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 growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income.</li><li>Despite a decline in the average policy rate, NII of banks is expected to increase by 12% YoY due to volumetric growth in current accounts and higher investment yields.</li><li>United Bank (UBL) is likely to post the highest earnings growth of 148% YoY, supported by strong growth in current accounts and positive spreads.</li></ul>

Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income.Despite a decline in the average policy rate, NII of banks is expected to increase by 12% YoY due to volumetric growth in current accounts and higher investment yields.United Bank (UBL) is likely to post the highest earnings growth of 148% YoY, supported by strong growth in current accounts and positive spreads.

Pakistan Banks - Earnings to increase 7% YoY in 2Q2025; Market Weight Stance Maintained