External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Bank Alfalah (BAFL) announced its 2Q2025 result today, where the bank recorded consolidated earnings of Rs8bn (EPS of Rs5.07), down 33% YoY while up 13% QoQ.</li><li>The 2Q2025 results came in higher than industry expectations, primarily supported by gains on securities, while operating expenses also exceeded our expectations, dragging down core earnings.</li><li>Non-interest expenses increased by 39% YoY and 7% QoQ to Rs29.5bn in 2Q2025, taking 1H2025 expenses to Rs57bn, up 38% YoY.</li></ul>

Bank Alfalah (BAFL) announced its 2Q2025 result today, where the bank recorded consolidated earnings of Rs8bn (EPS of Rs5.07), down 33% YoY while up 13% QoQ.The 2Q2025 results came in higher than industry expectations, primarily supported by gains on securities, while operating expenses also exceeded our expectations, dragging down core earnings.Non-interest expenses increased by 39% YoY and 7% QoQ to Rs29.5bn in 2Q2025, taking 1H2025 expenses to Rs57bn, up 38% YoY.

Bank Alfalah (BAFL): 2Q2025 EPS at Rs5.07, Down 33% YoY (Earnings Higher Than Industry Expectations)