External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Bank Alfalah (BAFL) announced its 4Q2024 result today, where the bank recorded consolidated earnings of Rs4.64bn (EPS of Rs2.94), down 49% YoY and 65% QoQ.</li><li>The result came lower than industry expectations due higher than estimated operating expenses.</li><li>Alongside the result, bank has announced cash dividend of Rs2.5/share taking 2024 dividend to Rs8.5/share. 4Q2024 dividend was also above expectations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL) announced its 4Q2024 result today, where the bank recorded consolidated earnings of Rs4.64bn (EPS of Rs2.94), down 49% YoY and 65% QoQ.The result came lower than industry expectations due higher than estimated operating expenses.Alongside the result, bank has announced cash dividend of Rs2.5/share taking 2024 dividend to Rs8.5/share. 4Q2024 dividend was also above expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL: 4Q2024 EPS at Rs2.94, down 65% QoQ (Earnings lower than industry expectations)

<ul><li>Bank Alfalah (BAFL) announced its 2Q2024 result today, where the bank recorded consolidated earnings of Rs11.97bn (EPS of Rs7.59), up 53% YoY and 20% QoQ.</li><li>The result came higher than industry expectations due to higher than expected gain on securities.</li><li>Alongside the result, the bank also announced second interim cash dividend of Rs2/share in 2Q2024, taking 1H2024 dividend to Rs4/share.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL) announced its 2Q2024 result today, where the bank recorded consolidated earnings of Rs11.97bn (EPS of Rs7.59), up 53% YoY and 20% QoQ.The result came higher than industry expectations due to higher than expected gain on securities.Alongside the result, the bank also announced second interim cash dividend of Rs2/share in 2Q2024, taking 1H2024 dividend to Rs4/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL); 2Q2024 EPS at Rs7.6, up 53% YoY (Earnings higher than industry expectations)

<ul><li>Bank Alfalah (BAFL) conducted its 1Q2024 Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>BAFL deposits grew by 31% YoY to Rs2.04trn in 1Q2024. Management aims for a deposit growth rate of 15-20% in 2024 and to further increase its market share.</li><li>On the lending side, management will maintain a cautious approach and aims to target a growth of 10-15% in 2024.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL) conducted its 1Q2024 Corporate Briefing Session today where management discussed financial performance and future outlook.BAFL deposits grew by 31% YoY to Rs2.04trn in 1Q2024. Management aims for a deposit growth rate of 15-20% in 2024 and to further increase its market share.On the lending side, management will maintain a cautious approach and aims to target a growth of 10-15% in 2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL) - 1Q2024 Corporate Briefing Key Takeaways

<ul><li>Bank Alfalah (BAFL) announced its 1Q2024 result today, where the bank recorded consolidated earnings of Rs9.95bn (EPS of Rs6.31), down 8% YoY while up 10% QoQ.</li><li>The result came higher than industry expectations due to provision reversal and higher than expected Foreign Exchange Income.</li><li>Alongside the result, the bank also announced first interim cash dividend of Rs2/share in 1Q2024, as indicated by management in last analyst briefing.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL) announced its 1Q2024 result today, where the bank recorded consolidated earnings of Rs9.95bn (EPS of Rs6.31), down 8% YoY while up 10% QoQ.The result came higher than industry expectations due to provision reversal and higher than expected Foreign Exchange Income.Alongside the result, the bank also announced first interim cash dividend of Rs2/share in 1Q2024, as indicated by management in last analyst briefing.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Alfalah (BAFL): 1Q2024 EPS at Rs6.3, up 10% QoQ (Earnings higher than industry expectations)

Thematic (Sector/Industry)

<ul><li>Pakistan's listed banks profitability clocked in at Rs153bn, down by 1% YoY and 2% QoQ in 4Q2024.</li><li>Despite the decline in interest rates, the sector's NII clocked in at Rs523bn, up 5% YoY and 4% QoQ in 3Q2024, led by volumetric growth and favourable repricing impact. Interest income declined by 4% YoY and 13% QoQ to Rs1.6trn, whereas interest expense declined by 8% YoY and 20% QoQ to Rs1.1trn.</li><li>On the other hand, non-interest expense rose by 30% YoY and 42% QoQ to Rs329bn in 4Q2024 due to NBP's one-time pension expense. In the full year 2024, NBP has booked total pension expanse of Rs57bn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan's listed banks profitability clocked in at Rs153bn, down by 1% YoY and 2% QoQ in 4Q2024.Despite the decline in interest rates, the sector's NII clocked in at Rs523bn, up 5% YoY and 4% QoQ in 3Q2024, led by volumetric growth and favourable repricing impact. Interest income declined by 4% YoY and 13% QoQ to Rs1.6trn, whereas interest expense declined by 8% YoY and 20% QoQ to Rs1.1trn.On the other hand, non-interest expense rose by 30% YoY and 42% QoQ to Rs329bn in 4Q2024 due to NBP's one-time pension expense. In the full year 2024, NBP has booked total pension expanse of Rs57bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Banks: Listed Banks Profitability Fall 2% QoQ and 1% YoY in 4Q2024

Pakistan

Bank Alfalah Ltd. provides commercial banking and related services. The Bank offers a wide range of banking and financial services, including brokerage services.

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Bank Alfalah (BAFL PA)

Bank Alfalah (BAFL: 4Q2024 EPS at Rs2.94, down 65% QoQ (Earnings lower than industry expectations)

Bank Alfalah (BAFL) announced its 4Q2024 result today, where the bank recorded consolidated earnings of Rs4.64bn (EPS of Rs2.94), down 49% YoY...

Topline Securities

Bank Alfalah (BAFL); 2Q2024 EPS at Rs7.6, up 53% YoY (Earnings higher than industry expectations)

Bank Alfalah (BAFL) announced its 2Q2024 result today, where the bank recorded consolidated earnings of Rs11.97bn (EPS of Rs7.59), up 53%...

Topline Securities

Bank Alfalah (BAFL) - 1Q2024 Corporate Briefing Key Takeaways

Bank Alfalah (BAFL) conducted its 1Q2024 Corporate Briefing Session today where management discussed financial performance and future...

Topline Securities

Bank Alfalah (BAFL): 1Q2024 EPS at Rs6.3, up 10% QoQ (Earnings higher than industry expectations)

Bank Alfalah (BAFL) announced its 1Q2024 result today, where the bank recorded consolidated earnings of Rs9.95bn (EPS of Rs6.31), down 8%...

Topline Securities

Pakistan Banks: Listed Banks Profitability Fall 2% QoQ and 1% YoY in 4Q2024

Pakistan's listed banks profitability clocked in at Rs153bn, down by 1% YoY and 2% QoQ in 4Q2024. Despite the decline in interest rates, the...

Topline Securities

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