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 for 1Q2026.</li><li>Bank's deposits have reached Rs2.47trn in 1Q2026, up by 22.4% YoY. While advances grew by 16.1% YoY to Rs1.1trn with contributions coming from Corporates 69%, Consumers 16%, SMEs 8%, and remaining from others.</li><li>We maintain a buy stance on BAFL, with the stock currently trading at a 2026E PE ratio of 6.5x and a PBV ratio of 0.9x.</li></ul>

Bank Alfalah (BAFL) conducted its corporate briefing session today where management discussed financial performance and outlook for 1Q2026.Bank's deposits have reached Rs2.47trn in 1Q2026, up by 22.4% YoY. While advances grew by 16.1% YoY to Rs1.1trn with contributions coming from Corporates 69%, Consumers 16%, SMEs 8%, and remaining from others.We maintain a buy stance on BAFL, with the stock currently trading at a 2026E PE ratio of 6.5x and a PBV ratio of 0.9x.

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