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>Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025.</li><li>The Net Interest Income (NII) on YoY basis improved 6% YoY while remains flattish on QoQ basis. The improvement on YoY basis (in absolute terms) is led by United Bank Limited (UBL)’s NII growth of 78% YoY (or Rs40bn) to Rs92bn followed by National Bank (NBP)’s NII growth of 74% YoY (or Rs26bn) to Rs61bn and Bank of Punjab (BOP)’s NII growth of 61% (or Rs9bn) to Rs23bn. Excluding UBL, NBP, and BOP, NII of the sector has declined by 10% YoY.</li><li>Non-interest income of the sector increased by 13% YoY and 1% QoQ to Rs146bn in 3Q2025. The slight QoQ improvement is due to realization of capital gains by few banks coupled with higher fee and FX income.</li></ul>

Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025.The Net Interest Income (NII) on YoY basis improved 6% YoY while remains flattish on QoQ basis. The improvement on YoY basis (in absolute terms) is led by United Bank Limited (UBL)’s NII growth of 78% YoY (or Rs40bn) to Rs92bn followed by National Bank (NBP)’s NII growth of 74% YoY (or Rs26bn) to Rs61bn and Bank of Punjab (BOP)’s NII growth of 61% (or Rs9bn) to Rs23bn. Excluding UBL, NBP, and BOP, NII of the sector has declined by 10% YoY.Non-interest income of the sector increased by 13% YoY and 1% QoQ to Rs146bn in 3Q2025. The slight QoQ improvement is due to realization of capital gains by few banks coupled with higher fee and FX income.

Pakistan Listed Banks: Profit Grew By 8% YoY In 3Q2025; NII Up 6% YoY Led By UBL, NBP And BOP

<ul><li>Topline Securities hosted an Analyst Briefing Session for United Bank Limited (UBL), where the key speaker was Mr. Muhammad Jawaid Iqbal, President of UBL.</li><li>UBL has achieved deposit growth of 98% in last 2 years (industry growth 40%), wherein current deposits have grown at 114% (industry: 40%) during the same period.</li><li>UBL stock has given total return of 1247% since Jan 2023 which includes robust dividend return of 588% and capital gain of 659%. Their market cap has jumped from a low of Rs113bn in Jan 2023 to Rs966Bbn now.</li></ul>

Topline Securities hosted an Analyst Briefing Session for United Bank Limited (UBL), where the key speaker was Mr. Muhammad Jawaid Iqbal, President of UBL.UBL has achieved deposit growth of 98% in last 2 years (industry growth 40%), wherein current deposits have grown at 114% (industry: 40%) during the same period.UBL stock has given total return of 1247% since Jan 2023 which includes robust dividend return of 588% and capital gain of 659%. Their market cap has jumped from a low of Rs113bn in Jan 2023 to Rs966Bbn now.

Topline Flash Note: United Bank Limited (UBL): Corporate Briefing Key Takeaways

<ul><li>UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations due to higher non-interest expenses and tax expenses.</li><li>Non-interest expenses increased by 76% YoY due to branch expansions and marketing efforts, while the effective tax rate was higher at 61% due to prior year tax charges.</li><li>Despite a decline in non-interest income, UBL experienced strong fee and commission income growth, and the bank declared a dividend of Rs8/share, aligning with expectations.</li></ul>

UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations due to higher non-interest expenses and tax expenses.Non-interest expenses increased by 76% YoY due to branch expansions and marketing efforts, while the effective tax rate was higher at 61% due to prior year tax charges.Despite a decline in non-interest income, UBL experienced strong fee and commission income growth, and the bank declared a dividend of Rs8/share, aligning with expectations.

United Bank (UBL) - 2Q2024 EPS at Rs11.4, up 93% YoY (Earnings lower than industry expectations)

<ul>
<li>We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share, respectively following the incorporation of 1Q2025 results.</li>
<li>UBL’s 1Q2025 results came above industry expectations, primarily driven by higher-than-expected Net Interest Income (NII).</li>
<li>We maintain our BUY stance on UBL, however, we have revised up our target price from Rs450/share to Rs560/share for Dec-2025, implying a total upside of 19% (including a dividend yield of 10%).</li>
</ul>


We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share, respectively following the incorporation of 1Q2025 results.
UBL’s 1Q2025 results came above industry expectations, primarily driven by higher-than-expected Net Interest Income (NII).
We maintain our BUY stance on UBL, however, we have revised up our target price from Rs450/share to Rs560/share for Dec-2025, implying a total upside of 19% (including a dividend yield of 10%).


United Bank Limited (UBL) - Earnings Revised Up; Buy Stance Maintained

<ul><li>United Bank (UBL) announced its 1Q2025 result with the highest ever quarterly earnings of Rs36bn, up 126% YoY and 39% QoQ.</li><li>UBL's earnings exceeded industry expectations, driven by a significant increase in Net Interest Income (NII) and a provision reversal of Rs1.6bn.</li><li>The bank announced a dividend of Rs11/share and a stock split, maintaining a BUY stance with a 2025E PE ratio of 7.7x and dividend yield of 9%.</li></ul>

United Bank (UBL) announced its 1Q2025 result with the highest ever quarterly earnings of Rs36bn, up 126% YoY and 39% QoQ.UBL's earnings exceeded industry expectations, driven by a significant increase in Net Interest Income (NII) and a provision reversal of Rs1.6bn.The bank announced a dividend of Rs11/share and a stock split, maintaining a BUY stance with a 2025E PE ratio of 7.7x and dividend yield of 9%.

United Bank (UBL): recorded highest ever quarterly earnings in 1Q2025

Pakistan

United Bank Ltd. provides commercial banking and related services. The Bank offers a wide range of banking and financial services, including brokerage services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Bank Ltd (UBL PA)

Pakistan Listed Banks: Profit Grew By 8% YoY In 3Q2025; NII Up 6% YoY Led By UBL, NBP And BOP

Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025. The Net Interest Income (NII) on YoY basis...

Topline Securities

Topline Flash Note: United Bank Limited (UBL): Corporate Briefing Key Takeaways

Topline Securities hosted an Analyst Briefing Session for United Bank Limited (UBL), where the key speaker was Mr. Muhammad Jawaid Iqbal,...

Topline Securities

United Bank (UBL) - 2Q2024 EPS at Rs11.4, up 93% YoY (Earnings lower than industry expectations)

UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations...

Topline Securities

United Bank Limited (UBL) - Earnings Revised Up; Buy Stance Maintained

We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share,...

Topline Securities

United Bank (UBL): recorded highest ever quarterly earnings in 1Q2025

United Bank (UBL) announced its 1Q2025 result with the highest ever quarterly earnings of Rs36bn, up 126% YoY and 39% QoQ. UBL's earnings exceeded...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)