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

National Bank of Pakistan / Equity Bottom-Up

<ul><li>Topline Banking Universe is likely to post an earnings decline of 1% YoY in 3Q2026 mainly due to higher operating expenses.</li><li>While on a sequential basis, earnings are expected to decline 6%, mainly due to lower capital gains and FX income.</li><li>Non-interest expenses are likely to increase by 14% YoY to Rs251bn in 3Q26, mainly due to higher marketing costs, increased compensation expenses associated with branch expansion at select banks, and a one-off adjustment at NBP.</li></ul>

Topline Banking Universe is likely to post an earnings decline of 1% YoY in 3Q2026 mainly due to higher operating expenses.While on a sequential basis, earnings are expected to decline 6%, mainly due to lower capital gains and FX income.Non-interest expenses are likely to increase by 14% YoY to Rs251bn in 3Q26, mainly due to higher marketing costs, increased compensation expenses associated with branch expansion at select banks, and a one-off adjustment at NBP.

Pakistan Banks: Earnings to Decrease 6% QoQ in 3Q2026; Led by Absence of Abnormal Non-Interest Income

Thematic (Sector/Industry)

<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

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.</li><li>The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.</li><li>The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.</li></ul>

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

<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>KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.</li><li>Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.</li><li>The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.</li></ul>

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

Pakistan

MCB Bank Ltd. is a full service commercial bank. The Bank offers a wide range of financial products and advice for personal and corporate customers, including online banking services.

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MCB Bank Ltd (MCB PA)

Pakistan Banks: Earnings to Decrease 6% QoQ in 3Q2026; Led by Absence of Abnormal Non-Interest Income

Topline Banking Universe is likely to post an earnings decline of 1% YoY in 3Q2026 mainly due to higher operating expenses. While on a sequential...

Topline Securities

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 Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25. The banking sector’s earnings declined by 3% YoY...

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 Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at...

Topline Securities

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