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>Bank Alfalah (BAFL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>Management expects no change in interest rate going forward. Considering this view, management has also reduced its borrowing position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by trimming its position in OMO.</li><li>Remittances expenses remained elevated as previous incentive formula of remittances was more favourable for small banks. BAFL is second largest player in remittances and to maintain its market share, banks spent more on this front.</li></ul>

Bank Alfalah (BAFL) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.Management expects no change in interest rate going forward. Considering this view, management has also reduced its borrowing position from Rs1.1trn in Dec 2024 to Rs556bn in Jun 2025 by trimming its position in OMO.Remittances expenses remained elevated as previous incentive formula of remittances was more favourable for small banks. BAFL is second largest player in remittances and to maintain its market share, banks spent more on this front.

Topline Flash Note: Bank AL Falah (BAFL): Corporate Briefing Key Takeaways