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 future outlook.</li><li>Management expects no change in interest rates in the near term. The bank’s borrowings increased from Rs555bn in Jun-25 to Rs621bn in Sep-25. Management indicated that if any opportunity arises in the market, the bank will pursue it.</li><li>The cost-to-income ratio stood at 67%, primarily due to branch expansion, inflationary pressures, and remittance-related spending. Excluding the impact of remittance-related marketing expenses, the normalized year-to-date cost-to-income ratio is 56%.</li></ul>

Bank Alfalah (BAFL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.Management expects no change in interest rates in the near term. The bank’s borrowings increased from Rs555bn in Jun-25 to Rs621bn in Sep-25. Management indicated that if any opportunity arises in the market, the bank will pursue it.The cost-to-income ratio stood at 67%, primarily due to branch expansion, inflationary pressures, and remittance-related spending. Excluding the impact of remittance-related marketing expenses, the normalized year-to-date cost-to-income ratio is 56%.

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

<ul><li>Bank Alfalah (BAFL) announced its 3Q2025 result today, where the bank recorded consolidated earnings of Rs6.3bn (EPS of Rs4.0), down 52% YoY and 21% QoQ.</li><li>The 3Q2025 results came in lower than industry expectations, primarily due to higher-than-expected operating cost, up 48% YoY and 4% QoQ.</li><li>As per our channel checks, remittances related cost has started coming down and improvement in cost to income ratio would be visible from Dec 2025 quarter.</li></ul>

Bank Alfalah (BAFL) announced its 3Q2025 result today, where the bank recorded consolidated earnings of Rs6.3bn (EPS of Rs4.0), down 52% YoY and 21% QoQ.The 3Q2025 results came in lower than industry expectations, primarily due to higher-than-expected operating cost, up 48% YoY and 4% QoQ.As per our channel checks, remittances related cost has started coming down and improvement in cost to income ratio would be visible from Dec 2025 quarter.

Bank Alfalah (BAFL): 3Q2025 EPS At Rs4.0, Down 52% YoY (Earnings Lower Than Industry Expectations)

<ul><li>Topline Securities organized the Pakistan Day Conference 2025. The conference started with a session on Bank Alfalah (BAFL), where the senior management of the bank briefed participants on the recent financial results and outlook.</li><li>Management expects that interest rates are very near to bottom, if not bottomed out. Considering this view, the bank has reduced its borrowing (OMO) position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by liquidating government securities and booking capital gains instead of running the carry positions.</li><li>Remittances expenses remained elevated as previous incentive formula of remittances was more favorable for small banks. BAFL is second largest player in remittances and to maintain its market share and to support trade business (import), banks spent more on this front.</li></ul>

Topline Securities organized the Pakistan Day Conference 2025. The conference started with a session on Bank Alfalah (BAFL), where the senior management of the bank briefed participants on the recent financial results and outlook.Management expects that interest rates are very near to bottom, if not bottomed out. Considering this view, the bank has reduced its borrowing (OMO) position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by liquidating government securities and booking capital gains instead of running the carry positions.Remittances expenses remained elevated as previous incentive formula of remittances was more favorable for small banks. BAFL is second largest player in remittances and to maintain its market share and to support trade business (import), banks spent more on this front.

Pakistan Day Conference 2025 - BAFL: Focus Remains On Current Account Growth; Credit Environment Improving

<ul><li>Bank Alfalah (BAFL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>Management expects no change in interest rate going forward. Considering this view, management has also reduced its borrowing position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by trimming its position in OMO.</li><li>Remittances expenses remained elevated as previous incentive formula of remittances was more favourable for small banks. BAFL is second largest player in remittances and to maintain its market share, banks spent more on this front.</li></ul>

Bank Alfalah (BAFL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.Management expects no change in interest rate going forward. Considering this view, management has also reduced its borrowing position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by trimming its position in OMO.Remittances expenses remained elevated as previous incentive formula of remittances was more favourable for small banks. BAFL is second largest player in remittances and to maintain its market share, banks spent more on this front.

Topline Flash Note: Bank AL Falah (BAFL): Corporate Briefing Key Takeaways

<ul><li>Bank Alfalah (BAFL) announced its 2Q2025 result today, where the bank recorded consolidated earnings of Rs8bn (EPS of Rs5.07), down 33% YoY while up 13% QoQ.</li><li>The 2Q2025 results came in higher than industry expectations, primarily supported by gains on securities, while operating expenses also exceeded our expectations, dragging down core earnings.</li><li>Non-interest expenses increased by 39% YoY and 7% QoQ to Rs29.5bn in 2Q2025, taking 1H2025 expenses to Rs57bn, up 38% YoY.</li></ul>

Bank Alfalah (BAFL) announced its 2Q2025 result today, where the bank recorded consolidated earnings of Rs8bn (EPS of Rs5.07), down 33% YoY while up 13% QoQ.The 2Q2025 results came in higher than industry expectations, primarily supported by gains on securities, while operating expenses also exceeded our expectations, dragging down core earnings.Non-interest expenses increased by 39% YoY and 7% QoQ to Rs29.5bn in 2Q2025, taking 1H2025 expenses to Rs57bn, up 38% YoY.

Bank Alfalah (BAFL): 2Q2025 EPS at Rs5.07, Down 33% YoY (Earnings 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank Alfalah (BAFL PA)

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

Bank Alfalah (BAFL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook. Management...

Topline Securities

Bank Alfalah (BAFL): 3Q2025 EPS At Rs4.0, Down 52% YoY (Earnings Lower Than Industry Expectations)

Bank Alfalah (BAFL) announced its 3Q2025 result today, where the bank recorded consolidated earnings of Rs6.3bn (EPS of Rs4.0), down 52% YoY and...

Topline Securities

Pakistan Day Conference 2025 - BAFL: Focus Remains On Current Account Growth; Credit Environment Improving

Topline Securities organized the Pakistan Day Conference 2025. The conference started with a session on Bank Alfalah (BAFL), where the senior...

Topline Securities

Topline Flash Note: Bank AL Falah (BAFL): Corporate Briefing Key Takeaways

Bank Alfalah (BAFL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook. Management...

Topline Securities

Bank Alfalah (BAFL): 2Q2025 EPS at Rs5.07, Down 33% YoY (Earnings Higher Than Industry Expectations)

Bank Alfalah (BAFL) announced its 2Q2025 result today, where the bank recorded consolidated earnings of Rs8bn (EPS of Rs5.07), down 33% YoY while...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)