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>Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025.</li><li>The Net Interest Income (NII) on YoY basis improved 6% YoY while remains flattish on QoQ basis. The improvement on YoY basis (in absolute terms) is led by United Bank Limited (UBL)’s NII growth of 78% YoY (or Rs40bn) to Rs92bn followed by National Bank (NBP)’s NII growth of 74% YoY (or Rs26bn) to Rs61bn and Bank of Punjab (BOP)’s NII growth of 61% (or Rs9bn) to Rs23bn. Excluding UBL, NBP, and BOP, NII of the sector has declined by 10% YoY.</li><li>Non-interest income of the sector increased by 13% YoY and 1% QoQ to Rs146bn in 3Q2025. The slight QoQ improvement is due to realization of capital gains by few banks coupled with higher fee and FX income.</li></ul>

Pakistan's listed banks profitability clocked in at Rs170bn, up by 8% YoY and 2% QoQ in 3Q2025.The Net Interest Income (NII) on YoY basis improved 6% YoY while remains flattish on QoQ basis. The improvement on YoY basis (in absolute terms) is led by United Bank Limited (UBL)’s NII growth of 78% YoY (or Rs40bn) to Rs92bn followed by National Bank (NBP)’s NII growth of 74% YoY (or Rs26bn) to Rs61bn and Bank of Punjab (BOP)’s NII growth of 61% (or Rs9bn) to Rs23bn. Excluding UBL, NBP, and BOP, NII of the sector has declined by 10% YoY.Non-interest income of the sector increased by 13% YoY and 1% QoQ to Rs146bn in 3Q2025. The slight QoQ improvement is due to realization of capital gains by few banks coupled with higher fee and FX income.

Pakistan Listed Banks: Profit Grew By 8% YoY In 3Q2025; NII Up 6% YoY Led By UBL, NBP And BOP

United Bank Ltd

Pakistan Listed Banks: Profit Grew By 8% YoY In 3Q2025; NII Up 6% YoY Led By UBL, NBP And BOP