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>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 rates in the near term. The bank’s borrowings increased from Rs555bn in Jun-25 to Rs621bn in Sep-25. Management indicated that if any opportunity arises in the market, the bank will pursue it.</li><li>The cost-to-income ratio stood at 67%, primarily due to branch expansion, inflationary pressures, and remittance-related spending. Excluding the impact of remittance-related marketing expenses, the normalized year-to-date cost-to-income ratio is 56%.</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 rates in the near term. The bank’s borrowings increased from Rs555bn in Jun-25 to Rs621bn in Sep-25. Management indicated that if any opportunity arises in the market, the bank will pursue it.The cost-to-income ratio stood at 67%, primarily due to branch expansion, inflationary pressures, and remittance-related spending. Excluding the impact of remittance-related marketing expenses, the normalized year-to-date cost-to-income ratio is 56%.

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