PRIME BANK LTD. An LBSL / JKSB Research Publication BDT : Yolan Seimon PROFILE FINANCIAL PERFORMANCE
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1 BDT : PRIMEBANK Share Price BDT Ordinary Voting Shares Free Float 57% 12 mth High/Low (BDT.) 744 / 568 Average Daily Volume (Shares) 38,872 Market Capitalisation (Voting) BDT. mn Price Performance (%) Yolan Seimon yolan@lbsbd.com yolan@jkstock.keells.com LankaBangla Securities Ltd DSE Annex building (1st Floor) 9/E, Motijheel C/A, Dhaka-1000 Bangladesh. Tel: , , Fax: lbsldhk@accesstel.net John Keells Stock Brokers (Pvt) Ltd Company No. PV , Glennie Street, Col. 2 Sri Lanka. Tel: /5, /7, Fax: jkstock@keells.com June 2008 PRIMEBANK Adjusted Price / Volume Graph Volume Price BDT 1-Jan-05 2-Mar-05 1-May Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun-08 Issued Share Capital (Shares) 1 mth 6 mth 12 mth DSI (1.02) PRIMEBANK (1.32) (5.41) (1.03) * Adjusted for bonus and rights issues ,437,500 18,086 Bangladesh Equities PRIME BANK LTD PROFILE Corporate Update Financial Net Income PAT EPS EPS Dividend DPS PER (x) P/BV Year (BDT.mn) (BDT.mn) (BDT) Growth Yield % BDT , (7.16) % ,235 1, % ,829 1, % E 5,626 1, % E 7,123 2, % E 9,054 2, % Prime Bank Limited began commercial operations in April 1995 with its flagship branch in the commercial area of Motijheel in the centre of Dhaka and has since grown steadily in its short history to become one of the country s largest and strongest private commercial banks with a network 61 branches as at December 2007 and an impressive ROAA of 1.99%. Prime Bank commenced Islamic Banking operations in December of 1995, while launching Investment Banking and Advisory services as a merchant banker in the year 2000 and being licensed as a primary dealer in The bank also expanded its services overseas, incorporating a fully owned subsidiary, Prime Exchange Co. Pte Ltd in Singapore in mid 2006 to provide remittance services to Bangladeshi nationals living in Singapore. In addition Prime Bank also opened its first off shore banking unit in 2007, with plans to open a further 3 units at other Export Processing Zones in Bangladesh in These units are in their nascent stages and whilst they have considerable potential, current contribution to earnings remains modest. FINANCIAL PERFORMANCE Earnings for the bank grew by 34% in FY07, augmented by a significant increase in investment income arising primarily from capital gains from the sale of listed securities. The bank continued to register strong loan growth of 30% for the year which was above the industry average, boosting interest income by 38%. The bank s loan book is at present predominantly weighted toward a corporate portfolio accounting for approximately 75% of its loan book, while retail and SME lendingaccounts for 15% and 10% respectively. While having acquired and consolidated a sound corporate loan portfolio over the last few years, the bank intends to focus its attention on aggressively penetrating the higher yielding retail and SME segment withthe intention of re aligning its loan book with retail and SME lending accounting for 40% and Corporate lending accounting 60% of its loan book by the end of This initiative is being supported by the roll out of new retail and SME products as well as the re-launch of existing products, reinforced by marketing efforts to expand its client base in each segment. An LBSL / JKSB Research Publication Page 1of 5
2 Much of the asset growth in the retail segment is expected to arise from housing and consumption loans as well as car loans while growth in the SME segment is expected to continue to arise primarily from the trading and manufacturing sectors in the form of both capital expenditure and working capital loans. The bank is expected to open approximately 8 to 9 new branches each year over the next three year which should see the bank continuing to record loan growth of 29% year on year over the next three years. Selected private banks such as Prime Bank and foreign banks continue to record above average asset growth as they continue to capture an increasing share of banking assets away from the largely undercapitalized and inefficient public banks. INTEREST INCOME Prime Bank continues to maintain consistent spreads although the sector as a whole has come under increasing pressure by the Bank of Bangladesh to narrow interest spreads. Net interest margins declined from 3.26% in 2006 to 2.97 on a moderate rise in deposit rates in 2007 but is expected to stabilize at those levels as the bank increases it asset exposure in the higher yielding retail and SME segment. This is despite the banks widening term deposit base and regulatory pressure to narrow spreads in the sector. Steady loan growth and a consistent spread is expected to result in a 32% rise in net interest income in Prime Banks ROAA increased to 1.99% on account of capitals gains on equity investments which is unlikely to be repeated in magnitude over the next two years, thus contributing to a modest decline in ROAA to 1.96% and 1.87% in 2008 and 2009 respectively. NON INTEREST INCOME The banks non interest income has grown at a CAGR of 36.4% over the last 5 years with earnings for fees and commission income consistently being the largest contributor. Steep gains in investment income in 2007 arising for capital gains on equity investments is not expected to repeat over the next few years. However sustained growth from trade finance activities and to a lesser extent from credit card and other value added services is expected to result in total non-interest income increasing by a moderate 5% in 2008 while increasing by 20% yoy in Non interest income is expected to continue to account for 50% of the banks operating income over the next 3 years. OPERATING EXPENSES Prime Banks cost to income ratio of 32.6 for 2007 ranks as one of the lowest among competing local private banks. The cost to income ratio is however expected to widen to 35.9% stemming from comparatively lower investment income expected in 2008 and a rise in operating expenses of approximately 28% stemming from branch expansion, and a consequent increase in staff numbers from its existing cadre of 1,400 employees along with the continued maintenance of a competitive wage and bonus payout. The bank is in the process of rolling out a new core banking software TEMENOS T24 from Temenos Holdings, NV Netherlands across its entire branch network. The software is expected Page 2 of 5
3 to further help streamlining and automation of internal processes. This along with continued management focus on cost controls is expected tohelp retain the banks cost to income ratio at approximately 35% over the next two years. CREDIT RISK Prime Banks lending portfolio is fairly broad based, diversifying its credit risk across key growth sectors. Absolute NPL s stood at 1.35% in 2007 up from 0.82% in The banks roll out of the new core banking software TEMENOS T24 is expected to improve credit monitoring and selection going forward in addition to existing controls and prudent measures in the loan approval and monitoring process. Absolute NPLs are expected to rise year on year but despite this, the banks NPL ratio is expected to remain intact at current levels given the banks above average loan growth. The banks provision cover for 2007 stood at a comfortable 177%, following guidelines on general provisioning requirements of the Bank of Bangladesh. We expect provision expense to moderate over the coming years on the assumption that the bank would seek to retain its fairly strong provision cover on classified loans at present levels. FUNDING AND CAPITAL Prime Banks lending portfolio continues to be funded primarily by its deposit base. The bank records a loan to deposit ratio of 71.8% while recording a deposit to liability ratio of 97.6%. This is in line with the banks credit disbursement principles of financing advances from its deposit base. The banks steady expansion of the branch network will further augment the deposit base giving it further access to low cost deposits. The deposit mix is weighted toward term deposits accounting for 73% of deposits while current deposits and savings deposits account for 15% and 8% of total deposits respectively. The bank may consider issuing debt instruments in raising Tier 2 capital going forward inorder to optimise its funding mix. The bank continues to readily comply with both the 5% cash reserve ratio and the statutory liquidity ratio (SLR) of 18%. The banks SLR as at December 2007 stood at 23.6%. The banks capital adequacy continues to remain healthy with Tier 1 capital amounting to 9.50% and Total Capital Adequacy at 11.50% comfortably above the minimum requirement of 5% and 10% for Tier 1 and Total Capital Adequacy respectively. The bank does not require any significant capital infusion at present given the banks ROAE 30.7% in 2007 and aprojected ROAE of 27.4% in 2008, along with a yoy growth in advances of just 29%. Page 3 of 5
4 VALUATIONS Prime Bank has consistently exhibited strong fundamentals that are superior to industry norms and other peers in the private commercial banking sector. An expected earnings growth of 23.9% and 27.7% in FY08 and FY09 respectively corresponds to a forecast P/E of 10.43x and 8.17x at a current market price of BDT 636/-. The counter is currently trading at a 45% discount to the market and a 35% discount to the banking sector. Given its proven asset quality, low cost to income ratios, healthy loan growth and impressive earnings record we believe that such a discount is unwarranted. Ratio Analysis E 2009E 2010E ROE 20.2% 27.2% 26.6% 22.2% 21.0% 20.5% ROAE 20.2% 31.4% 30.7% 26.5% 24.1% 23.5% ROAA 1.37% 2.05% 1.99% 1.91% 1.91% 1.96% NIM 3.20% 3.26% 2.97% 2.91% 2.98% 3.13% Fee Income / Operating Income 51% 54% 61% 55% 53% 50% Cost / Income Ratio 36.8% 34.3% 32.6% 35.9% 35.6% 35.2% Cost / Average Assets 2.13% 2.17% 2.24% 2.22% 2.19% 2.16% Tier % 8.71% 9.50% 9.56% 10.19% 10.62% Loan Growth 37.5% 20.5% 33.5% 28.6% 29.1% 29.2% Asset Growth 27.2% 46.7% 30.7% 28.2% 26.6% 28.3% RWA Growth 38.4% 39.0% 25.2% 47.2% 26.6% 28.3% Loan/ Deposits 86.6% 68.7% 71.1% 71.8% 73.4% 73.9% Loan / Assets 76.9% 63.2% 64.5% 64.7% 66.0% 66.4% Deposit / Liabilities 95.2% 98.1% 97.2% 97.6% 97.8% 98.2% Equity / Assets 6.8% 6.3% 6.6% 7.7% 8.2% 8.5% NPL Ratio 0.97% 0.95% 1.51% 1.52% 1.52% 1.52% NPL Coverage 159.6% 232.4% 176.7% 177.5% 177.9% 172.0% Cost / Branch Rev. / Employee Personnel Cost / Average Assets 1.1% 1.1% 1.0% 1.0% 1.0% 1.0% Page 4 of 5
5 Income Statement E 2009E 2010E For the Year Ended 31st December BDT. 'mn BDT. 'mn BDT. 'mn BDT. 'mn BDT. 'mn BDT. 'mn Interest Income 3,446 5,199 7,171 9,775 12,615 16,293 Interest Expense (2,271) (3,698) (5,267) (7,266) (9,258) (11,792) Net Interest Income 1,175 1,500 1,904 2,508 3,357 4,501 Investment Income ,294 1,139 1,367 1,640 Commission, exchange and brokerage 727 1,001 1,211 1,454 1,745 2,093 Other Operating income Total Operating Income 2,406 3,235 4,829 5,626 7,123 9,054 Less Operating Expenses Salaries and Allowances ,174 1,468 Rent, Taxes, Insurance, Electricity etc Postage, stamp, telecommunication etc Depreciation & Repair of Bank's assets Stationary, Printing, Advertising etc Other Expenses Total Expenses 886 1,109 1,574 2,019 2,535 3,183 Profit from Operations Before Provisions 1,520 2,127 3,255 3,607 4,588 5,871 Provision Expenses Profit before Tax 1,201 1,737 2,345 3,152 4,024 5,262 Less : Tax ,418 1,811 2,368 Net profit for the year 568 1,047 1,399 1,734 2,213 2,894 Balance Sheet E 2009E 2010E As at 31st December BDT. 'mn BDT. 'mn BDT. 'mn BDT. 'mn BDT. 'mn BDT. 'mn Assets Cash in Hand ,100 1,350 Balance with Bangladesh Bank 3,078 3,669 4,758 3,913 4,833 6,233 Balance with other banks and FI's 403 1,114 2,422 5,392 4,995 5,595 Money at call notice 1,180 1,490 Investment in Government securities 3,823 7,674 12,090 15,082 18,985 24,265 Investment in other securities ,027 1,335 Loans, cash credits, overdrafts etc. 28,995 41,308 53,815 69,959 90, ,231 Bills purchased and discounted 2,921 3,703 3,967 4,448 5,116 5,883 Fixed assets ,119 1,455 Other assets ,070 1,392 Total Assets 41,506 60,898 79, , , ,738 Liabilities and Capital Liabilities Borrowings Current Deposits 5,945 8,261 10,622 13,539 17,059 21,836 Bills Payable ,145 1,465 1,875 2,438 Savings Deposits 3,493 4,126 6,027 7,715 9,875 12,838 Fixed Deposits 25,915 41,809 52,750 66,993 84, ,046 Other Liabilities 1,730 1,972 3,416 4,099 4,918 5,902 Total Liabilities 38,698 57,042 74,350 94, , ,653 Shareholders Funds Paid up Capital 1,400 1,750 2,275 2,844 2,844 2,844 Statutory Reserve 1,056 1,404 1,874 2,595 3,513 4,687 Revaluation Gain 14 Retained earnings ,106 2,370 4,180 6,554 2,808 3,856 5,268 7,809 10,537 14,085 Total Liabilities and Shareholders funds 41,506 60,898 79, , , ,738 This document is published by LankaBangla Securities Ltd and John Keells Stock Brokers (Pvt) Ltd for the exclusive use of their clients. All information has been compiled from available documentation and LBSL's and JKSB s own research material. Whilst all reasonable care has been taken to ensure the accuracy of the contents of this document, neither LBSL or JKSB nor its employees can accept responsibility for any decisions made by investors based on information herein. Page 5 of 5
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