Equity Analysis /

United Commercial Bank: UNITED COMMERCIAL BANK - Upgrade to Hold as H1 18 EPS beats

    Waseem Khan
    Waseem Khan

    Equity Research Analyst, Financials, Consumer and Pharmaceuticals (Bangladesh)

    Tellimer Research
    23 July 2018
    Published byTellimer Research
    UCB reported H1 18 EPS of BDT1.05, beating our forecast of BDT0.88 by 20%. The primary variances to our forecast were higher operating expenses (miss) and a reversal of other asset impairments (beat). The latter turned a 6% miss at the pre-provision profit level to a 20% beat for profit after tax.