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 announced its 1Q2025 results with consolidated earnings of Rs7.1bn (EPS of Rs4.49), reflecting a 29% decline YoY but a 53% increase QoQ.</li>
<li>The bank declared a first interim cash dividend of Rs2.5/share, exceeding expectations.</li>
<li>Net Interest Income for 1Q2025 increased by 6% YoY and 5% QoQ, driven by higher asset yields and an improved zero-cost current account mix.</li>
</ul>


Bank Alfalah announced its 1Q2025 results with consolidated earnings of Rs7.1bn (EPS of Rs4.49), reflecting a 29% decline YoY but a 53% increase QoQ.
The bank declared a first interim cash dividend of Rs2.5/share, exceeding expectations.
Net Interest Income for 1Q2025 increased by 6% YoY and 5% QoQ, driven by higher asset yields and an improved zero-cost current account mix.


Bank Alfalah (BAFL): 1Q2025 EPS at Rs4.49, up 65% QoQ (Earnings lower than industry expectations)

<ul><li>Bank Alfalah (BAFL) announced its 4Q2024 result today, where the bank recorded consolidated earnings of Rs4.64bn (EPS of Rs2.94), down 49% YoY and 65% QoQ.</li><li>The result came lower than industry expectations due higher than estimated operating expenses.</li><li>Alongside the result, bank has announced cash dividend of Rs2.5/share taking 2024 dividend to Rs8.5/share. 4Q2024 dividend was also above expectations.</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 4Q2024 result today, where the bank recorded consolidated earnings of Rs4.64bn (EPS of Rs2.94), down 49% YoY and 65% QoQ.The result came lower than industry expectations due higher than estimated operating expenses.Alongside the result, bank has announced cash dividend of Rs2.5/share taking 2024 dividend to Rs8.5/share. 4Q2024 dividend was also above expectations.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: 4Q2024 EPS at Rs2.94, down 65% QoQ (Earnings lower than industry expectations)

Thematic (Sector/Industry)

<ul><li>Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income.</li><li>Despite a decline in the average policy rate, NII of banks is expected to increase by 12% YoY due to volumetric growth in current accounts and higher investment yields.</li><li>United Bank (UBL) is likely to post the highest earnings growth of 148% YoY, supported by strong growth in current accounts and positive spreads.</li></ul>

Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income.Despite a decline in the average policy rate, NII of banks is expected to increase by 12% YoY due to volumetric growth in current accounts and higher investment yields.United Bank (UBL) is likely to post the highest earnings growth of 148% YoY, supported by strong growth in current accounts and positive spreads.

Pakistan Banks - Earnings to increase 7% YoY in 2Q2025; Market Weight Stance Maintained

<ul><li>Pakistan's listed banks profitability clocked in at Rs153bn, down by 1% YoY and 2% QoQ in 4Q2024.</li><li>Despite the decline in interest rates, the sector's NII clocked in at Rs523bn, up 5% YoY and 4% QoQ in 3Q2024, led by volumetric growth and favourable repricing impact. Interest income declined by 4% YoY and 13% QoQ to Rs1.6trn, whereas interest expense declined by 8% YoY and 20% QoQ to Rs1.1trn.</li><li>On the other hand, non-interest expense rose by 30% YoY and 42% QoQ to Rs329bn in 4Q2024 due to NBP's one-time pension expense. In the full year 2024, NBP has booked total pension expanse of Rs57bn.</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's listed banks profitability clocked in at Rs153bn, down by 1% YoY and 2% QoQ in 4Q2024.Despite the decline in interest rates, the sector's NII clocked in at Rs523bn, up 5% YoY and 4% QoQ in 3Q2024, led by volumetric growth and favourable repricing impact. Interest income declined by 4% YoY and 13% QoQ to Rs1.6trn, whereas interest expense declined by 8% YoY and 20% QoQ to Rs1.1trn.On the other hand, non-interest expense rose by 30% YoY and 42% QoQ to Rs329bn in 4Q2024 due to NBP's one-time pension expense. In the full year 2024, NBP has booked total pension expanse of Rs57bn.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 Profitability Fall 2% QoQ and 1% YoY in 4Q2024

<ul><li>Topline Banking Universe is likely to post an earnings decline of 10% YoY and 24% QoQ in 4Q2024, amid a higher effective tax rate.</li><li>To recall, the government abolished the additional tax of 10-16% on banks due to low ADR; however, it increased the standard income tax for banks from 49% to 54% (including a super tax of 10%) for the year ending on Dec 31, 2024.</li><li>Profit before tax of the sector is likely to increase by 9% YoY, driven by higher Net Interest Income (NII) and Non-Interest Income.</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.

Topline Banking Universe is likely to post an earnings decline of 10% YoY and 24% QoQ in 4Q2024, amid a higher effective tax rate.To recall, the government abolished the additional tax of 10-16% on banks due to low ADR; however, it increased the standard income tax for banks from 49% to 54% (including a super tax of 10%) for the year ending on Dec 31, 2024.Profit before tax of the sector is likely to increase by 9% YoY, driven by higher Net Interest Income (NII) and Non-Interest Income.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: Earnings to Fall 10% YoY and 24% QoQ in 4Q2024; Market Weight Stance Maintained

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)

Bank Alfalah (BAFL): 1Q2025 EPS at Rs4.49, up 65% QoQ (Earnings lower than industry expectations)

Bank Alfalah announced its 1Q2025 results with consolidated earnings of Rs7.1bn (EPS of Rs4.49), reflecting a 29% decline YoY but a 53% increase...

Topline Securities

Bank Alfalah (BAFL: 4Q2024 EPS at Rs2.94, down 65% QoQ (Earnings lower than industry expectations)

Bank Alfalah (BAFL) announced its 4Q2024 result today, where the bank recorded consolidated earnings of Rs4.64bn (EPS of Rs2.94), down 49% YoY...

Topline Securities

Pakistan Banks - Earnings to increase 7% YoY in 2Q2025; Market Weight Stance Maintained

Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest...

Topline Securities

Pakistan Banks: Listed Banks Profitability Fall 2% QoQ and 1% YoY in 4Q2024

Pakistan's listed banks profitability clocked in at Rs153bn, down by 1% YoY and 2% QoQ in 4Q2024. Despite the decline in interest rates, the...

Topline Securities

Pakistan Banks: Earnings to Fall 10% YoY and 24% QoQ in 4Q2024; Market Weight Stance Maintained

Topline Banking Universe is likely to post an earnings decline of 10% YoY and 24% QoQ in 4Q2024, amid a higher effective tax rate. To recall, the...

Topline Securities

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