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>KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25.</li><li>Excluding OMCs/Refineries, profits are up by 5% YoY but down 2% QoQ in 3QFY26.</li><li>The banking sector’s earnings rose 2% YoY and 14% QoQ to Rs169.7bn in 3QFY26.</li></ul>

KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25.Excluding OMCs/Refineries, profits are up by 5% YoY but down 2% QoQ in 3QFY26.The banking sector’s earnings rose 2% YoY and 14% QoQ to Rs169.7bn in 3QFY26.

Pakistan Strategy – Corporate Profitability in 3QFY26; Earnings Up 19% YoY, Excluding OMCs/Refineries Up 5% YoY

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>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%

<ul><li>KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.</li><li>Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.</li><li>The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.</li></ul>

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

<ul><li>Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income.</li><li>Despite a decline in the average policy rate, NII of banks is expected to increase by 12% YoY due to volumetric growth in current accounts and higher investment yields.</li><li>United Bank (UBL) is likely to post the highest earnings growth of 148% YoY, supported by strong growth in current accounts and positive spreads.</li></ul>

Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income.Despite a decline in the average policy rate, NII of banks is expected to increase by 12% YoY due to volumetric growth in current accounts and higher investment yields.United Bank (UBL) is likely to post the highest earnings growth of 148% YoY, supported by strong growth in current accounts and positive spreads.

Pakistan Banks - Earnings to increase 7% YoY in 2Q2025; Market Weight Stance Maintained

Pakistan

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

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United Bank Ltd (UBL PA)

Pakistan Strategy – Corporate Profitability in 3QFY26; Earnings Up 19% YoY, Excluding OMCs/Refineries Up 5% YoY

KSE-100 index companies posted earnings of Rs491bn in 3QFY26, up 19% YoY and 8% QoQ from Rs412bn in 3QFY25. Excluding OMCs/Refineries, profits are...

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 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

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

Pakistan Banks - Earnings to increase 7% YoY in 2Q2025; Market Weight Stance Maintained

Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest...

Topline Securities

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