External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Meezan Bank (MEBL) conducted its 1Q2026 corporate briefing session today where management discuss financial performance and outlook.</li><li>The bank has confirmed the upcoming launch of its Shariah-compliant credit card portfolio, which has already received formal approval from the Shariah Board.</li><li>MEBL’s deposits grew by 29% YoY and 9% QoQ to Rs3.6trn in 1Q2026. MEBL’s current account ratio clocked in at 51% to Rs1.8trn up by 31% in 1Q2026.</li></ul>

Meezan Bank (MEBL) conducted its 1Q2026 corporate briefing session today where management discuss financial performance and outlook.The bank has confirmed the upcoming launch of its Shariah-compliant credit card portfolio, which has already received formal approval from the Shariah Board.MEBL’s deposits grew by 29% YoY and 9% QoQ to Rs3.6trn in 1Q2026. MEBL’s current account ratio clocked in at 51% to Rs1.8trn up by 31% in 1Q2026.

Topline Flash Note: Meezan Bank (MEBL) Corporate Briefing Key Takeaways

<ul><li>Meezan Bank (MEBL) announced its 1Q2026 result today, where the bank recorded unconsolidated earnings of Rs23.4bn (EPS of Rs13.0), up by 6% YoY and 7% QoQ, higher than our expectations due to higher-than-expected non-operating income.</li><li>Net spread slightly fell by 1% YoY and 4% QoQ to Rs61.4bn in 1Q2026. This decrease in spread is due to 50bps decline in interest rate in Dec 2025, in our view.</li><li>Non-operating income surged by 36% YoY to Rs11.1bn in 1QFY26 due to 26% YoY growth in fee and commission income and 58% YoY increase in dividend income. The bank also reported FX income of Rs1.8bn, up 13% YoY.</li></ul>

Meezan Bank (MEBL) announced its 1Q2026 result today, where the bank recorded unconsolidated earnings of Rs23.4bn (EPS of Rs13.0), up by 6% YoY and 7% QoQ, higher than our expectations due to higher-than-expected non-operating income.Net spread slightly fell by 1% YoY and 4% QoQ to Rs61.4bn in 1Q2026. This decrease in spread is due to 50bps decline in interest rate in Dec 2025, in our view.Non-operating income surged by 36% YoY to Rs11.1bn in 1QFY26 due to 26% YoY growth in fee and commission income and 58% YoY increase in dividend income. The bank also reported FX income of Rs1.8bn, up 13% YoY.

Meezan Bank (MEBL): 1Q2026 EPS At Rs13.0, Up 6% YoY And 7% QoQ - Earnings Higher Than Expectations

<ul><li>Meezan Bank (MEBL) conducted its 2025 Corporate Briefing Session today where management discuss financial performance and outlook.</li><li>Management expects interest rates to have bottomed out and anticipates a policy rate hike of 100–150bps in the next monetary policy meeting. Notably, prior to the war, management had expected policy rate to bottom at 10%, but the current situation has altered this view.</li><li>The bank has received Shariah board approval for the launch of credit cards and is currently configuring its systems. The rollout of credit cards is expected in 2027.</li></ul>

Meezan Bank (MEBL) conducted its 2025 Corporate Briefing Session today where management discuss financial performance and outlook.Management expects interest rates to have bottomed out and anticipates a policy rate hike of 100–150bps in the next monetary policy meeting. Notably, prior to the war, management had expected policy rate to bottom at 10%, but the current situation has altered this view.The bank has received Shariah board approval for the launch of credit cards and is currently configuring its systems. The rollout of credit cards is expected in 2027.

Topline Flash Note: Meezan Bank (MEBL) – Corporate Briefing Key Takeaways

<ul><li>The bank intends to maintain its current payout levels even if profitability declines. However, as profitability increases in future, they intend to increase its payout.</li><li>The bank holds approximately 9.5% market share in total deposits and over 30% market share in Islamic banking.</li><li>The bank maintains a strong CASA ratio of over 90%, reflecting a high proportion of low-cost deposits. It also discourages high-cost deposits, demonstrating disciplined deposit management.</li></ul>

The bank intends to maintain its current payout levels even if profitability declines. However, as profitability increases in future, they intend to increase its payout.The bank holds approximately 9.5% market share in total deposits and over 30% market share in Islamic banking.The bank maintains a strong CASA ratio of over 90%, reflecting a high proportion of low-cost deposits. It also discourages high-cost deposits, demonstrating disciplined deposit management.

<ul><li>Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.</li><li>The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.</li><li>We maintain BUY stance on bank as it currently trades at 2026E PE of 9.2x and PBV of 2.5x with dividend yield of 6%.</li></ul>

Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.We maintain BUY stance on bank as it currently trades at 2026E PE of 9.2x and PBV of 2.5x with dividend yield of 6%.

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

Pakistan

Meezan Bank Limited is a commercial bank dedicated to Islamic banking.  The bank provides a range of deposit products, loans, and other products through offices located throughout Pakistan.

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Meezan Bank (MEBL PA)

Topline Flash Note: Meezan Bank (MEBL) Corporate Briefing Key Takeaways

Meezan Bank (MEBL) conducted its 1Q2026 corporate briefing session today where management discuss financial performance and outlook. The bank has...

Topline Securities

Meezan Bank (MEBL): 1Q2026 EPS At Rs13.0, Up 6% YoY And 7% QoQ - Earnings Higher Than Expectations

Meezan Bank (MEBL) announced its 1Q2026 result today, where the bank recorded unconsolidated earnings of Rs23.4bn (EPS of Rs13.0), up by 6% YoY...

Topline Securities

Topline Flash Note: Meezan Bank (MEBL) – Corporate Briefing Key Takeaways

Meezan Bank (MEBL) conducted its 2025 Corporate Briefing Session today where management discuss financial performance and outlook. Management...

Topline Securities

Meezan Bank (MEBL) - AGM Key Takeaways

The bank intends to maintain its current payout levels even if profitability declines. However, as profitability increases in future, they intend...

Topline Securities

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook. The bank’s...

Topline Securities

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