External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Banks / Thematic (Sector/Industry)

<ul><li>Topline Banking Universe is likely to post an earnings decline of 10% YoY and 24% QoQ in 4Q2024, amid a higher effective tax rate.</li><li>To recall, the government abolished the additional tax of 10-16% on banks due to low ADR; however, it increased the standard income tax for banks from 49% to 54% (including a super tax of 10%) for the year ending on Dec 31, 2024.</li><li>Profit before tax of the sector is likely to increase by 9% YoY, driven by higher Net Interest Income (NII) and Non-Interest Income.</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>

Topline Banking Universe is likely to post an earnings decline of 10% YoY and 24% QoQ in 4Q2024, amid a higher effective tax rate.To recall, the government abolished the additional tax of 10-16% on banks due to low ADR; however, it increased the standard income tax for banks from 49% to 54% (including a super tax of 10%) for the year ending on Dec 31, 2024.Profit before tax of the sector is likely to increase by 9% YoY, driven by higher Net Interest Income (NII) and Non-Interest Income.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.

Pakistan Banks: Earnings to Fall 10% YoY and 24% QoQ in 4Q2024; Market Weight Stance Maintained