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 3Q2025 result today, where the bank recorded consolidated earnings of Rs6.3bn (EPS of Rs4.0), down 52% YoY and 21% QoQ.</li><li>The 3Q2025 results came in lower than industry expectations, primarily due to higher-than-expected operating cost, up 48% YoY and 4% QoQ.</li><li>As per our channel checks, remittances related cost has started coming down and improvement in cost to income ratio would be visible from Dec 2025 quarter.</li></ul>

Bank Alfalah (BAFL) announced its 3Q2025 result today, where the bank recorded consolidated earnings of Rs6.3bn (EPS of Rs4.0), down 52% YoY and 21% QoQ.The 3Q2025 results came in lower than industry expectations, primarily due to higher-than-expected operating cost, up 48% YoY and 4% QoQ.As per our channel checks, remittances related cost has started coming down and improvement in cost to income ratio would be visible from Dec 2025 quarter.

Bank Alfalah (BAFL): 3Q2025 EPS At Rs4.0, Down 52% YoY (Earnings Lower Than Industry Expectations)