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>We have revised our earnings estimates for Habib Bank Limited (HBL) upward by 24% and 19% for 2025 and 2026 to Rs46.2/sh and Rs46.3/sh, respectively following the incorporation of results and key takeaways from recent discussions with bank management.</li><li>HBL&#8217;s result came above industry expectations, primarily due to higher-than-expected Net Interest Income (NII) driven by deposit growth coupled with flattish QoQ trend in non interest expense.</li><li>We maintain our BUY stance on HBL, however, we have revised up our target price from Rs275/share to Rs305/share for Dec-2026, implying a total upside of 31% (including a dividend yield of 8%).</li></ul>

We have revised our earnings estimates for Habib Bank Limited (HBL) upward by 24% and 19% for 2025 and 2026 to Rs46.2/sh and Rs46.3/sh, respectively following the incorporation of results and key takeaways from recent discussions with bank management.HBL&#8217;s result came above industry expectations, primarily due to higher-than-expected Net Interest Income (NII) driven by deposit growth coupled with flattish QoQ trend in non interest expense.We maintain our BUY stance on HBL, however, we have revised up our target price from Rs275/share to Rs305/share for Dec-2026, implying a total upside of 31% (including a dividend yield of 8%).

Habib Bank Ltd (HBL) - Earnings Revised Up; Buy Stance Maintained

<ul><li>We had a management meeting with the senior management of Habib Bank Limited (HBL) Mr. Irfan Meer, CFO of HBL Bank along with Mr. Faisal Noorali Lalani, Head of Financial Institutions and Mr. Arif Saifie, Head of Investors Relations and Strategic Programs.</li><li>Bank stated that it continues to maintain Rs12bn in general provisions, held as a conservative measure. As per SBP guidelines, Banks provisions can be retained until Dec-26. Till that period, bank intends to maintain a conservative stance in this regard.</li><li>Total deposits increased by 22% in Jun-25, reaching Rs5,194bn compared to Rs4,370bn in Dec-24. The Current Account (non remunerative deposits) ratio improved to 40.5% in Jun-25 from 37.3% in Dec-24.</li></ul>

We had a management meeting with the senior management of Habib Bank Limited (HBL) Mr. Irfan Meer, CFO of HBL Bank along with Mr. Faisal Noorali Lalani, Head of Financial Institutions and Mr. Arif Saifie, Head of Investors Relations and Strategic Programs.Bank stated that it continues to maintain Rs12bn in general provisions, held as a conservative measure. As per SBP guidelines, Banks provisions can be retained until Dec-26. Till that period, bank intends to maintain a conservative stance in this regard.Total deposits increased by 22% in Jun-25, reaching Rs5,194bn compared to Rs4,370bn in Dec-24. The Current Account (non remunerative deposits) ratio improved to 40.5% in Jun-25 from 37.3% in Dec-24.

Habib Bank (HBL) - Management Meeting Takeaways; Focus Remains On Current Account Mobilization

<ul><li>Habib Bank (HBL) announced its 2Q2025 results today, reporting consolidated earnings of Rs17.8bn (EPS: Rs12.1), up 24% YoY and 10% QoQ.</li><li>The 2Q2025 results came higher than industry expectations due to higher-than-expected Net Interest Income (NII) driven by 17% QoQ increase in deposits to Rs5.2tn in Jun 2025.</li><li>We have BUY stance on HBL, with the stock currently trading at a 2025E/2026E PE ratio of 6.0x/5.7x and dividend yield of 8%/8%.</li></ul>

Habib Bank (HBL) announced its 2Q2025 results today, reporting consolidated earnings of Rs17.8bn (EPS: Rs12.1), up 24% YoY and 10% QoQ.The 2Q2025 results came higher than industry expectations due to higher-than-expected Net Interest Income (NII) driven by 17% QoQ increase in deposits to Rs5.2tn in Jun 2025.We have BUY stance on HBL, with the stock currently trading at a 2025E/2026E PE ratio of 6.0x/5.7x and dividend yield of 8%/8%.

Habib Bank (HBL): 2Q2025 EPS at Rs12.1, Up 24% YoY (Earnings Higher Than Industry Expectations)

<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)

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)

Habib Bank Ltd (HBL) - Earnings Revised Up; Buy Stance Maintained

We have revised our earnings estimates for Habib Bank Limited (HBL) upward by 24% and 19% for 2025 and 2026 to Rs46.2/sh and Rs46.3/sh,...

Topline Securities

Habib Bank (HBL) - Management Meeting Takeaways; Focus Remains On Current Account Mobilization

We had a management meeting with the senior management of Habib Bank Limited (HBL) Mr. Irfan Meer, CFO of HBL Bank along with Mr. Faisal Noorali...

Topline Securities

Habib Bank (HBL): 2Q2025 EPS at Rs12.1, Up 24% YoY (Earnings Higher Than Industry Expectations)

Habib Bank (HBL) announced its 2Q2025 results today, reporting consolidated earnings of Rs17.8bn (EPS: Rs12.1), up 24% YoY and 10% QoQ. The 2Q2025...

Topline Securities

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

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