External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 2Q2026.</li><li>Management expects NIMs to improve as repricing takes place, with around half of the floater portfolio repricing in Oct-26, alongside continued deposit growth.</li><li>We maintain a buy stance on BAFL, with the stock currently trading at a 2026E PE ratio of 6.3x and a PBV ratio of 0.9x.</li></ul>

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 2Q2026.Management expects NIMs to improve as repricing takes place, with around half of the floater portfolio repricing in Oct-26, alongside continued deposit growth.We maintain a buy stance on BAFL, with the stock currently trading at a 2026E PE ratio of 6.3x and a PBV ratio of 0.9x.

Topline Flash Note: Bank Alfalah (BAFL) - Corporate Briefing Key Takeaways

<ul><li>Bank Alfalah (BAFL) announced its 2Q2026 result today, where the bank recorded consolidated earnings of Rs10.1bn (EPS of Rs3.22), up 27% YoY but down 8% QoQ.</li><li>Net Interest Income (NII) for 2Q2026 settled at Rs36bn, up 6% YoY and 5% QoQ, supported by volumetric expansion and higher interest rates.</li><li>We maintain our Buy stance on BAFL.</li></ul>

Bank Alfalah (BAFL) announced its 2Q2026 result today, where the bank recorded consolidated earnings of Rs10.1bn (EPS of Rs3.22), up 27% YoY but down 8% QoQ.Net Interest Income (NII) for 2Q2026 settled at Rs36bn, up 6% YoY and 5% QoQ, supported by volumetric expansion and higher interest rates.We maintain our Buy stance on BAFL.

Bank Alfalah (BAFL) – 2Q2026 EPS at Rs3.22, up 27% YoY (Higher Than Industry Expectations)

<ul><li>Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 1Q2026.</li><li>Within the overall investment book, 33% is allocated to fixed-rate instruments, including fixed-rate PIBs yielding over 13.4%.</li><li>During 1Q2026, investments were reduced to take advantage of interest rate movements and to book capital gains, resulting in an 87% YoY reduction in borrowings.</li></ul>

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 1Q2026.Within the overall investment book, 33% is allocated to fixed-rate instruments, including fixed-rate PIBs yielding over 13.4%.During 1Q2026, investments were reduced to take advantage of interest rate movements and to book capital gains, resulting in an 87% YoY reduction in borrowings.

Topline Flash Note: Bank Alfalah (BAFL) –Corporate Briefing Key Takeaways

<ul><li>Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 1Q2026.</li><li>Bank's deposits have reached Rs2.47trn in 1Q2026, up by 22.4% YoY. While advances grew by 16.1% YoY to Rs1.1trn with contributions coming from Corporates 69%, Consumers 16%, SMEs 8%, and remaining from others.</li><li>We maintain a buy stance on BAFL, with the stock currently trading at a 2026E PE ratio of 6.5x and a PBV ratio of 0.9x.</li></ul>

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 1Q2026.Bank's deposits have reached Rs2.47trn in 1Q2026, up by 22.4% YoY. While advances grew by 16.1% YoY to Rs1.1trn with contributions coming from Corporates 69%, Consumers 16%, SMEs 8%, and remaining from others.We maintain a buy stance on BAFL, with the stock currently trading at a 2026E PE ratio of 6.5x and a PBV ratio of 0.9x.

<ul><li>Bank Alfalah (BAFL) announced its 1Q2026 result today, where the bank recorded consolidated earnings of Rs10.9bn (EPS of Rs3.48), up 55% YoY and 71% QoQ.</li><li>Bank has reduced its borrowing position to Rs133bn in Mar 2026 from Rs832bn in Dec-25.</li><li>Net Interest Income (NII) for 1Q2026 settled at Rs34bn, up 4% YoY and 1% QoQ.</li></ul>

Bank Alfalah (BAFL) announced its 1Q2026 result today, where the bank recorded consolidated earnings of Rs10.9bn (EPS of Rs3.48), up 55% YoY and 71% QoQ.Bank has reduced its borrowing position to Rs133bn in Mar 2026 from Rs832bn in Dec-25.Net Interest Income (NII) for 1Q2026 settled at Rs34bn, up 4% YoY and 1% QoQ.

Bank Alfalah (BAFL): 1Q2026 EPS At Rs3.48, Up 55% YoY (Higher Than Industry Expectations)

Pakistan

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

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Bank Alfalah (BAFL PA)

Topline Flash Note: Bank Alfalah (BAFL) - Corporate Briefing Key Takeaways

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for...

Topline Securities

Bank Alfalah (BAFL) – 2Q2026 EPS at Rs3.22, up 27% YoY (Higher Than Industry Expectations)

Bank Alfalah (BAFL) announced its 2Q2026 result today, where the bank recorded consolidated earnings of Rs10.1bn (EPS of Rs3.22), up 27% YoY but...

Topline Securities

Topline Flash Note: Bank Alfalah (BAFL) –Corporate Briefing Key Takeaways

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 1Q2026. Within...

Topline Securities

Topline Flash Note: Bank Alfalah (BAFL) –Corporate Briefing Key Takeaways

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 1Q2026. Bank's...

Topline Securities

Bank Alfalah (BAFL): 1Q2026 EPS At Rs3.48, Up 55% YoY (Higher Than Industry Expectations)

Bank Alfalah (BAFL) announced its 1Q2026 result today, where the bank recorded consolidated earnings of Rs10.9bn (EPS of Rs3.48), up 55% YoY and...

Topline Securities

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