IGI Securities Limited – BAFL: Earnings clocked in at PKR 1.25/share

Karachi, April 23, 2015 (PPI-OT): BAFL posted exceptional results for 1QCY15. The banks’ earnings clocked in at PKR 3.0bn (EPS: PKR 1.25) in 1QCY15 from PKR 1.7bn (EPS: PKR 0.71), up 76%YoY.

Key Financial Highlights: (i)59%YoY/6%QoQ growth in NII, (ii) 7%YoY decline in provisioning for advances, (iii) 1.24xYoY rise in gain on sale of securities, (iv) 17%YoY/9%QoQ upturn in administrative expenses.

NII of the bank augmented by 59%YoY to PKR 6.8bn in 1QCY15 against PKR 4.3bn in the corresponding period last year, this is on the back of increased exposure in high yield assets.

Non funded income of the bank grew by 5%YoY; however, year-on-year increase is mainly attributable to 1.24xYoY jump in gain on sale of securities to PKR 0.6bn in 1QCY15 from PKR 0.3bn in 1QCY14. Whereas, fee and commission income declined by 16%YoY to PKR 0.6bn compared to PKR 0.7bn in the comparative period last year.

Operating Expenses of the bank mounted by 16%YoY owing to increase in administrative expenses amounting to PKR 5.0bn in 1QCY15 to PKR 4.3bn in the last period, a jump of 17%YoY.


EFOODS: 1Q2015 financial highlights
(Rs m n) 1Q2015 1Q2014 YoY% 4Q2014 QoQ%
Net sales 12,576 10,037 25% 12,357 2%
Cost of sales 9,141 7,998 14% 9,937 -8%
Gross profit 3,435 2,039 68% 2,420 42%
Gross margins 27.3% 20.3% 7.0% 19.6% 7.7%
Dist and Admin expenses 1,576 1,442 9% 1,547 2%
Operating profit 1,827 568 222% 993 84%
Finance costs 267 253 5% 297 -10%
PBT 1,560 315 396% 659 137%
Taxation 491 95 417% 23 2063%
PAT 1,069 220 387% 636 68%
EPS 1.39 0.29 387% 0.83 68%

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