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>Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.</li><li>Bank&#8217;s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24.&nbsp; Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank&#8217;s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.</li><li>We maintain BUY stance on bank as it currently trades at 2025E PE of 8.8x and PBV of 2.6x with dividend yield of 7%.</li></ul>

Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.Bank&#8217;s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24.&nbsp; Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank&#8217;s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.We maintain BUY stance on bank as it currently trades at 2025E PE of 8.8x and PBV of 2.6x with dividend yield of 7%.

Topline Flash Note: Meezan Bank - Corporate Briefing Key Takeaways