Company · Initiation · 31 Oct 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.
We put Jamuna Bank's (JAMUNABANK) fair value at BDT 9–29, base 17 (probability-weighted 17.9), against a price of 23.5. Standalone net profit doubled to BDT 5.58bn in FY2025 from 2.79bn, an EPS of 5.94 against 2.97. Most of that jump came from below the operating…
Fair value ৳9–29 · price ৳23.50 (2026-10-29)