<p></p><ul><li><span style="font-size:small;">The Board of Directors of the bank announced 1QCY16 results last week. HBL posted a PAT
of PKR 9,035mn (EPS PKR 6.15/share) down by 9.1% YoY from PKR 9,935mn (EPS PKR
6.77/share) for the same period last year (SPLY). In our view the bank has posted a solid result
in spite of a 350bps decline in interest rates (DR) since Nov-14 and lack of extraordinary capital
gains scene last year. The banks’ Net interest income increased by 5.8% YoY where the
contributing factors were a mere 3.1% YoY decline in Interest earned and a 12.6% decline in
interest expense. </span></li></ul><p></p><ul><li><span style="font-size:small;">The two main constituents of interest earned; Interest earned on advances (33%) declined by
3.6% and earnings from investments (64%) increased by 0.9% culminating into a...
