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.</li><li>Management believes that interest rates had already bottomed out prior to the US-Iran conflict; however, the current situation has intensified this view. As a result, they expect interest rates to increase in the upcoming monetary policy meetings, either in April or June, subject to developments in the conflict.</li><li>Bank’s deposits has reached Rs2.5trn in 2025, up by 17% while 5Y deposit CAGR remained at 23%. Current accounts also grew by 17% in 2025, with average current account balances increasing by 21%. Management emphasized their focus on increasing average current account balances rather than period-end balances.</li></ul>

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook.Management believes that interest rates had already bottomed out prior to the US-Iran conflict; however, the current situation has intensified this view. As a result, they expect interest rates to increase in the upcoming monetary policy meetings, either in April or June, subject to developments in the conflict.Bank’s deposits has reached Rs2.5trn in 2025, up by 17% while 5Y deposit CAGR remained at 23%. Current accounts also grew by 17% in 2025, with average current account balances increasing by 21%. Management emphasized their focus on increasing average current account balances rather than period-end balances.

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

Thematic (Sector/Industry)

<ul><li>Pakistan's listed banks reported profitability of Rs168bn in 2Q2026, flat YoY and down 4% QoQ. This takes 1H2026 earnings to Rs342bn, flat YoY.</li><li>On a QoQ basis, the decline was driven by a 7% increase in non-interest expense to Rs361bn and a 2% decline in Net Interest Income (NII) to Rs527bn. This was partly offset by 4% QoQ growth in non-interest income to Rs177bn.</li><li>NII declined 2% both YoY and QoQ (down 1% YoY in 1H2026), reflecting the lagged repricing impact of the Apr 2026 rate hike, partly cushioned by banks' focus on current account deposits and volumetric growth.</li></ul>

Pakistan's listed banks reported profitability of Rs168bn in 2Q2026, flat YoY and down 4% QoQ. This takes 1H2026 earnings to Rs342bn, flat YoY.On a QoQ basis, the decline was driven by a 7% increase in non-interest expense to Rs361bn and a 2% decline in Net Interest Income (NII) to Rs527bn. This was partly offset by 4% QoQ growth in non-interest income to Rs177bn.NII declined 2% both YoY and QoQ (down 1% YoY in 1H2026), reflecting the lagged repricing impact of the Apr 2026 rate hike, partly cushioned by banks' focus on current account deposits and volumetric growth.

Pakistan Banks: Listed Banks Profitability Down 4% QoQ in 2Q2026; Net Interest Income (NII) Down by 2%

<ul><li>Bank Alfalah (BAFL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs6.4bn (EPS of Rs4.07), up 38% YoY and 1% QoQ.</li><li>This takes 2025 earnings to Rs28bn (EPS of Rs17.63), down 30% YoY.</li><li>Net Interest Income (NII) for 4Q2025 settled at Rs34bn, up 8% YoY while flattish QoQ.</li></ul>

Bank Alfalah (BAFL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs6.4bn (EPS of Rs4.07), up 38% YoY and 1% QoQ.This takes 2025 earnings to Rs28bn (EPS of Rs17.63), down 30% YoY.Net Interest Income (NII) for 4Q2025 settled at Rs34bn, up 8% YoY while flattish QoQ.

Bank Alfalah (BAFL): 4Q2025 EPS At Rs4.07, Up 38% YoY (Earnings In Line With Expectations)

<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)

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. Management...

Topline Securities

Pakistan Banks: Listed Banks Profitability Down 4% QoQ in 2Q2026; Net Interest Income (NII) Down by 2%

Pakistan's listed banks reported profitability of Rs168bn in 2Q2026, flat YoY and down 4% QoQ. This takes 1H2026 earnings to Rs342bn, flat YoY. On...

Topline Securities

Bank Alfalah (BAFL): 4Q2025 EPS At Rs4.07, Up 38% YoY (Earnings In Line With Expectations)

Bank Alfalah (BAFL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs6.4bn (EPS of Rs4.07), up 38% YoY and 1%...

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): 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

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