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>Habib Bank Limited (HBL) conducted its management call today where the management discussed 2025 results and future outlook.</li><li>HBL's total deposits have increased by 27% in Dec-2025 to reach Rs5.5trn. Similarly Current Accounts (CA) grew by Rs0.4trn to reach Rs2.0tr in Dec-25, up by 27%. However, domestic CA mix decreased to 37.6% in Dec-2025 vs. 40.6% in Dec-2024.</li><li>We maintain a buy stance on HBL, with the stock currently trading at a 2026E PE ratio of 5.6x, PBV ratio of 0.8x, and dividend yield of 8%.</li></ul>

Habib Bank Limited (HBL) conducted its management call today where the management discussed 2025 results and future outlook.HBL's total deposits have increased by 27% in Dec-2025 to reach Rs5.5trn. Similarly Current Accounts (CA) grew by Rs0.4trn to reach Rs2.0tr in Dec-25, up by 27%. However, domestic CA mix decreased to 37.6% in Dec-2025 vs. 40.6% in Dec-2024.We maintain a buy stance on HBL, with the stock currently trading at a 2026E PE ratio of 5.6x, PBV ratio of 0.8x, and dividend yield of 8%.

Topline Flash Note: Habib Bank (HBL): Management Call Key Takeaways

Thematic (Sector/Industry)

<ul><li>Pakistan listed banks profitability clocked in Rs168bn in 2Q2026, showing flattish trend YoY and down 4% QoQ despite increase in interest rates.</li><li>The sector’s non-interest income has increased 23% YoY and 4% QoQ.</li><li>Deposit of banks are up 16% YoY while loan book has witnessed rise of 17% YoY in 2Q2026.</li></ul>

Pakistan listed banks profitability clocked in Rs168bn in 2Q2026, showing flattish trend YoY and down 4% QoQ despite increase in interest rates.The sector’s non-interest income has increased 23% YoY and 4% QoQ.Deposit of banks are up 16% YoY while loan book has witnessed rise of 17% YoY in 2Q2026.

<ul><li>Habib Bank (HBL) announced its 4Q2025 results today, reporting consolidated earnings of Rs15.4bn (EPS: Rs10.5), up 7% YoY but down 9% QoQ. This takes 2025 earnings to Rs66.7bn (EPS: Rs45.5), up 14% YoY.</li><li>The 4Q2025 results came lower than industry expectations mainly due to lower-than-expected Non Interest Income coupled with higher effective tax rate.</li><li>Non Interest Income of the bank declined by 50% YoY and 22% QoQ due to capital loss on securities of Rs425mn in 4Q2025 vs. capital gain of Rs3.9bn in 4Q2024 and Rs4.6bn in 3Q2025.</li></ul>

Habib Bank (HBL) announced its 4Q2025 results today, reporting consolidated earnings of Rs15.4bn (EPS: Rs10.5), up 7% YoY but down 9% QoQ. This takes 2025 earnings to Rs66.7bn (EPS: Rs45.5), up 14% YoY.The 4Q2025 results came lower than industry expectations mainly due to lower-than-expected Non Interest Income coupled with higher effective tax rate.Non Interest Income of the bank declined by 50% YoY and 22% QoQ due to capital loss on securities of Rs425mn in 4Q2025 vs. capital gain of Rs3.9bn in 4Q2024 and Rs4.6bn in 3Q2025.

Habib Bank (HBL): 4Q2025 EPS At Rs10.5, Up 7% YoY (Earnings Lower Than Industry Expectations)

<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>Habib Bank (HBL) conducted its Corporate Briefing Session today where management discussed financial performance and outlook.</li><li>HBL’s total deposits have increased by 16% in 9M2025 to reach Rs5.1trn. Similarly Current Accounts (CA) grew by Rs371bn in 9M2025 to Rs1.94tr in Sep-25, up by 24%. This takes domestic CA mix from 37.3% in Dec-2024 to 40.4% in Sep-2025.</li><li>In 9M2025, Net Interest Income (NII) up by 11% YoY due to growth in current account, building up floaters with healthy spread and reduction in cost of deposit.</li></ul>

Habib Bank (HBL) conducted its Corporate Briefing Session today where management discussed financial performance and outlook.HBL’s total deposits have increased by 16% in 9M2025 to reach Rs5.1trn. Similarly Current Accounts (CA) grew by Rs371bn in 9M2025 to Rs1.94tr in Sep-25, up by 24%. This takes domestic CA mix from 37.3% in Dec-2024 to 40.4% in Sep-2025.In 9M2025, Net Interest Income (NII) up by 11% YoY due to growth in current account, building up floaters with healthy spread and reduction in cost of deposit.

Topline Flash Note: Habib Bank (HBL): Corporate Briefing Key Takeaways

Pakistan

Habib Bank Ltd operates commercial bank in Pakistan. The Bank offers commercial, corporate, Investment, retail and International Group Banking.

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Habib Bank Ltd (HBL PA)

Topline Flash Note: Habib Bank (HBL): Management Call Key Takeaways

Habib Bank Limited (HBL) conducted its management call today where the management discussed 2025 results and future outlook. HBL's total deposits...

Topline Securities

Pakistan Listed Banks Comp Sheet

Pakistan listed banks profitability clocked in Rs168bn in 2Q2026, showing flattish trend YoY and down 4% QoQ despite increase in interest...

Topline Securities

Habib Bank (HBL): 4Q2025 EPS At Rs10.5, Up 7% YoY (Earnings Lower Than Industry Expectations)

Habib Bank (HBL) announced its 4Q2025 results today, reporting consolidated earnings of Rs15.4bn (EPS: Rs10.5), up 7% YoY but down 9% QoQ. This...

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

Topline Flash Note: Habib Bank (HBL): Corporate Briefing Key Takeaways

Habib Bank (HBL) conducted its Corporate Briefing Session today where management discussed financial performance and outlook. HBL’s total deposits...

Topline Securities

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