Earnings Report /
Bangladesh

BRAC Bank: NIM recovering from rate cap hit; bKash reports record revenue – reiterate BUY

  • BRAC reported c350% YoY NPAT growth driven by NIM improvement and commission & exchange income normalization

  • bKash reported record sales numbers but lower GP margin dragged NPAT; revenue growth higher than opex growth

  • We reiterate our BUY rating as BRAC is trading at 0.6x of its banking business NAV, adjusting our $942mn bKash valuation

S. M. Galibur Rahman
Shopnil Paul
Shopnil Paul

Research Associate

IDLC Securities
1 August 2021
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