, 2012, 10:38:38 PM »
i like this 1. but nt saying u 2 buy.

chalo as u wish ..buddy. :goodc:
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

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