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 4Q2023 result today, where the bank recorded consolidated earnings of Rs9bn (EPS of Rs5.7), up 120% YoY and 2% QoQ. This takes full year 2023 earnings to Rs36.5bn (EPS of Rs23.1) up 98%.</li><li>4Q2023 result came lower than industry expectations primarily due to higher than expected tax expense.</li><li>Effective tax rate of the bank clocked in at 66% in 4Q2023, compared to 51% in 4Q2022 and 49% in 3Q2023. For the full year 2023, effective tax rate of the bank clocked in at 54%.</li></ul><p><em>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.</em></p>

Bank Alfalah (BAFL) announced its 4Q2023 result today, where the bank recorded consolidated earnings of Rs9bn (EPS of Rs5.7), up 120% YoY and 2% QoQ. This takes full year 2023 earnings to Rs36.5bn (EPS of Rs23.1) up 98%.4Q2023 result came lower than industry expectations primarily due to higher than expected tax expense.Effective tax rate of the bank clocked in at 66% in 4Q2023, compared to 51% in 4Q2022 and 49% in 3Q2023. For the full year 2023, effective tax rate of the bank clocked in at 54%.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.

Bank Alfalah Limited (BAFL): 4Q2023 EPS at Rs5.7 - Lower than Industry Expectations