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Our banks detailed analysis for CY05 has made us come up with four banks as our favourite picks for the sector. The sector has outperformed for the FY05 where the deposits have grown almost by 135% and the advances have increased by 40% for the FY05 as compared to FY04. Despite of the maintained ADR, the Net interest income has grown
by 79% whereas the average Return on Equity was26% for the FY05 and the averageP/ BV stays at2. 98.
or FY 06, assuming 40% growth in net interest income against 150% growth for FY 04-FY 05, the bank is trading at the PE of 8.24. A pplying the multiple of 11.5, which is at premium to the sector\u2019s average multiple o
Allied Bank Limited has posted its ever-highest profit after tax in its history. The PAT has increased from Rs 192 million in FY04 to Rs 3,033 million in FY05 showing phenomenal growth in its PAT by 1,482 percent. The profit before tax for FY05 is Rs 4,777 million that is an improvement of 892 percent over the profit before tax for the FY04. The diluted EPS for the FY05 is
ABL showed an increase in its advances by 87 percent against the sector\u2019s average growth of 40% whereas the deposits showed a growth of 128 percent. Its Advance/ Deposit ratio comes to 69 percent and he Net Interest Income of the bank has increased by 148 percent that constitutes to about 79 percent of the Gross Income of ABL
Our projected earnings for FY06 is Rs.13.2 assuming 28% growth in net interest income the bank is trading at the PE of 10.6, slight below the sector\u2019s averag
The bank has posted the profit after tax of Rs 2,021 million in FY05 showing 5% growth from FY04 mainly due to the heavy provisioning. The diluted EPS for the FY05 is 10.08. ACBL is currently trading at a PE multiple of 9.9 which is at discount to the banking sector PE multiple of 11.6 based on FY05 earnings consequential to he lower growth as compared to the other banks in
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