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)

Equity Bottom-Up

<ul><li>Topline Securities organized the Pakistan Day Conference 2025. The conference started with a session on Bank Alfalah (BAFL), where the senior management of the bank briefed participants on the recent financial results and outlook.</li><li>Management expects that interest rates are very near to bottom, if not bottomed out. Considering this view, the bank has reduced its borrowing (OMO) position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by liquidating government securities and booking capital gains instead of running the carry positions.</li><li>Remittances expenses remained elevated as previous incentive formula of remittances was more favorable for small banks. BAFL is second largest player in remittances and to maintain its market share and to support trade business (import), banks spent more on this front.</li></ul>

Topline Securities organized the Pakistan Day Conference 2025. The conference started with a session on Bank Alfalah (BAFL), where the senior management of the bank briefed participants on the recent financial results and outlook.Management expects that interest rates are very near to bottom, if not bottomed out. Considering this view, the bank has reduced its borrowing (OMO) position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by liquidating government securities and booking capital gains instead of running the carry positions.Remittances expenses remained elevated as previous incentive formula of remittances was more favorable for small banks. BAFL is second largest player in remittances and to maintain its market share and to support trade business (import), banks spent more on this front.

Pakistan Day Conference 2025 - BAFL: Focus Remains On Current Account Growth; Credit Environment Improving