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Much improved gross spreads and double-digit growth in top line would generally mean little to nothing if you have to provide for NPLs as much as Faysal Bank (FABL) had to. The recently-released 1H CY14 results show the banks after tax profits dipped slightly, as provisioning expenses trebled year on year. The loose end of administrative expenses further added to the trouble.
National Foods Limited (KSE: NATF) couldn't surpass its FY13 performance, but its FY14 financials may still be spicy enough for its shareholders. The firm recorded a solid top line growth of nearly 14 percent in FY14 and announced final cash dividend of Rs8 per share in its board meeting last Thursday. If it weren't for the relatively higher operating expenditures, bottom line growth would have also been impressive.
As the year closed for the Kohat Company Cement Limited (KSE: KOHC), there was more than just volume sales to have gained from. Net earnings increased by an impressive 20 percent, largely driven by an overwhelming rise in other income.
This column borrows its title from the paper titled "The Economics of the Arab Spring", authored by Adeel Malik and Bassem Awadallah in a 2011 study for the Oxford University. While leaders of the anti-government protests incite provocations to emulate political uprisings at the famed Tahrir Square, the fate of these protests currently remains in an overhang. But, episodes in history leave important giveaways, and in the case of the political turmoil that Pakistan faces today, these should not be ignored.
National Investment Trust Limited (KSE: NITL)--the mutual fund industry tycoon--announced its FY14 results yesterday. The equity fund continues to cheer its investors.
The latest Treasury-bill auction threw a few surprises, especially in terms of participation. The six- and 12-month tenure papers have long been ignored by market participants for obvious reasons of more lucrative returns on offer in the PIBs. Not only did the participation exceed the auction target by a good Rs45 billion; there was decent participation in the six-month paper, which attracted nearly 20 percent of the auctioned amount.
IMF’s fourth review is in doldrums. It is yet to be concluded. Had everything been normal, both on political and economic fronts, the review would have been concluded by now and government would have been anticipating the fifth tranche by September-end. Hold your horses, for there is still a chance, albeit a thin one, for the fund to complete the review within ten days and to subsequently release the tranche in time.


Index Closing Chg%
Arrow DJIA 16,804.71 1.40
Arrow Nasdaq 4,422.09 1.59
Arrow S&P 1,946.16 1.32
Arrow FTSE 6,557.52 0.98
Arrow DAX 9,382.03 0.97
Arrow CAC-40 4,365.27 1.15
Arrow Nikkei 16,082.25 0.56
Arrow H.Seng 22,932.98 1.28
Arrow Sensex 26,567.99 0.23

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln