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.

Thematic (Sector/Industry)

<ul><li>KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25.</li><li>Excluding OMCs/Refineries, profits are up by 5% YoY but down 2% QoQ in 3QFY26.</li><li>The banking sector’s earnings rose 2% YoY and 14% QoQ to Rs169.7bn in 3QFY26.</li></ul>

KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25.Excluding OMCs/Refineries, profits are up by 5% YoY but down 2% QoQ in 3QFY26.The banking sector’s earnings rose 2% YoY and 14% QoQ to Rs169.7bn in 3QFY26.

Pakistan Strategy – Corporate Profitability in 3QFY26; Earnings Up 19% YoY, Excluding OMCs/Refineries Up 5% YoY

<ul><li>Pakistan’s listed banks reported profitability of Rs174bn in 1Q2026, slightly up 1% YoY and 8% QoQ.</li><li>On a QoQ basis, profits were driven by 15% growth in non-interest income to Rs170bn, thanks to higher capital gains on investments recorded during the quarter.</li><li>While Net Interest Income (NII) remained largely flattish on QoQ basis despite decline in interest rate in Dec 2025, due to banks’ focus on current account deposits coupled with slight volumetric growth.</li></ul>

Pakistan’s listed banks reported profitability of Rs174bn in 1Q2026, slightly up 1% YoY and 8% QoQ.On a QoQ basis, profits were driven by 15% growth in non-interest income to Rs170bn, thanks to higher capital gains on investments recorded during the quarter.While Net Interest Income (NII) remained largely flattish on QoQ basis despite decline in interest rate in Dec 2025, due to banks’ focus on current account deposits coupled with slight volumetric growth.

Pakistan Banks: Listed Banks Profitability Up 8% QoQ; Non-Interest Income Up 15% QoQ Led By Realization Of Capital Gains

<ul><li>Topline Banking Universe is likely to post an earnings decline of 9% YoY in 1Q2026, primarily due to a higher operating expenses coupled with provision charge in 1Q2026 vs. reversal recorded in SPLY.</li><li>Profit before tax of the sector is likely to decline by 11% YoY due to aforementioned reasons, while on a QoQ basis, PBT is expected to remain flat, as higher provision charges are likely to be offset by a decline in operating expenses.</li><li>Net interest income (NII) for banks in the universe is expected to grow by 3% YoY to Rs329bn, supported by volumetric expansion. On a QoQ basis, however, NII is likely to decline by 1% due to the policy rate cut at the end of Dec-25.</li></ul>

Topline Banking Universe is likely to post an earnings decline of 9% YoY in 1Q2026, primarily due to a higher operating expenses coupled with provision charge in 1Q2026 vs. reversal recorded in SPLY.Profit before tax of the sector is likely to decline by 11% YoY due to aforementioned reasons, while on a QoQ basis, PBT is expected to remain flat, as higher provision charges are likely to be offset by a decline in operating expenses.Net interest income (NII) for banks in the universe is expected to grow by 3% YoY to Rs329bn, supported by volumetric expansion. On a QoQ basis, however, NII is likely to decline by 1% due to the policy rate cut at the end of Dec-25.

Pakistan Banks: Earnings To Decrease 9% YoY In 1Q2026; Led By Higher Operating Expenses And Provision Charge

<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><p><em>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.</em></p>

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

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)

Pakistan Strategy – Corporate Profitability in 3QFY26; Earnings Up 19% YoY, Excluding OMCs/Refineries Up 5% YoY

KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25. Excluding OMCs/Refineries, profits are...

Topline Securities

Pakistan Banks: Listed Banks Profitability Up 8% QoQ; Non-Interest Income Up 15% QoQ Led By Realization Of Capital Gains

Pakistan’s listed banks reported profitability of Rs174bn in 1Q2026, slightly up 1% YoY and 8% QoQ. On a QoQ basis, profits were driven by 15%...

Topline Securities

Pakistan Banks: Earnings To Decrease 9% YoY In 1Q2026; Led By Higher Operating Expenses And Provision Charge

Topline Banking Universe is likely to post an earnings decline of 9% YoY in 1Q2026, primarily due to a higher operating expenses coupled with...

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

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