Earnings Report /

Pakistan banks: Earnings come off a high base in 2QCY21

  • IMS Banking Universe is expected to report a modest 7% yoy decline (flat sequentially) in 2QCY21 results

  • Loan provisions were soft in 1QCY21 and we expect this trend to have continued

  • Valuations are very attractive, Banks trade at a CY22f P/B of 0.7x and P/E of 5.4x. Top picks are UBL, BAFL, MEBL

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
27 July 2021