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 increase of 19% YoY in 4Q2025, primarily due to a lower effective tax rate (ETR) in 4Q2025 vs. higher taxation recorded in the SPLY.</li><li>Profit before tax of the sector is likely to increase by 5% YoY, mainly driven by higher Net Interest Income (NII).</li><li>On a QoQ basis, despite the decline in the policy rate, profit before tax earnings in the banking universe are expected to increase by 2%, driven by a favourable asset repricing gap, volumetric growth, and lower provision expense.</li></ul>

Topline Banking Universe is likely to post an earnings increase of 19% YoY in 4Q2025, primarily due to a lower effective tax rate (ETR) in 4Q2025 vs. higher taxation recorded in the SPLY.Profit before tax of the sector is likely to increase by 5% YoY, mainly driven by higher Net Interest Income (NII).On a QoQ basis, despite the decline in the policy rate, profit before tax earnings in the banking universe are expected to increase by 2%, driven by a favourable asset repricing gap, volumetric growth, and lower provision expense.

Pakistan Banks: Earnings To Increase 19% YoY And 2% QoQ In 4Q2025; Market Weight Stance Maintained