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Commercial Banks Operating in Pakistan 18 June 2020

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Commercial Banks Operating in Pakistan 18 June 2020 KPMG Taseer Hadi & Co. Chartered Accountants Banking Results 2019 Commercial Banks Operating in Pakistan 18 June 2020 © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 1 Foreword This report has been prepared by KPMG Taseer Hadi & Co. and summarizes the performance of selected commercial banks in Pakistan for the year ended 31 December 2019. The results and KPIs compared for each bank include: . Total Assets . Deposits . Advances . Impairment cover . Spread . Market Capitalization . Profit before and after tax . Capital Adequacy Ratio (CAR) . Return on Average Equity (ROE) . Average Advances to Average Deposits Ratio . EPS Reference should be made to the published financial statements of the banks and KPI definitions included in this report to enhance the understanding of ratios and analysis of performance of a particular bank. The financial statements of First Women Bank Limited, Summit Bank Limited, Silk Bank Limited, and MUFG Bank Limited – Karachi Branch were not published till the date of our publication, and accordingly their results are not included in this report. Comparative numbers of 2018 as reported in our Banking Results 2018 publication have been updated to correspond with comparative numbers reported in 2019 financial statements. We have tried to provide relevant financial analysis of the banks which we thought would be useful for benchmarking and comparison. We welcome any comments, which would facilitate improving the contents of this report. The comments may be sent to [email protected]. Karachi: 18 June 2020 © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered© 2020 in KPMG Pakistan Taseer and aHadi member & Co., firm a Partnership of the KPMG firm network registered of independent in Pakistan and me mbera member firm of the 2 firms affiliated with KPMG International Cooperative ("KPMKPMGG International"), network of iandependent Swiss entity. member All rights firms reserved. affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 3 Contents Executive summary 6 Snapshot 7 At a Glance 10 Summary of financial Information 18 Impact of IFRS 16 24 Deposits 26 Advances 35 Average Advances to Average Deposits 48 Spread 50 Non – Funded Income 52 Operating Expenses 56 Impact of COVID – 19 61 Definitions 64 Glossary 67 Credit Ratings 69 Number of Branches 71 © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 4 © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 5 Executive Summary In a birds eye view Performance of Banking Sector in Pakistan Despite the overall economic slowdown, the calendar year ended 31 December 2019 proved to be an exceptional year for the banking sector in Pakistan with overall profitability increasing by approximately 27.5%. Islamic Banking segment performed exceptionally with 90.6% increase in profitability. The key driver for the stellar performance of the banking sector was the significant increase in interest rates. The banking spread of banks included in the report increased to 5.67% from 4.41% in 2018. According to SBP statistical publication weighted average lending rate in 2019 was 11.7% compared to 8.2% in 2018 and average deposit rate in 2019 was 5.9% compared to 3.3% in 2018. The growth of 22.3% in advances in 2018 also contributed to increase in 2019 profits. The significantly higher growth in profitability of the Islamic Banks is due to strong total assets growth in 2018 and 2019 and the higher spreads resulting from higher interest rates. In 2019 the annualized increase in deposits was 12.3% while advances grew by 4.7% only, primarily due to the prevalence of the higher interest rate scenario. The availability of government paper and high returns resulted in banks focusing on earning healthy and secure returns. Further, the high interest cost resulted in lower offtake from businesses who considered borrowing mostly unfeasible. 2020 is expected to be a much difficult year due to the ongoing pandemic scenario. Interest rates have already witnessed a decline of 525 basis point to date and are expected to go down further. The post pandemic situation is unpredictable but based on the existing outlook, banking sector profitability is expected to be under pressure due to reduced offtake of advances under recessionary market conditions and cautious customer outlook, drop in fee income on distribution of wealth products due to volatility in capital market, increased credit losses / delinquencies as a consequence of lockdowns etc. © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered© 2020 in KPMG Pakistan Taseer and aHadi member & Co., firm a Partnership of the KPMG firm network registered of independent in Pakistan and me mbera member firm of the 6 firms affiliated with KPMG International Cooperative ("KPMKPMGG International"), network of iandependent Swiss entity. member All rights firms reserved. affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Snapshot (Banks included in report) Total Assets Profit before tax Deposits (Rupees in billions) (Rupees in billions) (Rupees in billions) 21,729 327 15,865 14,123 19,618 256 2019 2018 2019 2018 2019 2018 Increase of 10.8% (2018 – Increase of 27.5% (2018 - 2%) Increase of 12.3% (2018 – 8.7%) 10.8%) Gross Advances Net interest income Spread (Rupees in billions) (Rupees in billions) (In percentages) 8,687 668 5.67 8,297 523 4.41 2019 2018 2019 2018 2019 2018 Increase of 4.7% (2018 – Increase of 27.7% (2018 – Increase of 28.6% (2018 – 22.3%) 10.7%) 18.2%) Non-funded income Provisions/write offs Operating expenses (Rupees in billions) (Rupees in billions) (Rupees in billions) 188 56 484 425 164 30 2019 2018 2019 2018 2019 2018 Increase of 14.6% (2018 – Increase of 90.5% (2018 – Increase of 13.8% (2018 – 15.4%) 77.2%) 14.5%) © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 7 Snapshot (Islamic banks) Total Assets Profit before tax Deposits (Rupees in billions) (Rupees in billions) (Rupees in billions) 1,942 1,583 1,325 34 1,614 18 2019 2018 2019 2018 2019 2018 Increase of 20.3% (2018 – Increase of 90.6% (2018 – Increase of 19.4% (2018 – 17.7%) 50.9%) 17.9%) Gross Islamic Financing and Net interest income Spread Related Assets (Rupees in billions) (Rupees in billions) (In percentages) 965 5.94 950 77 4.32 48 2019 2018 2019 2018 2019 2018 Increase of 1.6% (2018 – Increase of 58.7% (2018 – Increase of 37.4% (2018 – 20.6%) 31.0%) 0.6%) Non-funded income Provisions/write offs Operating expenses (Rupees in billions) (Rupees in billions) (Rupees in billions) 16 9 50 13 40 3 2019 2018 2019 2018 2019 2018 Increase of 19.1% (2018 – Increase of 197.2% (2018 – Increase of 22.6% (2018 – 16.3%) 142.0%) 12.6%) © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 8 10% 15% 20% 25% 30% 35% 40% 45% 100% 0% 1% 1% 2% 2% 3% 3% 4% 0% 5% deposits than average than deposits to expenses Lower operating 20% 40% 60% 80% than average than Higher growthindeposits 0% than average than assets Higher growthintotal Operating Expenses to Average Deposits 2.0% ICBC 42.0% Growth indeposits Snapshot firms affiliated In with KPMG independentof network KPMG member the of a firm and in registered firm Pakistan a Partnership Co., Hadi & Taseer 2020 KPMG © me Percentage change 79.59% 2.2% Albaraka 29.8% BOC 2.3% Islami 23.9% BOK 37.30% 2.5% Citibank 19.1% Islami 31.19% 2.5% Meezan 18.7% HMB 27.43% 2.6% Askari 18.4% Albaraka 25.75% 2.8% BAH 23.88% ternational Cooperative ("KPM Sindh 18.0% - 135% grew by BOC deposits char in above notincluded due to presentation reasons due topresentation 2.9% BOP 16.0% BOP 21.68% 2.9% Average: 12.27% DIB 15.2% Meezan 19.58% 2.9% Average: 10.76% Askari 17.94% JS 15.2% (Top performers) Average: 3.23% 3.0% Soneri 15.1% Soneri 15.70% 3.2% HBL 14.1% DIB 14.16% 3.2% G International"), aSwiss G BAH 13.4% NBP 11.71% t 10% 20% 30% 40% 50% 60% 0% 10% 20% 30% 40% 50% 0% 2% 4% 6% 8% Higher spread than average than Higher spread 0% than average than Higher growthinadvances Lower ADR than average Lower ADR than entity. All rightsreserved. entity. BOC 4.0% Citibank 7.8% Growth inadvances DB 46.8% ABL 27.1% Spread ICBC 28.4% ADR DB 6.9% ICBC 32.5% Citibank 27.6% DB 38.7% BAF 6.8% SCB 25.7% DIB 16.3% HMB 40.1% HBL 6.8% HMB 15.0% SCB 43.2% SCB 6.7% BOK 14.9% reasons due topresentation - by 523% grew BOC advances in thechart notincluded Average:
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