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.

Thematic (Sector/Industry)

<ul>
<li>Pakistan listed banks profitability clocked in at Rs152bn up 21% YoY in 1Q2024. This was primarily driven by jump in Net Interest Income (NII) amid high interest rates, and Non Interest Income. In US$ terms listed banks profit was also up 13% YoY to US$545mn in 1Q2024.</li>
<li>NII of the sector clocked in at Rs433bn in 1Q2024 vs. Rs358bn in 1Q2023 up 21% YoY as average policy rates during 1Q2024 remained to 22% vs. 18% in 1Q2023. Interest income was up by 57% YoY to Rs1.7trn, whereas interest expense was up by 74% YoY to Rs1.3trn.</li>
<li>Non-interest income of the sector was up by 65% YoY to Rs125bn in 1Q2024 primarily due to gain on securities. On other hand, non interest expense up 22% YoY to Rs243bn in 1Q2024 due to higher admin expense which is in line with inflation trend.</li>
</ul>
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 listed banks profitability clocked in at Rs152bn up 21% YoY in 1Q2024. This was primarily driven by jump in Net Interest Income (NII) amid high interest rates, and Non Interest Income. In US$ terms listed banks profit was also up 13% YoY to US$545mn in 1Q2024.
NII of the sector clocked in at Rs433bn in 1Q2024 vs. Rs358bn in 1Q2023 up 21% YoY as average policy rates during 1Q2024 remained to 22% vs. 18% in 1Q2023. Interest income was up by 57% YoY to Rs1.7trn, whereas interest expense was up by 74% YoY to Rs1.3trn.
Non-interest income of the sector was up by 65% YoY to Rs125bn in 1Q2024 primarily due to gain on securities. On other hand, non interest expense up 22% YoY to Rs243bn in 1Q2024 due to higher admin expense which is in line with inflation trend.

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 Listed Banks Profitability up 21% YoY in 1Q2024; Earnings fall 2% QoQ in 1Q2024

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates and lending as one of their central features. In the Islamic world, however, where the very concept of interest is forbidden under Sharia – Islamic law – consumers looking to reconcile their banking needs with their faith are increasingly turning toward Islamic banking systems.

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates and lending as one of their central features. In the Islamic world, however, where the very concept of interest is forbidden under Sharia – Islamic law – consumers looking to reconcile their banking needs with their faith are increasingly turning toward Islamic banking systems.

Consumer Finance in an Interest-Free World – An Overview of Islamic Banking

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the Line of Control (LoC) into Pakistan Occupied Kashmir. This is a first time that India has actually crossed the LoC to send a strong signal to Pakistan and this action, unfortunately, increases the risk of confrontation well into the future. Historically any tensions between India and Pakistan were defused by back channel intervention of global powers…

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the Line of Control (LoC) into Pakistan Occupied Kashmir. This is a first time that India has actually crossed the LoC to send a strong signal to Pakistan and this action, unfortunately, increases the risk of confrontation well into the future. Historically any tensions between India and Pakistan were defused by back channel intervention of global powers…

Rising Geopolitical Risks in Indian Sub-Continent: Towards a Worse-Off Sub-Optimal Nash Equilibrium

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical high experienced when it was previously an emerging market.  Now is a strong time to swoop in to profit from Pakistan's future upside, as the market has the potential trade at up to 13.8X its earnings, based on its historical valuation.  Unfortunately, this is a case where simple exposure through an ETF, the <a href="https://www.smartkarma.com/entities/21016" target="_blank" data-smartkarma-citation="entities:21016">Global X Msci Pakistan Etf</a>, is not an…

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical high experienced when it was previously an emerging market.  Now is a strong time to swoop in to profit from Pakistan's future upside, as the market has the potential trade at up to 13.8X its earnings, based on its historical valuation.  Unfortunately, this is a case where simple exposure through an ETF, the Global X Msci Pakistan Etf, is not an…

Top Industries for Investment as Pakistan Transitions to an Emerging Market

Pakistan

National Bank of Pakistan is a government owned bank which provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial, and individual customers throughout Pakistan.

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National Bank of Pakistan (NBP PA)

Pakistan Listed Banks Profitability up 21% YoY in 1Q2024; Earnings fall 2% QoQ in 1Q2024

Pakistan listed banks profitability clocked in at Rs152bn up 21% YoY in 1Q2024. This was primarily driven by jump in Net Interest Income (NII) amid...

Topline Securities

Pakistan Inflation Review - Dec 2016

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations....

Topline Securities

Consumer Finance in an Interest-Free World – An Overview of Islamic Banking

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates...

Euromonitor International Ltd.

Rising Geopolitical Risks in Indian Sub-Continent: Towards a Worse-Off Sub-Optimal Nash Equilibrium

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the...

Asia Advisors

Top Industries for Investment as Pakistan Transitions to an Emerging Market

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical...

Nomadic Equity

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