Bangladesh NBFIs Sector 9M of 2019 Earnings Update

NBFIs Sector of Bangladesh
9M of 2019 Earnings Update

21st November, 2019
Table of Contents
01 Overview- Bangladesh NBFIs Sector

(Page 1-9)
Industry Fundamentals
Observations on Overall Industry
Rebased Performance: NBFIs vs DSEX
Performance Based Ranking for 9M of 2019
Top performers at a glimpse (9M of 2019)
Financial Position Updates
Income Statement Updates
Graphical Presentation of Selected Indicators
02 Comparative Snapshot & Ranking

Criteria (Page 10-11)
Comparative Snapshot of Listed NBFIs
Performance Ranking Criteria
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03 Performance of Listed NBFIs t

in 9M of ’19 (Page 12-16) W
Financial Analysis of Listed NBFIs (9M ’19) o
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Sample Customer Requirements
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NBFIs Sector of Bangladesh: 9M of ‘19 Earnings Update Date: 21st November, 2019
Slow growth in loans & advances, deposit collections and huge fall in operating earnings in the 9M of ’19
accelerating the distress of the overall business performance of NBFIs.
Industry Fundamentals (only listed in DSE) 1. Amid growing public distrust and series of scams in the
Number of Listed NBFIs 23 NBFI sector, deposits decreased by 6.31% in June ’19
Market Cap. (in BDT mn) 142,097.3 from that of December ’18, Loans and Leases remained
Financial Position (in BDT mn) 2018 2018 Q3 2019 Q3
flat during the same period.
2. At the end of H1 ’19, defaulted loans in Non-Bank
Loans & Advances 541,148 525,193 544,932
Financial Institutions (NBFI) stood at BDT 73,200 mn
Investment 149,699 142,523 139,751 (excluding BDT 7,480 mn non-performing loans of
Deposits 506,398 516,008 501,391 PLFSL, if that he figure is considered, the amount of
Total Assets 833,199 812,544 828,306 defaulted loans in the NBFI sector stands at BDT 80,680
Total Liabilities 736,509 717,876 743,093 mn) which was BDT 54,600 mn by the end of December,
2018. Current NPL (as on June ’19) is 11.0% which was
Total Equity 96,042 97,274 84,564
7.9% by the end of December ’19.
Inc. Statement (in BDT mn) 2018 2018 9M 2019 9M 3. Profitability ratios i.e. ROA and ROE also show
Interest Income 68,626 49,358 53,583 descending trend. By the end of June ’19, sector ROA
Interest Expense 56,571 41,520 46,710 stood at 0.20% and ROE was 1.80% compared to 0.60%
Net Interest Income 12,055 7,838 6,872 and 4.60% respectively by the end of 2018 and 2.00%
Income from Investments 9,913 7,936 5,586 and 15.20% by the end of 2017.
4. Besides PLFSL, a rising volume of defaulted loans
Comm. Exch. and Brokerage 3,547 2,665 2,262
(around 98% loans have become defaulted, thus
Other Operating Income 2,501 1,696 1,703 refrained from disbursing fresh loan) in Bangladesh
Total Operating Income 28,016 20,136 16,423 Industrial Finance Company (BIFC) has also prompted
Total Operating Expenses 11,683 8,460 9,101 the central bank to seek finance ministry’s approval for
Total Provisions 3,545 2,749 3,149 the liquidation of the entity. Though the ministry is yet
to respond to this plea made by BB.
NPAT 8,295 5,726 1,369
5. Bangladesh Bank conducted stress tests on FIs based on
Key Ratios 2018 2018 9M 2019 9M
a simple sensitivity analysis where four risk factors like:
EPS (BDT) 1.65 0.75 0.26 credit, interest rate, equity price and liquidity at the end
NAVPS (BDT) 19.15 20.38 17.15 of June ’19 and concluded that among 33 NBFIs (PLFS's
NPL ratio* (%) 7.9% 11.2% 11.0%* post-liquidation regime now there are 33 NBFIs
Operating Efficiency (%) 37.2% 34.9% 47.6% operating in the country), only 4 were positioned in
green zone, 18 and 11 were positioned in yellow and red
Net Interest Margin (%) 2.6% 2.3% 1.9%
zone respectively.
ROA (%) 0.8% 0.5% 0.2% 6. Bangladesh Bank appointed ‘Observers’ in 3 distressed
ROE (%) 9.0% 5.8% 2.5% NBFIs but none of them are acting as ‘Observer’ in those
Debt-Equity Ratio (%) 751.8% 806.1% 996.9% NBFIs. Observer at BIFC wasn’t reappointed after
Operating Profit Margin (%) 7.2% 5.9% 4.1% promotion, because of illness observer at First Finance
Other Income to Total Income 31.0% 21.4% 44.0%
Limited stopped discharging duty and following the
appointment of liquidator, ‘Observer’ in PLFSL has
 As per the Central Bank, NPL ratio for the whole NBFIs Industry was 11.2% in Sep ’18, become inoperative now.
7.9% in December ’18 and 11.0% in Jun ’19.
 While calculating Industry Average, the outliers have been excluded.
 The Industry fundamentals data refers to the data of listed NBFIs in the Capital market
while the comments and overview on the Industry includes the overall NBFIs Industry
of the country.
1 EBL Securities Limited Research

Rebased Performance: NBFIs Vs DSEX

Rebased Performance of NBFIs (9M of '19)
120.00
110.00
100.00
90.53
90.00
80.00
79.35
70.00
1-Jan-19 31-Jan-19 2-Mar-19 1-Apr-19 1-May-19 31-May-19 30-Jun-19 30-Jul-19 29-Aug-19 28-Sep-19
DSEX NBFIs
The correlation of the price movement of NBFIs Sector with the Market (DSEX) seemed positive in 9M of 2019 whereas
the deviation had widen slightly in Aug to Sep ‘19. Inclusively, the NBFIs sector underperformed compared to the DSEX
in 9M of ‘19 (presented on the above graph). The Market lost 9.5% where the NBFIs Sector lost 20.7% in 9M of ‘19
which can be considered as a huge loss for the industry. On the other hand, the Correlation of the price movement of
NBFIs Sector with the Market (DSEX) also seemed positive in Q3 of 2019. Inclusively, the NBFIs sector underperformed
considerably compared to the DSEX in the three months period (Jul to Aug) of 2019.
Rebased Performance of NBFIs (Q3 '19)

105.00
100.00
95.00 91.88
90.00
85.00 85.63
80.00
2-Jul-19 17-Jul-19 1-Aug-19 16-Aug-19 31-Aug-19 15-Sep-19 30-Sep-19
DSEX NBFIs

Ranking of NBFIs in Terms of Performance in Q1, H1 & 9M of 2019

The Ranking has been designed by assigning equal weights on particular eight criteria by EBL Securities Research
Team. We do not recommend any specific NBFIs for Investment purposes based on this ranking. The considered
criteria are EPS (Paid-up capital adjusted), Cost to Income Ratio (Operating Efficiency), Return on Equity, Return on
Assets, Operating Profit Margin, Net Interest Margin, NPL Ratio (2018/2018-19) and Dividend Yields (2018/2018-19).
Q1, 2019 H1, 2019 9M, 2019

Rank NBFIs Ratings Rank NBFIs Ratings Rank NBFIs Ratings
1 DBH 72.79 1 UTTARAFIN 72.79 1 UTTARAFIN 75.46
2 UTTARAFIN 59.43 2 DBH 59.43 2 DBH 58.85
3 GSPFINANCE 58.28 3 GSPFINANCE 58.28 3 GSPFINANCE 58.16
4 IDLC 55.12 4 IDLC 55.12 4 IDLC 52.47
5 IPDC 38.93 5 IPDC 38.93 5 UNITEDFIN 36.39
6 UNITEDFIN 36.53 6 UNITEDFIN 36.53 6 IPDC 34.05
7 ICB 35.94 7 NHFIL 35.94 7 NHFIL 32.92
8 ISLAMICFIN 28.86 8 ISLAMICFIN 28.86 8 ISLAMICFIN 29.77
9 NHFIL 28.82 9 LANKABAFIN 28.82 9 LANKABAFIN 26.30
10 LANKABAFIN 19.62 10 ICB 19.62 10 PHOENIXFIN 15.18
11 PHOENIXFIN 17.05 11 PHOENIXFIN 17.05 11 BDFINANCE 13.61
12 PRIMEFIN 16.90 12 BDFINANCE 16.90 12 BAYLEASING 12.79
13 MIDASFIN 13.46 13 BAYLEASING 13.46 13 ILFSL 9.34
14 BDFINANCE 10.93 14 FASFIN 10.93 14 FASFIN 8.85
15 BAYLEASING 8.11 15 ILFSL 8.11 15 PRIMEFIN 6.22
16 PREMIERLEA 7.88 16 PRIMEFIN 7.88 16 PREMIERLEA 5.63
17 FASFIN 7.17 17 UNIONCAP 7.17 17 BIFC 4.86
18 ILFSL 5.21 18 BIFC 5.21 18 MIDASFIN 4.37
19 UNIONCAP 4.98 19 PREMIERLEA 4.98 19 UNIONCAP 3.00
20 BIFC 4.68 20 MIDASFIN 4.68 20 ICB 0.92
21 FAREASTFIN 0.25 21 FAREASTFIN 0.25 21 FAREASTFIN 0.25
22 FIRSTFIN - 22 FIRSTFIN - 22 FIRSTFIN -
Notes:
1. PLFSL has been excluded while calculating Industry Average and has not been presented in this report as this company is on the way of liquidation.
2. For the proper comparison purpose, all the required data of ICB has been restated for the 9 month period of 2019 (Jan to Sep). In 9 month period of 2019, the
performance of ICB was not remarkable as per the restated data of 9M of 2019. The previous rating in 9M OF of 2019 was based on the real time disclosure of
their financial statements which was not in line with all other NBFIs in the industry. To solve this issue, we restated ICB financial statements and the rating in 9
month period dropped significantly.

Top performers at a glimpse (9M of 2019)
Net Profit after Tax (NPAT)

•IDLC had the highest NPAT of BDT 1,308 mn in 9M of 2019 followed by UTTARAFIN's NPAT of BDT 1,043 mn &
DBH's NPAT of BDT 820 mn.
NPAT Growth
• BAYLEASING has noted highest 223.5% growth (YOY) in NPAT in 9M of 2019. BAYLEASING has attained this
remarkable growth in 9M of '19 as their earnings was negative in 9M of '18. PREMIERLEA recorded 121.7% (YOY)
& PRIMEFIN recorded 104.3% growth (YOY) in NPAT in 9M of 2019.
Earnings Per Share (EPS)

• In 9M of 2019, UTTARAFIN, DBH & IDLC were the best performers in terms of generating highest EPS. They
recorded BDT 8.33, 6.12 & 3.47 EPS respectively.
Net Interest Income Growth

• In 9M of 2019, PRIMEFIN has recorded 162%, BDFINANCE 37% & BAYLEASING 32% growth (YOY) in net interest
income.
Net Interest Margin

• GSPFINANCE has recorded highest net interest margin of 6.5% in 9M of 2019 whereas UTTARAFIN was in the que
with 6.1% margin followed by UNITEDFIN having 5.8% net interest margin.
Operating Effciency Ratio

• UTTARAFIN turns out to be the most efficient NBFIs in 9M of 2019 with 8% efficiency ratio followed by
GSPFINANCE's 15% & DBH's 27% efficiency ratio.
Return on Equity (ROE)

• DBH has logged 20% ROE in 9M of 2019 whereas UTTARAFIN was in the rally with 18% ROE along with IDLC
having 13% ROE.
Return on Assets (ROA)

• UTTARAFIN has noted 3.2% ROA in 9M of 2019 while GSPFINANCE and DBH recorded 2.2% and 1.8%
respectively.

Financial Position Updates

Loans & Advances
• The lending activities were merely accelerated by 3.8% (YOY) and 0.7% (YTD) in 9M of 2019 to affiliate with
dwindling deposit collection in the same periods. The total sector’s Loans & Advances mounted at BDT 544.93 bn
as on Sep 2019 comapred to BDT 525.19 bn as on Sep 2018 and BDT 541.15 bn in December 2018.
Deposits
• In the competitve run of deposit collection with the banks, the overall NBFIs industry failed to grow their
portfolio. The total Deposit of the NBFIs Sector logged -2.8% (YOY) and -1.0% (YTD) growth in 9M of 2019. The
total Deposits stood at BDT 501.39 bn as on Sep 2019 compared to BDT 516.01 bn as on Sep 2018 and BDT 506.40
bn in December 2018.
Total Assets & Liabilities
• The total Assets of the NBFIs industry logged 1.9% growth (YOY) and -0.6% growth (YTD) in 9M of 2019 which
was backed by the restrained growth in Loans & Advances. On the other hand, total liabilities of the sector
recorded 3.5% (YOY) and 0.9% (YTD) growth in 9M of 2019.
Income Statement Updates

 Net interest income decreased by 13.2% YoY in 9M of ‘19 while net interest margin stood at 1.89% in 9M of ’19
compared to 2.27% in 9M of ‘18. Overall Interest Expense has increased in 9M of ‘19 due to the higher weighted
average cost of deposit. Moreover, NBFIs are running less efficiently in 9M of 2019 with 47.6% efficiency ratio
compared to 34.9% efficiency ratio in 9M of 2018.
 Most of the NBFIs experienced negative growth in the Income from Investments due to the low-spirited performance
of the capital market in 2019 so far. The Sector recorded 29.6% YOY de-growth in Investment Income in the aforesaid
period. Besides, Commission, Exchange & Brokerage income was decreased by 15.1% (YoY) in 9M of 2019.
 Total operating income decreased by 18.4% (YoY) in 9M of 2019 and total operating expense increased by 7.6% (YoY)
in 9M of 2019.
 The NBFIs sector has provisioned BDT 3,149 mn against classified loans in 9M of ’19 compared to BDT 2,749 mn in 9M
of ‘18.
 Net Profit after Tax stood at BDT 1,369 mn in 9M of ’19 compared to BDT 5,726 mn in 9M of ’18.
Graphical Presentation & Summarized Performance of NBFIs

 Pages 6 to 9 presents the Graphical Presentation of the performance of the NBFIs in 9M of 2019. The key performance
indicators like Net Profit after Tax (NPAT), NPAT Growth, Earnings per Share, Net Interest Income Growth, Net Interest
Margin, Operating Efficiency Ratio, Return on Asset, Return on Equity, Operating Profit Margin, Total Deposits, Total
Loans & Advances and Net Asset Value per Share have been presented there.
 Annexure 1 at page 10 presents the Comparative Snapshot of the listed NBFIs based on the performance of 9M of ’19.
 Annexure 2 at page 11 presents the Ranking criteria of NBFIs for 9M of 2019.
 Annexure 3 (at page 12 to 16) presents the overall performance database of NBFIs in 9M of 2019.
 While calculating Industry Average, PLFSL has not been considered and the outliers have been excluded.
 All the NBFIs have not been presented in each graphs of the selected indicators for their extreme outlier values.

-15.0%
-5.0%
15. 0%
25. 0%
35. 0%
45. 0%
5.0 %
30%
80%
-70%
-20%
130 %
-7.0%
-5.0%
-3.0%
-1.0%
1.0 %
3.0 %
5.0 %
7.0 %
UNIONCAP -12.9% UNIONCAP -67%
FAREASTFIN -6.0%
MIDASFIN -4.2% FASFIN -37%

FIRSTFIN -4.4%
PHOENIXFIN -36%
PRIMEFIN -3.3% BAYLEASING 0.8%
ICB -31%
BAYLEASING -2.6% UNIONCAP 1.1%
PREMIERLEA -27%
PREMIERLEA 1.3%
LANKABAFIN -1.6%
MIDASFIN -17%
MIDASFIN 1.5%
PREMIERLEA 1.8%
NHFIL -16%
ILFSL 1.5%
ILFSL 6.1%
ILFSL -14%

FASFIN 1.6%
PHOENIXFIN 6.2%
GSPFINANCE -12%
PRIMEFIN 1.9%
ISLAMICFIN 6.7%
NII Growth
DBH 2%
Graphical Presentation of Selected Indicators
PHOENIXFIN 2.1%
NBFIs Sector of Bangladesh: 9M of ‘19 Earnings Update
Net Interest Margin
Operating Profit Margin

FASFIN 7.0% BIFC 6%
ISLAMICFIN 2.7%
BDFINANCE 10.6% ISLAMICFIN 7%

BDFINANCE 3.5%
UNITEDFIN 12.4% NHFIL UNITEDFIN 11%

3.8%
Industry Average
Net Interest Margin- 9M '19 (%)
Industry Average
DBH LANKABAFIN 12%
3.9%
Industry Average
IPDC 14.5%
Operating Efficiency Ratio- 9M '19 (%)

IDLC 13%
Net Interest Income Growth- 9M '19 % (YoY)
NHFIL 16.8% LANKABAFIN 3.9%
IPDC 3.9% UTTARAFIN 16%

IDLC 17.1%
IDLC 5.3% IPDC 24%
DBH 18.7%
UNITEDFIN 5.8% BAYLEASING 32%
GSPFINANCE 40.2%
UTTARAFIN 6.1% BDFINANCE 37%
UTTARAFIN 45.3%
GSPFINANCE 6.5% PRIMEFIN 162%
Date: 21st November, 2019
30%
80%
-70%
-20%
130 %
1.0 %
3.0 %
5.0 %
7.0 %
-7.0%
-5.0%
-3.0%
-1.0%
4.12%
1.9%
-13%
2.00
5.00
8.00
200
800
(7 .00)
(4 .00)
(1 .00)
1,40 0
(4 00)
-160.0%
-40.0%
200 .0%
80. 0%
FAREASTFIN (6.08) ICB -153.7% FIRSTFIN (382)
BIFC (4.79)
ILFSL -80.0% UNIONCAP (226)
FIRSTFIN (3.29)
FASFIN -55.9% MIDASFIN (154)
ICB (1.69)
PHOENIXFIN -28.9% PREMIERLEA 13
UNIONCAP (1.31)
IDLC -28.2% PRIMEFIN 20
MIDASFIN (1.14)
BDFINANCE -16.6% FASFIN 23

PRIMEFIN 0.07
PREMIERLEA 0.09 UNITEDFIN -15.4% BDFINANCE 23
ILFSL 0.11

GSPFINANCE -9.0% ILFSL 25
BDFINANCE 0.14
FIRSTFIN BAYLEASING 35
EPS
-4.2%
NPAT
NPAT Growth
FASFIN 0.15
PHOENIXFIN 124
DBH 1.2%
BAYLEASING 0.26
NHFIL 2.5% ISLAMICFIN 131
LANKABAFIN 0.52
UTTARAFIN 3.6% GSPFINANCE 165
PHOENIXFIN
Industry Average
0.89
Industry Average
NPAT Growth- 9M '19 % (YoY)
Industry Average
ISLAMICFIN BIFC 13.3% NHFIL 170
0.94
Earnings Per Share- 9M '19 (BDT)

Net Profit after Tax- 9M '19 (BDT mn)
UNITEDFIN 0.95 ISLAMICFIN 25.0% UNITEDFIN 178
GSPFINANCE 1.27 LANKABAFIN 268

IPDC 56.1%
NHFIL 1.45
LANKABAFIN 100.0% IPDC 446
IPDC 1.52
PRIMEFIN 104.3% DBH 820
IDLC 3.47
PREMIERLEA 121.7% UTTARAFIN 1,043
DBH 6.12
BAYLEASING 223.5% IDLC 1,308
UTTARAFIN 8.33
200
800
(4 00)
1,40 0
62
2.00
5.00
8.00
(7 .00)
(4 .00)
(1 .00)
0.26
-11.9%
-2.0%
-1.0%
0.0 %
1.0 %
2.0 %
3.0 %
4.0 %
-15.0%
-5.0%
15. 0%
25. 0%
35. 0%
45. 0%
5.0 %
10%
15%
20%
25%
0%
5%
-20%
-15%
-10%
-5%
UNIONCAP -12.9% MIDASFIN -1.8%
MIDASFIN -16%
MIDASFIN -4.2% UNIONCAP -1.4% UNIONCAP -15%
ICB -0.9% ICB -8%

PRIMEFIN -3.3%
ILFSL 0.1% PREMIERLEA 1%

BAYLEASING -2.6%
PREMIERLEA 0.1% PRIMEFIN 1%

LANKABAFIN -1.6%
FASFIN 0.2% ILFSL 1%
PREMIERLEA 1.8%
BDFINANCE 0.2% BDFINANCE 1%
ILFSL 6.1%
FASFIN 2%

PRIMEFIN 0.2%
PHOENIXFIN 6.2%
BAYLEASING 2%
BAYLEASING 0.3%
ROE
ROA
ISLAMICFIN 6.7%
LANKABAFIN 4%
LANKABAFIN
0.4%
Operating Profit Margin

FASFIN 7.0% PHOENIXFIN 6%
PHOENIXFIN 0.6%
BDFINANCE 10.6% BIFC 8%
IPDC 1.0%
Industry Average
Industry Average
UNITEDFIN 12.4% UNITEDFIN 8%
Return on Assets- 9M '19 (%)
Return on Equity- 9M '19 (%)
ISLAMICFIN 1.1%
GSPFINANCE 8%
Operating Profit Margin- 9M '19 (%)
Industry Average
IPDC 14.5%
UNITEDFIN 1.1%
ISLAMICFIN 9%
NHFIL 16.8%
NHFIL 1.2%
IPDC 11%
IDLC 17.1% IDLC 1.5%
NHFIL 12%
DBH 18.7% DBH 1.8%
IDLC 13%
GSPFINANCE 40.2% GSPFINANCE 2.2%
UTTARAFIN 18%
UTTARAFIN 45.3% UTTARAFIN 3.2%
DBH 20%
0.0 0%
1.0 0%
2.0 0%
3.0 0%
4.0 0%
-2.00%
-1.00%
0.23%
3%
4.12%
-
-
10.0
20.0
30.0
40.0
50.0
60.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
-
20.0
40.0
60.0
80.0
100 .0
FAREASTFIN 1.1 GSPFINANCE 2.9 GSPFINANCE 7.8
FIRSTFIN 4.1 FAREASTFIN 4.8 BIFC 8.3
PRIMEFIN 8.8 BIFC 5.3 FIRSTFIN 8.8
MIDASFIN 9.6 PRIMEFIN 5.7 FAREASTFIN 9.2
FIRSTFIN 5.9 PRIMEFIN 9.4

UNIONCAP 12.0
MIDASFIN 6.3 MIDASFIN 9.6
ILFSL 12.8
BAYLEASING 6.5 PREMIERLEA 12.3
FASFIN 13.7
PREMIERLEA 8.2 BAYLEASING 12.5
ISLAMICFIN 14.0
FASFIN 8.4 ISLAMICFIN 12.5

BDFINANCE 15.4
BDFINANCE 8.9 NHFIL 13.4
IPDC 15.5
NAVPS
Deposits
UNIONCAP 11.8 BDFINANCE 13.5
Loans & Advances
NHFIL 15.7
ISLAMICFIN 12.6 UNIONCAP 14.3

UNITEDFIN 16.6
UNITEDFIN 13.8 UNITEDFIN 15.8
LANKABAFIN 18.1
NHFIL 13.9
FASFIN 17.8
Industry Average
Industry Average
PREMIERLEA 18.5
Deposits- as on Sep '19 (BDT bn)
UTTARAFIN 19.1
PHOENIXFIN 26.4
Industry Average
Loans & Advances- as on Sep '19 (BDT bn)
BAYLEASING 18.7
PHOENIXFIN 19.3
ICB 32.4
PHOENIXFIN 21.5 ILFSL 27.1
Net Asset Value per Share- as on Sep '19 (BDT)

UTTARAFIN 34.3
GSPFINANCE 22.3 IPDC 42.6
ILFSL 39.2
ICB 27.1 DBH 45.3
DBH 44.2
IDLC 36.1 LANKABAFIN 49.4
IPDC 47.9
DBH 41.5 IDLC 77.2
LANKABAFIN 68.5
UTTARAFIN 61.3 ICB 106.6
IDLC 86.8
23
17.2
25
Annexure: 1
The Comparative snapshot of NBFIs in Terms of Performance in 9M of 2019
The following table shows the comparison of different indicators of the listed NBFIs in terms of performance in 9M of
2019. The indicators are Earnings per share (BDT), Cost to Income Ratio (%), Return on Equity (%), Return on Asset (%),
Operating Profit Margin (%), Net Interest Margin (%), NPL Ratio (2018/2018-19) and Dividend Yields (2018/2018-19).
Comparative Snapshot of listed NBFIs

NBFIs Cost to NPL Div.
EPS ROE OPM ROA NIM
Income Ratio Yields
BAYLEASING 0.26 70.0% 1.8% -2.6% 0.3% 0.8% 9.5% 4.9%
BDFINANCE 0.14 72.4% 1.2% 10.6% 0.2% 3.5% 4.4% n/a
BIFC (4.79) -10.3% 7.6% -380.1% -6.9% -7.8% 97.0% n/a
DBH 6.12 27.4% 19.7% 18.7% 1.8% 3.9% 0.3% 1.9%
FAREASTFIN (6.08) -20.8% -710.4% -149.1% -12.0% -6.0% 15.3% n/a
FASFIN 0.15 52.2% 1.5% 7.0% 0.2% 1.6% 15.2% n/a
FIRSTFIN (3.29) -94.2% -107.1% -151.0% -5.1% -4.4% n/a n/a
GSPFINANCE 1.27 15.0% 7.6% 40.2% 2.2% 6.5% 8.2% 8.8%
ICB (1.69) 122.7% -8.3% -250.5% -0.9% -21.9% 29.6% n/a
IDLC 3.47 44.3% 12.8% 17.1% 1.5% 5.3% 2.2% 5.0%
ILFSL 0.11 36.8% 1.2% 6.1% 0.1% 1.5% 4.6% n/a
IPDC 1.52 45.0% 10.9% 14.5% 1.0% 3.9% 2.1% 1.8%
ISLAMICFIN 0.94 40.4% 8.9% 6.7% 1.1% 2.7% 3.8% 5.9%
LANKABAFIN 0.52 65.2% 3.9% -1.6% 0.4% 3.9% 3.4% 6.8%
MIDASFIN (1.14) 77.0% -15.9% -4.2% -1.8% 1.5% 12.5% n/a
NHFIL 1.45 34.4% 12.3% 16.8% 1.2% 3.8% 4.2% 2.1%
PHOENIXFIN 0.89 51.8% 5.5% 6.2% 0.6% 2.1% 5.8% n/a
PREMIERLEA 0.09 66.7% 0.7% 1.8% 0.1% 1.3% 25.6% n/a
PRIMEFIN 0.07 106.3% 0.8% -3.3% 0.2% 1.9% 17.1% n/a
UNITEDFIN 0.95 55.8% 7.6% 12.4% 1.1% 5.8% 3.0% 5.6%
UNIONCAP (1.31) 176.5% -14.5% -12.9% -1.4% 1.1% 9.7% n/a
UTTARAFIN 8.33 7.8% 18.1% 45.3% 3.2% 6.1% 9.9% 3.1%
***Note: The Companies are in Alphabetic order. Besides, The NPL & Dividend Yields of ICB are 2018-19 data.

Annexure: 2
Rating Criteria of NBFIs in Terms of Performance in 9M of 2019
The ranking was designed by the EBL Securities Research Team by assigning equal weights to eight different criteria. The
criteria considered are EPS (Paid up cap. Adjusted), Cost to Income Ratio, Return on Equity, Return on Asset, Operating
Profit Margin, Net Interest Margin, NPL Ratio (2018/2018-19) and Dividend Yields (2018/2018-19).
Rating Criteria & Points

NBFIs
EPS Cost to Income ROE OPM ROA NIM NPL Ratio Div. Yields Points on 100
BAYLEASING 0.27 1.11 0.93 - 0.85 1.22 0.32 5.53 12.79
BDFINANCE 0.18 1.07 0.61 2.33 0.54 5.48 0.68 - 13.61
BIFC - - 3.86 - - - 0.03 - 4.86
DBH 6.27 2.83 10.00 4.13 5.68 5.98 10.00 2.19 58.85
FAREASTFIN - - - - - - 0.20 - 0.25
FASFIN 0.17 1.49 0.76 1.54 0.48 2.44 0.20 - 8.85
FIRSTFIN - - - - - - - - -
GSPFINANCE 1.25 5.19 3.87 8.87 6.97 10.00 0.37 10.00 58.16
ICB - 0.63 - - - - 0.10 - 0.92
IDLC 10.00 1.75 6.50 3.76 4.67 8.23 1.36 5.69 52.47
ILFSL 0.19 2.12 0.60 1.34 0.23 2.35 0.66 - 9.34
IPDC 4.11 1.73 5.54 3.21 3.16 6.01 1.40 2.09 34.05
ISLAMICFIN 1.01 1.93 4.52 1.47 3.31 4.15 0.79 6.63 29.77
LANKABAFIN 2.04 1.19 1.96 - 1.27 5.99 0.90 7.70 26.30
MIDASFIN - 1.01 - - - 2.24 0.24 - 4.37
NHFIL 1.30 2.26 6.27 3.71 3.84 5.87 0.71 2.38 32.92
PHOENIXFIN 0.95 1.50 2.80 1.37 1.82 3.17 0.52 - 15.18
PREMIERLEA 0.09 1.17 0.35 0.40 0.30 2.08 0.12 - 5.63
PRIMEFIN 0.15 0.73 0.42 - 0.63 2.87 0.18 - 6.22
UNITEDFIN 1.36 1.39 3.87 2.74 3.40 8.96 1.02 6.37 36.39
UNIONCAP - 0.44 - - - 1.65 0.31 - 3.00
UTTARAFIN 7.97 10.00 9.20 10.00 10.00 9.42 0.30 3.47 75.46
***Note: The Companies are in Alphabetic order. While rating in each criteria, the best performer was given the highest points and rest of the
companies were rated proportionately. For instance, DBH got 10 points for highest ROE (19.7% in 9M) and IDLC got 6.50 points (with 12.8%
ROE in the same period) which is directly proportionate to DBH.

Annexure 3
Brief Performance of NBFIs in 9M of 2019
BAYLEASING BDFINANCE BIFC DBH FAREASTFIN

Price (BDT) 13.6 9.2 2.3 121.6 2.7
Number of Shares (mn) 137.5 167.5 100.7 134.0 164.1
Market Cap. (BDT mn) 1,869.3 1,541.3 231.6 16,298.9 443
Free Float Spons./Dir Free Float Spons./Dir Free Float Spons./Dir Free Float Spons./Dir Free Float Spons./Dir
Shareholding Structure 71.74% 28.26% 69.68% 30.32% 65.27% 34.73% 48.68% 51.32% 58.12% 41.88%
Hi Low Hi Low Hi Low Hi Low Hi Low
52 Weeks Price 25.3 12.9 21.7 9.0 8.1 2.1 162.8 111.3 7.8 2.3
Financial Position (BDT mn) 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3
Loans & Advances 12,923 12,203 12,485 13,862 14,323 13,517 8,415 8,458 8,272 43,848 42,712 44,201 9,989 10,391 9,201
Investment 1,962 1,982 2,076 1,092 966 826 206 204 205 608 603 484 150 150 127
Deposits 8,004 7,016 6,464 9,579 16,657 8,859 5,469 5,482 5,264 43,319 44,673 45,309 5,578 5,831 4,800
Total Assets 18,426 17,489 17,276 18,718 19,429 17,996 9,622 9,673 9,373 57,499 57,652 59,992 11,842 12,235 11,089
Total Liabilities 15,756 15,038 14,708 15,675 16,657 14,938 17,621 16,915 17,854 52,459 52,849 54,436 10,657 11,403 10,901
Total Equity 2,670 2,451 2,568 2,554 2,300 2,578 (7,999) (7,242) (8,481) 5,040 4,803 5,556 1,185 832 187
Income Statement (BDT mn) 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M
Interest Income 1,338 1,015 1,165 1,885 1,358 1,428 76 74 140 5,855 4,279 4,718 1,254 813 336
Interest Expense 1,289 959 1,091 1,469 1,094 1,068 842 584 621 4,062 3,025 3,434 1,145 852 752
Net Interest Income 50 56 74 416 263 360 (766) (511) (481) 1,793 1,254 1,284 110 (39) (416)
Income from Investments 54 36 40 36 (51) (199) 8 5 5 46 40 30 5 2 3
Commission, Exchange and Brokerage 24 16 23 80 55 56 - - - 146 98 141 - - -
Other Operating Income 318 13 12 107 36 72 1 1 0 11 9 5 1 0 5
Total Operating Income 445 121 148 638 303 288 (758) (505) (476) 1,996 1,401 1,460 116 (37) (408)
Total Operating Expenses 136 95 104 292 198 209 77 58 49 495 371 400 117 86 85
Total Provisions 20 50 - 70 20 9 478 (7) (43) (106) (162) (105) (133) 91 505
NPAT 219 (29) 35 282 28 23 (1,313) (556) (483) 1,048 810 820 133 (213) (998)
Key Ratios 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M
EPS 1.60 (0.21) 0.26 1.85 0.17 0.14 (13.05) (5.53) (4.79) 8.60 6.05 6.12 0.81 (1.30) (6.08)
P/E 12.85 n/a 40.10 8.81 61.76 64.29 n/a n/a n/a 15.05 16.52 15.11 6.54 n/a n/a
NAVPS 19.42 17.83 18.68 16.77 15.10 15.39 -79.45 -71.93 -84.24 41.36 39.41 41.45 7.22 5.07 1.14
P/NAV 1.06 1.01 0.74 0.97 0.93 0.78 n/a n/a n/a 3.13 3.38 2.97 0.73 1.20 2.72
Loan to Deposits 161% 174% 193% 145% 86% 153% 154% 154% 157% 101% 96% 98% 179% 178% 192%
Operating Efficiency 31% 78% 70% 46% 65% 72% -10% -12% -10% 25% 26% 27% 101% -233% -21%
Net Interets Margin (%) 0.4% 0.6% 0.8% 3.0% 2.5% 3.5% -9.1% -8.1% -7.8% 4.1% 3.9% 3.9% 1.1% -0.5% -6.0%
ROA 1.2% -0.2% 0.3% 1.5% 0.2% 0.2% -13.7% -7.7% -6.9% 1.8% 1.9% 1.8% 1.1% -2.3% -12.0%
ROE 8.2% -1.6% 1.8% 11.0% 1.6% 1.2% 16.4% 10.2% 7.6% 20.8% 22.5% 19.7% 11.2% -34.2% -710.4%
Debt-Equity Ratio 590.1% 613.4% 572.8% 613.7% 724.2% 579.5% -220.3% -233.6% -210.5% 1040.9% 1100.4% 979.8% 899.4% 1371.1% 5822.2%
Operating Profit Margin -6.5% -3.8% -2.6% 6.6% 4.8% 10.6% -1104.5% -771.9% -380.1% 22.2% 20.6% 18.7% -0.6% -15.4% -149.1%
Other income to total Income 88.8% 53.9% 50.2% 34.8% 13.1% -24.7% -1.1% -1.1% -1.1% 10.2% 10.5% 12.1% 5.3% -6.1% -2.0%
Period End Price 20.5 18.0 13.9 16.3 14.0 12.0 5.6 5.7 2.9 129.4 133.3 123.3 5.3 6.1 3.1
Other Information 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
EPS (Audited) 0.74 1.18 1.60 1.20 1.83 1.85 (6.77) (69.55) (13.05) 6.80 7.79 8.60 0.63 (5.72) 0.81
Number of Branches 3 3 3 6 7 7 3 3 3 6 6 9 3 3 3
Number of Employees 45 53 57 97 112 128 80 54 51 189 180 220 65 75 75
NPL% 8.70% 8.40% 9.46% 7.83% 6.08% 4.41% 89.12% 95.31% 97.00% 0.36% 0.27% 0.30% 9.03% 15.90% 15.27%
CAR % 17.00% 17.68% 15.98% 14.10% 17.15% 17.84% 15.80% 17.16% 18.90% 20.56% 10.73% 11.62%
Maintained BDT 100 crore paid up capital as
Tier-I 14.85% 15.63% 14.22% 11.99% 14.67% 15.33% 14.71% 16.06% 17.80% 19.37% 9.49% 10.36%
per the requirements of Central Bank
Tier-II 2.15% 2.05% 1.76% 2.11% 2.48% 2.51% 1.09% 1.10% 1.10% 1.19% 1.25% 1.26%
Dividend (C/B) 15%C 10%C, 5%B 10%C 10%B 10%B 10%B No Dividend No Dividend No Dividend 15%C 30%C 25%C, 10%B 5%C No Dividend No Dividend
Dividend Yield 6.12% 3.65% 4.88% n/a n/a n/a n/a n/a n/a 1.47% 2.21% 1.93% 4.07% n/a n/a
EBL Securities Limited Research Page 12 Date: 21st November, 2019

Annexure 3
FASFIN FIRSTFIN GSPFINANCE ICB ICB (9M Restated)

Price (BDT) 6.5 3.4 15.3 78.6 78.6
Market Cap. (BDT mn) 969 395 1,977 54,837 54,837
52 Weeks Price 16.4 6.2 8.2 3.0 27.1 13.4 141.0 78.5 141.0 78.5
Financial Position (BDT mn) 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3 2018-19 2018-19 Q1 2019-20 Q1 2018 2018 Q3 2019 Q3
Loans & Advances 15,431 14,979 17,797 8,794 9,177 8,782 7,875 8,021 7,840 31,888 25,617 32,399 31,377 25,617 32,399
Investment 284 781 118 46 47 48 548 496 495 123,511 113,920 116,126 119,388 113,920 116,126
Deposits 7,827 8,178 8,437 6,867 6,902 5,851 3,114 3,748 2,886 106,977 107,424 106,634 104,389 107,424 106,634
Total Assets 18,818 19,051 19,862 11,144 11,436 10,023 9,912 10,261 9,826 184,624 167,292 172,390 176,448 167,292 172,390
Total Equity 2,014 1,946 2,037 859 897 476 2,951 2,822 2,883 31,095 35,607 18,928 32,257 35,607 18,928
Income Statement (BDT mn) 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018-19 2018-19 3M 2019-20 3M 2018 2018 9M 2019 9M
Interest Income 2,128 1,601 1,460 686 568 353 1,019 844 778 3,557 868 781 3,932 3,058 2,596
Interest Expense 1,725 1,266 1,249 877 676 645 423 413 397 10,011 2,475 2,846 9,578 7,126 7,930
Net Interest Income 402 336 211 (191) (108) (292) 596 431 381 (6,454) (1,607) (2,064) (5,646) (4,068) (5,333)
Income from Investments (43) (87) (46) 1 (1) 0 24 19 43 8,251 2,055 923 8,256 6,326 5,188
Commission, Exchange and Brokerage 0 0 0 - - - 8 7 5 1,528 409 324 1,520 1,170 1,094
Total Operating Income 385 263 208 (122) (69) (255) 722 526 454 3,338 862 (814) 4,154 3,445 953
Total Operating Expenses 153 114 109 271 201 241 81 66 68 1,534 355 344 1,461 1,108 1,170
Total Provisions 34 87 62 5 93 (116) 143 169 120 922 44 155 (125) (222) 935
NPAT 120 52 23 (405) (367) (382) 310 181 165 601 286 (1,343) 2,351 2,198 (1,180)
Key Ratios 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018-19 2018-19 3M 2019-20 3M 2018 2018 9M 2019 9M
EPS 0.85 0.35 0.15 (3.49) (3.16) (3.29) 2.40 1.40 1.27 0.86 0.41 (1.93) 3.37 3.15 (1.69)
P/E 15.88 22.93 38.00 n/a n/a n/a 8.50 10.66 9.15 134.47 76.92 n/a 34.48 30.00 n/a
NAVPS 14.19 13.71 13.66 7.39 7.72 4.10 22.84 21.84 22.31 44.57 53.59 27.13 46.24 53.59 27.13
P/NAV 0.95 0.78 0.56 0.77 0.83 1.00 0.89 0.91 0.69 2.60 2.35 3.56 2.51 2.35 3.56
Loan to Deposits 197% 183% 211% 128% 133% 150% 253% 214% 272% 30% 24% 30% 30% 24% 30%
Operating Efficiency 40% 43% 52% -222% -292% -94% 11% 13% 15% 46% 41% -42% 35% 32% 123%
Net Interets Margin (%) 2.6% 3.0% 1.6% -2.2% -1.6% -4.4% 7.6% 7.2% 6.5% -20.2% -25.1% -25.5% -18.0% -21.2% -21.9%
ROA 0.6% 0.4% 0.2% -3.6% -4.3% -5.1% 3.1% 2.4% 2.2% 0.3% 0.7% -3.1% 1.3% 1.8% -0.9%
ROE 6.0% 3.6% 1.5% -47.2% -54.6% -107.1% 10.5% 8.6% 7.6% 1.9% 3.2% -28.4% 7.3% 8.2% -8.3%
Debt-Equity Ratio 834.0% 878.6% 874.7% 1198.1% 1175.2% 2004.9% 235.9% 263.6% 240.8% 493.7% 369.8% 810.7% 447.0% 369.8% 810.7%
Operating Profit Margin 11.7% 13.8% 7.0% -67.3% -54.5% -151.0% 50.6% 43.2% 40.2% -224.6% -226.0% -308.2% -180.8% -169.2% -250.5%
Other income to total Income -4.6% -27.5% -1.1% -56.5% -57.4% -14.4% 17.5% 18.1% 16.1% 293.4% 286.5% -153.7% 235.9% 218.1% 659.4%
Period End Price 13.5 10.7 7.6 5.7 6.4 4.1 20.4 19.9 15.5 115.9 126.0 96.6 116.2 126.0 96.6
Other Information 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
EPS (Audited) 0.72 1.10 0.85 0.43 (2.62) (3.49) 2.87 2.49 2.40 6.62 5.97 0.86 6.62 5.97 0.86
Number of Branches 4 4 4 6 6 1 1 1 7 7 7 7 7 7
Number of Employees 114 110 122 181 218 50 49 55 603 590 599 603 590 599
NPL% 9.99% 11.67% 15.21% 33.37% 32.88% 7.29% 8.54% 8.15% 57.26% 39.29% 29.63% 57.26% 39.29% 29.63%
N/A
CAR % 11.62% 10.15% 11.27% 14.90% 12.04% 20.60% 16.90% 20.29% 29.16% 26.10% 19.61% 29.16% 26.10% 19.61%
Tier-I 9.63% 8.67% 9.60% 14.25% 11.14% 15.22% 12.57% 15.63% 28.61% 25.96% 19.42% 28.61% 25.96% 19.42%
Tier-II 1.99% 1.48% 1.67% 0.65% 0.90% 5.38% 4.33% 4.66% 0.55% 0.14% 0.19% 0.55% 0.14% 0.19%
Dividend (C/B) 5%B 10%B 5%B n/a No Dividend No Dividend 22%C 23.50%B 18%C 30%C, 5%B 30%C, 5%B 10%B 30%C, 5%B 30%C, 5%B 10%B
Dividend Yield n/a n/a n/a n/a n/a n/a 9.61% n/a 8.82% 1.72% 1.98% n/a 1.72% 1.98% n/a

Annexure 3
IDLC ILFSL IPDC ISLAMICFIN LANKABAFIN

Price (BDT) 50.4 5.2 25.8 15.2 17.2
Market Cap. (BDT mn) 19,003 1,153 9,118 2,133 8,827
52 Weeks Price 80.0 45.5 17.7 4.5 47.3 21.1 24.0 14.0 30.4 13.9
Loans & Advances 83,934 79,588 86,848 37,823 37,996 39,155 44,325 39,763 47,903 11,741 11,697 12,502 68,676 67,176 68,450
Investment 7,300 7,396 6,064 1,162 1,224 750 869 676 1,342 320 318 340 5,713 5,340 5,055
Deposits 72,713 72,434 77,202 28,139 28,989 27,072 37,066 33,691 42,563 12,986 12,747 12,570 53,405 54,799 49,394
Total Assets 109,166 111,243 116,463 45,584 46,153 46,092 50,511 45,148 58,701 16,778 12,268 16,487 87,888 85,478 87,727
Total Equity 13,637 13,289 13,625 2,822 2,836 2,847 3,752 3,397 5,459 1,968 1,829 1,965 9,823 9,523 9,268
Interest Income 11,163 8,123 9,718 5,006 3,769 4,088 5,080 3,566 4,854 1,420 1,009 1,174 9,095 6,619 7,487
Interest Expense 6,940 5,040 6,244 4,237 3,249 3,641 3,382 2,442 3,455 1,062 773 922 6,606 4,845 5,496
Net Interest Income 4,223 3,083 3,473 769 520 446 1,698 1,124 1,398 358 236 252 2,490 1,774 1,991
Income from Investments 559 689 31 (64) (47) 11 63 46 73 16 7 5 434 346 269
Commission, Exchange and Brokerage 597 431 288 108 79 81 89 67 49 7 5 4 708 539 376
Total Operating Income 5,824 4,511 4,095 815 553 540 1,875 1,251 1,539 587 387 431 4,455 3,252 3,238
Total Operating Expenses 2,300 1,649 1,815 324 251 198 752 538 693 205 146 174 2,770 2,004 2,110
Total Provisions 397 336 229 127 59 258 262 167 92 46 85 43 976 880 694
NPAT 2,171 1,822 1,308 112 126 25 450 286 446 244 105 131 444 134 268
EPS 5.76 4.83 3.47 0.53 0.57 0.11 2.06 1.01 1.52 1.82 0.75 0.94 0.85 0.26 0.52
P/E 12.10 9.25 10.55 25.85 19.47 42.95 18.50 28.51 11.30 9.40 16.40 12.53 26.94 75.29 23.94
NAVPS 36.17 35.24 36.14 13.36 13.42 12.83 17.20 15.57 15.45 14.65 13.62 14.00 19.14 18.56 18.06
P/NAV 1.93 1.69 1.35 1.03 1.10 0.49 2.22 2.47 1.48 1.17 1.20 1.12 1.20 1.41 0.92
Loan to Deposits 115% 110% 112% 134% 131% 145% 120% 118% 113% 90% 92% 99% 129% 123% 139%
Operating Efficiency 39% 37% 44% 40% 45% 37% 40% 43% 45% 35% 38% 40% 62% 62% 65%
Net Interets Margin (%) 5.0% 5.2% 5.3% 2.0% 1.8% 1.5% 3.8% 3.8% 3.9% 3.0% 2.7% 2.7% 3.6% 3.5% 3.9%
ROA 2.0% 2.2% 1.5% 0.2% 0.4% 0.1% 0.9% 0.8% 1.0% 1.5% 1.1% 1.1% 0.5% 0.2% 0.4%
ROE 15.9% 18.3% 12.8% 4.0% 5.9% 1.2% 12.0% 11.2% 10.9% 12.4% 7.7% 8.9% 4.5% 1.9% 3.9%
Operating Profit Margin 17.2% 17.7% 17.1% 8.9% 7.1% 6.1% 18.6% 16.4% 14.5% 10.7% 8.9% 6.7% -3.1% -3.5% -1.6%
Other income to total Income 27.5% 31.7% 15.2% 5.6% 6.0% 17.3% 9.4% 10.2% 9.2% 39.0% 39.0% 41.4% 44.1% 45.4% 38.5%
Period End Price 69.7 59.6 48.8 13.7 14.8 6.3 38.1 38.4 22.9 17.1 16.4 15.7 22.9 26.1 16.6
EPS (Audited) 4.72 6.13 5.76 0.67 2.06 0.53 1.67 1.85 2.06 2.30 1.81 1.82 2.50 0.85 0.85
Number of Employees 1,099 1,137 1,150 165 204 180 262 543 599 93 114 124 1,526 1,847 1,916
NPL% 2.98% 2.77% 2.20% 4.69% 4.71% 4.56% 0.71% 0.62% 2.14% 4.85% 4.54% 3.81% 3.22% 2.85% 3.35%
CAR % 14.50% 16.42% 17.34% 10.21% 6.48% 7.91% 22.09% 15.14% 14.01% 13.87% 13.67% 15.30% 12.45% 11.95% 16.18%
Tier-I 13.76% 15.75% 16.57% 9.10% 5.71% 6.72% 20.04% 13.62% 11.62% 13.30% 13.07% 14.60% 11.65% 11.22% 13.00%
Tier-II 0.74% 0.67% 0.78% 1.11% 0.77% 1.19% 2.05% 1.52% 2.39% 0.57% 0.60% 0.70% 0.80% 0.73% 3.18%
Dividend (C/B) 30%C 30%C 35%C 5%B 12%B 5%B 20%B 20%B 7%C, 8%B 3%C, 11%B 14.5%C 10%C, 4.5%B 15%C, 15%B 7.5%C, 7.5%B 15%C
Dividend Yield 5.26% 3.52% 5.02% n/a n/a n/a n/a n/a 1.84% 1.55% 6.90% 5.85% 4.31% 1.57% 6.79%

Annexure 3
MIDASFIN NHFIL PHOENIXFIN PREMIERLEA PRIMEFIN

Price (BDT) 13.9 35.6 24.4 6.0 6.0
Market Cap. (BDT mn) 1,885 4,166.3 3,409.1 797.8 1,637.5
52 Weeks Price 32.5 11.8 61.7 33.6 41.0 22.0 14.2 4.9 11.4 6.0
Loans & Advances 10,053 9,872 9,607 12,364 12,195 13,445 27,277 28,390 26,398 12,627 12,755 12,313 9,935 10,307 9,397
Investment 416 422 364 130 129 123 311 312 172 200 209 216 1,030 1,050 803
Deposits 7,264 7,367 6,344 16,149 15,123 13,872 20,778 21,140 19,332 8,616 8,615 8,156 6,635 6,943 5,687
Total Assets 11,851 11,696 11,299 20,981 19,379 18,442 30,246 31,093 28,477 17,113 17,248 17,202 14,011 14,631 13,299
Total Equity 1,452 1,473 1,298 1,774 1,664 1,838 2,881 2,774 3,005 2,062 1,995 2,455 3,193 1,862 3,207
Interest Income 1,087 809 800 1,996 1,432 1,461 3,865 2,649 2,710 1,577 1,134 1,153 915 430 771
Interest Expense 914 683 695 1,344 977 1,078 2,846 2,013 2,303 1,306 964 1,029 868 642 640
Net Interest Income 174 126 105 652 455 384 1,019 636 407 271 170 124 47 (212) 131
Income from Investments 49 48 2 8 4 2 34 21 13 69 30 15 85 64 (64)
Commission, Exchange and Brokerage 1 1 1 0 0 0 - - - 23 19 13 28 18 25
Other Operating Income 82 66 72 25 20 15 99 37 40 7 6 3 (16) (5) 55
Total Operating Income 306 241 179 684 479 401 1,152 694 460 371 225 155 145 (135) 147
Total Operating Expenses 182 138 138 170 115 138 346 207 238 147 110 104 242 171 157
Total Provisions 86 58 180 66 70 (1) 332 192 21 53 62 17 (166) 148 (25)
NPAT 12 32 (154) 276 166 170 283 175 124 95 6 13 59 (464) 20
EPS 0.09 0.24 (1.14) 2.59 1.42 1.45 2.33 1.25 0.89 0.58 0.04 0.09 0.22 (1.70) 0.07
P/E 276.67 81.56 n/a 18.42 30.63 21.41 13.99 21.72 20.31 15.34 187.50 55.00 43.18 n/a 83.57
NAVPS 10.98 11.13 9.57 16.67 15.64 15.71 23.71 22.83 21.51 16.28 15.75 18.46 8.75 6.82 8.82
P/NAV 2.27 2.35 1.77 2.86 3.71 2.64 1.37 1.59 1.12 0.55 0.63 0.36 1.09 1.47 0.88
Loan to Deposits 138% 134% 151% 77% 81% 97% 131% 134% 137% 147% 148% 151% 150% 148% 165%
Operating Efficiency 59% 57% 77% 25% 24% 34% 30% 30% 52% 40% 49% 67% 167% -127% 106%
Net Interets Margin (%) 1.7% 1.7% 1.5% 5.3% 5.0% 3.8% 3.7% 3.0% 2.1% 2.1% 1.8% 1.3% 0.5% -2.7% 1.9%
ROA 0.1% 0.4% -1.8% 1.3% 1.1% 1.2% 0.9% 0.8% 0.6% 0.6% 0.0% 0.1% 0.4% -4.2% 0.2%
ROE 0.8% 2.9% -15.9% 15.5% 13.3% 12.3% 9.8% 8.4% 5.5% 4.6% 0.4% 0.7% 1.8% -33.2% 0.8%
Operating Profit Margin -0.7% -1.5% -4.2% 24.1% 23.7% 16.8% 17.4% 16.2% 6.2% 7.9% 5.3% 1.8% -21.3% -89.1% -3.3%
Other income to total Income 43.2% 47.7% 41.6% 4.8% 5.0% 4.3% 11.6% 8.4% 11.6% 26.8% 24.4% 20.0% 67.5% -57.0% 10.9%
Period End Price 24.9 26.1 16.9 47.7 58.0 41.4 32.6 36.2 24.1 8.9 10.0 6.6 9.5 10.0 7.8
EPS (Audited) 2.22 1.81 0.09 2.29 2.40 2.59 2.33 2.35 2.33 1.24 1.07 0.58 (3.48) (1.68) 0.22
Number of Employees 205 195 196 148 153 182 137 132 139 66 64 66 113 114 108
NPL% 12.00% 9.92% 12.49% 4.95% 5.06% 4.21% 3.76% 4.94% 5.77% 9.28% 9.76% 25.62% 12.04% 12.44% 17.11%
CAR % 19.34% 16.46% 16.40% 19.45% 17.86% 16.61% 11.04% 10.75% 10.35% 17.77% 17.92% 21.92%
Tier-I 18.43% 15.61% 15.67% 17.87% 16.44% 15.32% 9.09% 8.77% 8.18% n/a 16.74% 16.59% 20.68%
Tier-II 0.91% 0.85% 0.73% 1.58% 1.42% 1.29% 1.95% 1.98% 2.17% 1.03% 1.33% 1.24%
Dividend (C/B) n/a 10%B 2.50%B 18%C 19%C 10%C, 10%B 20%C 20%C 15%B 5%C, 5%B 5%C, 5%B 5%B No Dividend No Dividend No Dividend
Dividend Yield n/a n/a n/a 3.33% 4.03% 2.10% 7.43% 5.31% n/a 3.52% 2.86% n/a n/a n/a n/a

Annexure 3
UNITEDFIN UNIONCAP UTTARAFIN

Price (BDT) 16.6 6.0 58.0
Number of Shares (mn) 187.1 172.6 125.2
Market Cap. (BDT mn) 3,106.1 1,035.4 7,262.8
Free Float Spons./Dir Free Float Spons./Dir Free Float Spons./Dir
Shareholding Structure 48.17% 51.83% 59.50% 40.50% 51.66% 48.34%
Hi Low Hi Low Hi Low
52 Weeks Price 32.8 15.2 17.5 5.7 74.5 53.0
Financial Position (BDT mn) 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3 2018 2018 Q3 2019 Q3
Loans & Advances 17,942 17,824 15,829 15,504 16,266 14,278 35,922 35,482 34,313
Investment 866 955 688 1,431 1,535 997 1,545 3,808 2,332
Deposits 15,170 16,632 13,773 12,729 13,340 11,839 18,015 18,277 19,081
Total Assets 24,073 24,449 21,706 23,124 24,116 21,226 41,267 45,124 43,358
Total Liabilities 20,953 21,395 18,596 20,822 21,811 19,151 34,339 38,264 35,667
Total Equity 3,119 3,053 3,110 2,301 2,304 2,075 6,888 6,859 7,680
Income Statement (BDT mn) 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M
Interest Income 2,469 1,824 1,840 2,120 1,478 1,412 4,660 2,907 3,141
Interest Expense 1,557 1,206 1,151 1,760 1,132 1,298 2,339 1,558 1,571
Net Interest Income 911 618 689 359 346 115 2,321 1,349 1,570
Income from Investments 111 88 65 136 59 (90) 26 291 192
Commission, Exchange and Brokerage - - - 206 160 107 - - -
Other Operating Income 108 84 71 26 8 36 21 226 112
Total Operating Income 1,131 790 824 728 573 168 2,367 1,866 1,874
Total Operating Expenses 556 398 460 394 287 296 213 148 146
Total Provisions 101 48 37 150 240 82 726 286 153
NPAT 277 210 178 92 17 (226) 1,035 1,007 1,043
Key Ratios 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M 2018 2018 9M 2019 9M
EPS 1.48 1.12 0.95 0.56 0.10 -1.31 8.27 8.04 8.33
P/E 12.03 11.12 14.13 22.14 96.75 n/a 7.91 5.75 5.07
NAVPS 16.67 16.32 16.62 14.06 14.02 12.02 55.00 54.79 61.33
P/NAV 1.07 1.02 1.08 0.88 0.92 0.69 1.19 1.12 0.92
Loan to Deposits 118% 107% 115% 122% 122% 121% 199% 194% 180%
Operating Efficiency 49% 50% 56% 54% 50% 177% 9% 8% 8%
Net Interets Margin (%) 5.1% 4.6% 5.8% 2.3% 2.8% 1.1% 6.5% 5.1% 6.1%
ROA 1.1% 1.1% 1.1% 0.4% 0.1% -1.4% 2.5% 3.0% 3.2%
ROE 8.9% 9.2% 7.6% 4.0% 1.0% -14.5% 15.0% 19.6% 18.1%
Debt-Equity Ratio 671.7% 700.8% 598.0% 904.8% 946.7% 922.9% 498.6% 557.9% 464.4%
Operating Profit Margin 14.4% 12.1% 12.4% -1.6% 4.0% -12.9% 45.2% 41.3% 45.3%
Other income to total Income 19.4% 21.8% 16.4% 50.7% 39.6% 31.7% 2.0% 27.7% 16.2%
Period End Price 17.8 16.6 17.9 12.4 12.9 8.3 65.4 61.6 56.3
Other Information 2016 2017 2018 2016 2017 2018 2016 2017 2018
EPS (Audited) 1.76 1.37 1.48 1.31 1.08 0.56 6.62 7.25 8.27
Number of Branches 19 21 24 7 8 8 3 4 4
Number of Employees 430 574 684 126 149 156 182 182 197
NPL% 3.79% 2.94% 2.95% 8.44% 8.73% 9.68% 7.21% 5.96% 9.93%
CAR % 18.92% 17.16% 16.33% 11.99% 11.34% 12.53% 20.13% 18.43% 17.92%
Tier-I 17.89% 16.27% 15.54% 9.00% 8.89% 10.56% 19.10% 17.37% 16.83%
Tier-II 1.03% 0.89% 0.79% 2.99% 2.45% 1.97% 1.03% 1.06% 1.09%
Dividend (C/B) 10%C, 5%B 10%C, 5%B 10%C 10%B 5%B 5%B 30%C 30%C 20%C
Dividend Yield 4.37% 4.20% 5.62% n/a n/a n/a 4.89% 4.13% 3.06%

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Bangladesh NBFIs Sector 9M of 2019 Earnings Update

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Bangladesh NBFIs Sector 9M of 2019 Earnings Update

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NBFIs Sector of Bangladesh

9M of 2019 Earnings Update

01 Overview- Bangladesh NBFIs Sector

02 Comparative Snapshot & Ranking

03 Performance of Listed NBFIs t

1 EBL Securities Limited Research

Rebased Performance: NBFIs Vs DSEX

Rebased Performance of NBFIs (Q3 '19)

2 EBL Securities Limited Research

Ranking of NBFIs in Terms of Performance in Q1, H1 & 9M of 2019

Q1, 2019 H1, 2019 9M, 2019

3 EBL Securities Limited Research

Top performers at a glimpse (9M of 2019)

Net Profit after Tax (NPAT)

Earnings Per Share (EPS)

Net Interest Income Growth

Net Interest Margin

Operating Effciency Ratio

Return on Equity (ROE)

Return on Assets (ROA)

4 EBL Securities Limited Research

Financial Position Updates

Income Statement Updates

Graphical Presentation & Summarized Performance of NBFIs

5 EBL Securities Limited Research

MIDASFIN -4.2% FASFIN -37%

6 EBL Securities Limited Research

Net Interest Margin

Operating Profit Margin

BDFINANCE 10.6% ISLAMICFIN 7%

UNITEDFIN 12.4% NHFIL UNITEDFIN 11%

Net Interest Margin- 9M '19 (%)

Operating Efficiency Ratio- 9M '19 (%)

NHFIL 16.8% LANKABAFIN 3.9%

IPDC 3.9% UTTARAFIN 16%

BDFINANCE -16.6% FASFIN 23

PREMIERLEA 0.09 UNITEDFIN -15.4% BDFINANCE 23

7 EBL Securities Limited Research

NPAT Growth- 9M '19 % (YoY)

Earnings Per Share- 9M '19 (BDT)

UNITEDFIN 0.95 ISLAMICFIN 25.0% UNITEDFIN 178

GSPFINANCE 1.27 LANKABAFIN 268

MIDASFIN -4.2% UNIONCAP -1.4% UNIONCAP -15%

ICB -0.9% ICB -8%

ILFSL 0.1% PREMIERLEA 1%

PREMIERLEA 0.1% PRIMEFIN 1%

8 EBL Securities Limited Research

Operating Profit Margin

Operating Profit Margin- 9M '19 (%)

FIRSTFIN 4.1 FAREASTFIN 4.8 BIFC 8.3

PRIMEFIN 8.8 BIFC 5.3 FIRSTFIN 8.8

MIDASFIN 9.6 PRIMEFIN 5.7 FAREASTFIN 9.2

FIRSTFIN 5.9 PRIMEFIN 9.4

9 EBL Securities Limited Research

ISLAMICFIN 12.6 UNIONCAP 14.3

Net Asset Value per Share- as on Sep '19 (BDT)

Comparative Snapshot of listed NBFIs

10 EBL Securities Limited Research

Rating Criteria & Points

11 EBL Securities Limited Research

BAYLEASING BDFINANCE BIFC DBH FAREASTFIN

EBL Securities Limited Research Page 12 Date: 21st November, 2019

FASFIN FIRSTFIN GSPFINANCE ICB ICB (9M Restated)

EBL Securities Limited Research Page 13 Date: 21st November, 2019