JS Securities Limited – NBP: 1Q2015 EPS stood at Rs1.54

Karachi, April 29, 2015 (PPI-OT): National Bank of Pakistan (NBP) announced its 1Q2015 result today posting a PAT of Rs3.28bn (EPS: Rs1.54), against PAT of Rs3.15bn reported in 1Q2014. Core earnings net of provisions came in line with JS Securities Limited’s expectations; however surprise to the street was the hefty gains on sale of securities.

NBP clocked in 4% YoY growth in 1Q2015 bottom-line owing to (1) 22% YoY jump in net interest income (NII) and (2) 40% YoY growth in non-interest income. The expected bulky provisions of Rs3.3bn were netted by the non-recurring capital gains of Rs3.5bn.

At current levels the stock is trading at 2015E P/B of 0.70x, respectively. JS Securities Limited maintains JS Securities Limited’s ‘Hold’ call on the stock with a Target Price of Rs68.

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