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 outlook.</li><li>Management believes that interest rates had already bottomed out prior to the US-Iran conflict; however, the current situation has intensified this view. As a result, they expect interest rates to increase in the upcoming monetary policy meetings, either in April or June, subject to developments in the conflict.</li><li>Bank’s deposits has reached Rs2.5trn in 2025, up by 17% while 5Y deposit CAGR remained at 23%. Current accounts also grew by 17% in 2025, with average current account balances increasing by 21%. Management emphasized their focus on increasing average current account balances rather than period-end balances.</li></ul>

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook.Management believes that interest rates had already bottomed out prior to the US-Iran conflict; however, the current situation has intensified this view. As a result, they expect interest rates to increase in the upcoming monetary policy meetings, either in April or June, subject to developments in the conflict.Bank’s deposits has reached Rs2.5trn in 2025, up by 17% while 5Y deposit CAGR remained at 23%. Current accounts also grew by 17% in 2025, with average current account balances increasing by 21%. Management emphasized their focus on increasing average current account balances rather than period-end balances.

Topline Flash Note: Bank Alfalah (BAFL) – Corporate Briefing Key Takeaways