Equity Analysis /

Habib Bank: Normalized earnings are doing well; Buy

  • We broadly retain our EPS projections and TP at PKR150. Adjusted for the one-off VSS, the 1Q result was inline.

  • Revenue growth is impressive, on both funded and non-funded streams. We expect C/I below 60% going forward.

  • We see both 3yr EPS CAGR and mid-cycle ROE at c16%. CY22f P/B is 0.5x and P/E is 3.9x, while the D/Y is a healthy 8.2%.

Raza Jafri
Raza Jafri

Executive Director, Research

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
27 April 2022


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