External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Bank Alfalah (BAFL) announced its 4Q2023 result today, where the bank recorded consolidated earnings of Rs9bn (EPS of Rs5.7), up 120% YoY and 2% QoQ. This takes full year 2023 earnings to Rs36.5bn (EPS of Rs23.1) up 98%.</li><li>4Q2023 result came lower than industry expectations primarily due to higher than expected tax expense.</li><li>Effective tax rate of the bank clocked in at 66% in 4Q2023, compared to 51% in 4Q2022 and 49% in 3Q2023. For the full year 2023, effective tax rate of the bank clocked in at 54%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL) announced its 4Q2023 result today, where the bank recorded consolidated earnings of Rs9bn (EPS of Rs5.7), up 120% YoY and 2% QoQ. This takes full year 2023 earnings to Rs36.5bn (EPS of Rs23.1) up 98%.4Q2023 result came lower than industry expectations primarily due to higher than expected tax expense.Effective tax rate of the bank clocked in at 66% in 4Q2023, compared to 51% in 4Q2022 and 49% in 3Q2023. For the full year 2023, effective tax rate of the bank clocked in at 54%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah Limited (BAFL): 4Q2023 EPS at Rs5.7 - Lower than Industry Expectations

Thematic (Sector/Industry)

<ul><li>Pakistan listed banks profitability increased to record Rs131bn (up 3x YoY) in 2Q2023. This was primarily driven by significant jump in Net Interest Income (NII) amid high interest rates, and balance sheet growth. In US$ terms listed banks profit was up 2x YoY to US$459mn in 2Q2023.</li><li>NII of the sector clocked in at Rs420bn in 2Q2023 vs. Rs243bn in 2Q2022 up 73% YoY as average policy rates during 2Q2023 remained to 21% vs. 13% in 2Q2023. Interest income was up by 97% YoY to Rs1.4trn, whereas interest expense was up by 109% YoY to Rs946bn.</li><li>Non-interest income of the sector down marginally by 1% to Rs86bn in 2Q2023 mainly due to decline in FX income. On other hand, non-markup expense was up 33% YoY to Rs217bn in 2Q2023 due to higher admin expense which is in line with inflation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan listed banks profitability increased to record Rs131bn (up 3x YoY) in 2Q2023. This was primarily driven by significant jump in Net Interest Income (NII) amid high interest rates, and balance sheet growth. In US$ terms listed banks profit was up 2x YoY to US$459mn in 2Q2023.NII of the sector clocked in at Rs420bn in 2Q2023 vs. Rs243bn in 2Q2022 up 73% YoY as average policy rates during 2Q2023 remained to 21% vs. 13% in 2Q2023. Interest income was up by 97% YoY to Rs1.4trn, whereas interest expense was up by 109% YoY to Rs946bn.Non-interest income of the sector down marginally by 1% to Rs86bn in 2Q2023 mainly due to decline in FX income. On other hand, non-markup expense was up 33% YoY to Rs217bn in 2Q2023 due to higher admin expense which is in line with inflation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Banks: Listed Banks Report Record Profitability; Earnings Jump 3 Times in 2Q2023

Pakistan

Bank Alfalah Ltd. provides commercial banking and related services. The Bank offers a wide range of banking and financial services, including brokerage services.

Bank Alfalah (BAFL PA)

Bank Alfalah Limited (BAFL): 4Q2023 EPS at Rs5.7 - Lower than Industry Expectations

Bank Alfalah (BAFL) announced its 4Q2023 result today, where the bank recorded consolidated earnings of Rs9bn (EPS of Rs5.7), up 120% YoY and 2%...

Topline Securities

Pakistan Banks: Listed Banks Report Record Profitability; Earnings Jump 3 Times in 2Q2023

Pakistan listed banks profitability increased to record Rs131bn (up 3x YoY) in 2Q2023. This was primarily driven by significant jump in...

Topline Securities