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.

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<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>Pakistan's listed banks profitability clocked in at Rs160bn, up by 3% YoY but down 6% QoQ in 4Q2025.</li><li>Despite the decline in interest rates, the sector's NII clocked in at Rs532bn, up 2% YoY led by volumetric growth and favourable repricing impact.</li><li>In 2025, the profitability of banks increased by 11% YoY to Rs666bn, mainly driven by a 12% growth in NII to Rs2.1trn and reversal in banks vs. provision charge recorded during 2024.</li></ul>

Pakistan's listed banks profitability clocked in at Rs160bn, up by 3% YoY but down 6% QoQ in 4Q2025.Despite the decline in interest rates, the sector's NII clocked in at Rs532bn, up 2% YoY led by volumetric growth and favourable repricing impact.In 2025, the profitability of banks increased by 11% YoY to Rs666bn, mainly driven by a 12% growth in NII to Rs2.1trn and reversal in banks vs. provision charge recorded during 2024.

Pakistan Banks: Listed Banks Profitability up 3% YoY but Fall 6% QoQ in 4Q2025; Profits up 11% YoY in 2025

<ul><li>Topline Banking Universe is likely to post an earnings increase of 19% YoY in 4Q2025, primarily due to a lower effective tax rate (ETR) in 4Q2025 vs. higher taxation recorded in the SPLY.</li><li>Profit before tax of the sector is likely to increase by 5% YoY, mainly driven by higher Net Interest Income (NII).</li><li>On a QoQ basis, despite the decline in the policy rate, profit before tax earnings in the banking universe are expected to increase by 2%, driven by a favourable asset repricing gap, volumetric growth, and lower provision expense.</li></ul>

Topline Banking Universe is likely to post an earnings increase of 19% YoY in 4Q2025, primarily due to a lower effective tax rate (ETR) in 4Q2025 vs. higher taxation recorded in the SPLY.Profit before tax of the sector is likely to increase by 5% YoY, mainly driven by higher Net Interest Income (NII).On a QoQ basis, despite the decline in the policy rate, profit before tax earnings in the banking universe are expected to increase by 2%, driven by a favourable asset repricing gap, volumetric growth, and lower provision expense.

Pakistan Banks: Earnings To Increase 19% YoY And 2% QoQ In 4Q2025; Market Weight Stance Maintained

<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)

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: Listed Banks Profitability up 3% YoY but Fall 6% QoQ in 4Q2025; Profits up 11% YoY in 2025

Pakistan's listed banks profitability clocked in at Rs160bn, up by 3% YoY but down 6% QoQ in 4Q2025. Despite the decline in interest rates, the...

Topline Securities

Pakistan Banks: Earnings To Increase 19% YoY And 2% QoQ In 4Q2025; Market Weight Stance Maintained

Topline Banking Universe is likely to post an earnings increase of 19% YoY in 4Q2025, primarily due to a lower effective tax rate (ETR) in 4Q2025...

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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