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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SAMPATH BANK - Softlogic Stockbrokers (Pvt) Ltd

SAMPATH BANK - Softlogic Stockbrokers (Pvt) Ltd

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Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
SAMPATH BANK

Deposit base grew by 3.8% QoQ in 1Q14. Despite lower deposit rates,
customer deposits continued to flow where it grew by 3.8% QoQ to
LKR311.8 bn. Further bank also managed to improve its CASA mix to c.
35.0% (cf. 33.7% in 4Q13) which helped to bring down the funding costs.
Further given the subdued loan growth SAMP remains well liquid with a
liquid asset ratio of 29.1% (regulatory limit 20%).

Forecast 2014E net profit up 32.5% to LKR4,818.0 mn. Given the current
gold prices of USD1,290/Oz we do not expect any major impairment in the
pawning portfolio in 2014E and also expect the bank to clear c. 80.0% of its
pawning bad loan portfolio by 3Q14. Further given the low interest rate
environment we believe credit demand would pick up from 2H2014 onwards
and SAMP would be able to grow its loan book by c.15.0% YoY in the
medium term. Further we project bank’s NIMs to be intact around 4.0%,
improving cost to income, improving CASA mix and wider coverage would
further strengthen the core business. Hence SAMP’S outlook is positive.
Therefore we project 2014E net earnings to grow by 32.5% YoY to
LKR4,818.0 mn and 2015E net profits to increase by 17.5% YoY to
LKR5,663.0 mn.
Share offers good value on 6.7X forecast 2014E net profit. The voting
share offers good value trading on 6.7X forecast 2014E net profit and 5.7X
forecast 2015E net profit whilst trading on 0.9X PBV. Maintain BUY.


Softlogic Stockbrokers (Pvt) Ltd

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Expected growth of net earnings of SAMP for the financial year 2014 is very attractive. I believe investors chase after this counter even 15%-20% minus of forecast, giving more weight the nearest quarter performance. Stable or higher gold market conditions, due to rebellious state of discontent in middle east region, dip the gold loan deficiency substantially that pushes the bottom line higher in banking sector.



Last edited by worthiness on Thu Jun 26, 2014 3:56 pm; edited 1 time in total (Reason for editing : typo)

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics
I think about SAMP and COMB .. With the low interest rates there profit must be go up.. Wait and see the next financial statement

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
All major banks lead the market in the future with high positive results, several may be marginally slow down yoy basis but insignificant. Economic indicators published so far in the year are impressive though controversial as implied by some economists. If such positive trend continues, increasing activities in the banking sector may produce challenging road map for the next half.

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Very Happy Very Happy alien Very Happy Very Happy 

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Laughing Laughing Laughing 

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The new credit guarantee scheme for pawning advances was introduced by Central Bank of Sri Lanka on June 17, 2014. Licensed Commercial Banks and Licensed Specialised Banks engaged in pawning activities can now provide enhanced level of credit to their customers by joining this newly introduced credit guarantee scheme.
This credit guarantee scheme will support farmers, small business owners and small and medium entrepreneurs who use pawning advances for their economic and business activities. New scheme permits the borrowers to receive additional 15% of the current level of Loan to Value Ratio provided by the Banks. A cap on the rate of interest applicable to pawning advances has also been imposed to provide further relief to the borrowers. Credit obtained through pawning has significantly declined due to drop in the gold prices in the international market in the recent past. Hence, through this scheme, it is expected to support the banks to increase their Loan to Value Ratio.
Under this scheme, borrowers are eligible to obtain pawning advances up to Rs. 500,000 at a Regional Development Department with an interest rate of 15% per annum which includes all fees and charges. The enhanced level of credit ensured by this scheme, will help borrowers of pawning advances to meet their financial requirements comfortably particularly in the agricultural and business activities.
Several banks have already signed the agreements with the Central Bank of Sri Lanka. The scheme is implemented and monitored by the Regional Development Department of the Central Bank of Sri Lanka and it is expected that the present level of credit under pawning would increase significantly due to the scheme. 
Under this scheme, borrowers are eligible to obtain pawning advances up to Rs. 500,000 at a Regional Development Department with an interest rate of 15% per annum which includes all fees and charges. The enhanced level of credit ensured by this scheme, will help borrowers of pawning advances to meet their financial requirements comfortably particularly in the agricultural and business activities.
Several banks have already signed the agreements with the Central Bank of Sri Lanka. The scheme is implemented and monitored by the Regional Development Department of the Central Bank of Sri Lanka and it is expected that the present level of credit under pawning would increase significantly due to the scheme. 
- See more at: http://www.dailynews.lk/?q=business/new-credit-guarantee-scheme-pawning-advances#sthash.xBdurgyi.dpuf

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