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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka Commercial Bank profits to grow 79 pct in June quarter

Sri Lanka Commercial Bank profits to grow 79 pct in June quarter

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msns


Stock Analytic
Stock Analytic
(Analysts Heraymila Securities forecasts the bank’s EPS at Rs 5.57 on the back of higher core banking income, better recoveries, tax cuts and improved asset quality
LBR,Thursday 11 August 2011)



Sri Lanka’s Commercial Bank, the largest private commercial bank in the island is expected to post a 79 percent year on year net income growth for the June quarter 2011, forecasts brokerage Heraymila Securities.

The Sri Lankan unit of the Dubai based firm expects Commercial Bank to post earnings per share of 5.57 rupees for the quarter, up from 3.12 rupees a year ago, on the back of growth in core banking income, better recoveries, tax reductions, and improving asset quality.

“Recent price correction has begun to tickle our interest in this stock. But we believe COMB needs to re-rate down further for a compelling investment case,” said Heraymila Securities in its 2Q 2011 earnings preview for the bank.

Heraymila expects the bank to post 2.17 billion rupees in net income for the June quarter, and core banking income is projected at 5.09 billion rupees, up 19 percent year on year.

The house is forecasting 30 percent loan growth and 14 percent deposit growth for the period, while non performing loan ratio is set to reach 3.8 percent, down from four percent a year back.

Commercial Bank accounted for nearly 10 percent of the island’s banking sector assets in 2010.

The bank has a network spanning close to 200 branches island-wide, while plans to add 10 to 15 new branches in 2011 are on the cards.

It also has a presence in Bangladesh which accounted for approximately 10 percent of assets and 15 percent of net income in 2010.

early


Manager - Equity Analytics
Manager - Equity Analytics
COMB earnings per share in 1st Q was 5.42. If 5.57 predicted for 2nd Q then 1st half EPS will be 11/-. Annualises EPS 22/-. But as the 3rd Q and the 4th Q are the best for the bank, year end EPS could be even 25/-. Therefore it seems to be trading at a very attractive PER (less than 10), whereas the sector PER is 15.30.

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
@early wrote:COMB earnings per share in 1st Q was 5.42. If 5.57 predicted for 2nd Q then 1st half EPS will be 11/-. Annualises EPS 22/-. But as the 3rd Q and the 4th Q are the best for the bank, year end EPS could be even 25/-. Therefore it seems to be trading at a very attractive PER (less than 10), whereas the sector PER is 15.30.

You have to consider new shares issued by way of rights

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@salt wrote:
@early wrote:COMB earnings per share in 1st Q was 5.42. If 5.57 predicted for 2nd Q then 1st half EPS will be 11/-. Annualises EPS 22/-. But as the 3rd Q and the 4th Q are the best for the bank, year end EPS could be even 25/-. Therefore it seems to be trading at a very attractive PER (less than 10), whereas the sector PER is 15.30.

You have to consider new shares issued by way of rights

If i am not mistaken rights and there is a share split as well

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Advice me wheter to by main share or right? If I buy right how long it would take to loge the shares in the CDS Acs?

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