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 (HBL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>HBL’s total deposits have increased by 22% in 1H2025 crossing Rs5trn mark to reach Rs5.2trn. Similarly Current Accounts (CA) grew by Rs440bn the highest ever quarterly growth in 1H2025. This takes CA mix from 37.3% in Dec-2024 to 40.5% in Jun-2025. Going forward, management is targeting the mix to improve further towards 42% in 2H2025.</li><li>We maintain a buy stance on HBL, with the stock currently trading at a 2025E PE ratio of 6.4x, PBV ratio of 0.8x, and dividend yield of 8%.</li></ul>

Habib Bank (HBL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.HBL’s total deposits have increased by 22% in 1H2025 crossing Rs5trn mark to reach Rs5.2trn. Similarly Current Accounts (CA) grew by Rs440bn the highest ever quarterly growth in 1H2025. This takes CA mix from 37.3% in Dec-2024 to 40.5% in Jun-2025. Going forward, management is targeting the mix to improve further towards 42% in 2H2025.We maintain a buy stance on HBL, with the stock currently trading at a 2025E PE ratio of 6.4x, PBV ratio of 0.8x, and dividend yield of 8%.

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

<ul><li>Habib Bank (HBL) announced strong 1Q2025 results with consolidated earnings of Rs16.6bn, up 9% YoY and 15% QoQ, driven by higher-than-expected Net Interest Income (NII) and Gain on securities.</li><li>Non-Interest Income grew by 7% YoY primarily due to a significant gain on securities, while the bank maintained a cost to income ratio of 56%.</li><li>HBL declared a first interim cash dividend of Rs4.5 per share, with a buy stance maintained, trading at a 2025E PE ratio of 4.0x.</li></ul>

Habib Bank (HBL) announced strong 1Q2025 results with consolidated earnings of Rs16.6bn, up 9% YoY and 15% QoQ, driven by higher-than-expected Net Interest Income (NII) and Gain on securities.Non-Interest Income grew by 7% YoY primarily due to a significant gain on securities, while the bank maintained a cost to income ratio of 56%.HBL declared a first interim cash dividend of Rs4.5 per share, with a buy stance maintained, trading at a 2025E PE ratio of 4.0x.

Habib Bank (HBL): 1Q2025 EPS at Rs11.3 (Earnings higher than expectations)

<ul><li>Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025.</li><li>The Net Interest Income (NII) on YoY basis improved 6% YoY while remains flattish on QoQ basis. The improvement on YoY basis (in absolute terms) is led by United Bank Limited (UBL)’s NII growth of 78% YoY (or Rs40bn) to Rs92bn followed by National Bank (NBP)’s NII growth of 74% YoY (or Rs26bn) to Rs61bn and Bank of Punjab (BOP)’s NII growth of 61% (or Rs9bn) to Rs23bn. Excluding UBL, NBP, and BOP, NII of the sector has declined by 10% YoY.</li><li>Non-interest income of the sector increased by 13% YoY and 1% QoQ to Rs146bn in 3Q2025. The slight QoQ improvement is due to realization of capital gains by few banks coupled with higher fee and FX income.</li></ul>

Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025.The Net Interest Income (NII) on YoY basis improved 6% YoY while remains flattish on QoQ basis. The improvement on YoY basis (in absolute terms) is led by United Bank Limited (UBL)’s NII growth of 78% YoY (or Rs40bn) to Rs92bn followed by National Bank (NBP)’s NII growth of 74% YoY (or Rs26bn) to Rs61bn and Bank of Punjab (BOP)’s NII growth of 61% (or Rs9bn) to Rs23bn. Excluding UBL, NBP, and BOP, NII of the sector has declined by 10% YoY.Non-interest income of the sector increased by 13% YoY and 1% QoQ to Rs146bn in 3Q2025. The slight QoQ improvement is due to realization of capital gains by few banks coupled with higher fee and FX income.

Pakistan Listed Banks: Profit Grew By 8% YoY In 3Q2025; NII Up 6% YoY Led By UBL, NBP And BOP

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><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

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 Limited (HBL) - Corporate Briefing Key Takeaways

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

Topline Securities

Habib Bank (HBL): 1Q2025 EPS at Rs11.3 (Earnings higher than expectations)

Habib Bank (HBL) announced strong 1Q2025 results with consolidated earnings of Rs16.6bn, up 9% YoY and 15% QoQ, driven by higher-than-expected Net...

Topline Securities

Pakistan Listed Banks: Profit Grew By 8% YoY In 3Q2025; NII Up 6% YoY Led By UBL, NBP And BOP

Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025. The Net Interest Income (NII) on YoY basis...

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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