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Company · DSE:MTB · Banks · Analysis · 03 Nov 2026
Mutual Trust Bank: deposit costs cut net interest income 66% in 2025, bond gains and tax credits now carry profit, and CRAR headroom is 1.05pp
MTB's net interest income fell from BDT 7,867m in 2024 to 2,654m in 2025 and to BDT 677m in H1 2026 as interest expense reached 95% of interest income. Investment income is now 72% of operating income, gross NPL is 5.77% after an BDT 8.0bn write-off, CRAR is 13.55%, and paid-up capital of Tk1,211 crore after the 12% bonus bars cash dividends under SPCD Circular 06.
Company · DSE:JAMUNABANK · Banks · Initiation · 03 Nov 2026
Jamuna Bank: fair value range BDT 9–29; 2025's doubled profit leaned on a 19.6% tax rate and bond gains, and Tk939 crore of paid-up capital bars cash dividends
Fair value range BDT 9–29 (base 17); the price of 23.5 sits in the upper half. Jamuna now holds more government securities than loans and earns its profit on the gap between a 6–7% deposit cost and 9–10% bond yields, with equity of 6% of assets. Our sustainable ROE after the perpetual-bond coupon, 11.7%, is close to its FY2022–25 median on the same basis (10.6%) and well below a 16% cost of equity.
Fair value ৳9–29 · price ৳23.50 (2026-10-29)
Company · DSE:DUTCHBANGL · Banks · Initiation · 02 Nov 2026
2.6% deposit cost earns a 17% ROE, but Tk1,015 crore paid-up capital bars 2026 cash dividends
Fair value range BDT 11–105 (base 53) against a price of 46.6. Current, savings and bills-payable balances are 79.5% of deposits; the gross NPL ratio of 9.2%, funding cost and the dividend rule decide value.
Fair value ৳11–105 · price ৳46.60 (2026-10-29)