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>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)

<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><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>

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)

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 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

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

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