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)

Thematic (Sector/Industry)

Pakistan Banks / Thematic (Sector/Industry)

<ul><li>Topline Banking Universe is likely to post an earnings growth of 22% YoY in 2Q2024, driven by higher Net Interest Income (NII) and Non Interest Income.</li><li>NII of the banks in the Universe is likely to increase by 16% YoY to Rs282bn on the back of higher yields and volumetric growth. We believe that the impact of the 1.5% fall in the Policy Rate announced in the end of the 2Q will be reflected from 3Q2024.</li><li>Non-Interest income of the Topline Universe is also likely to post significant growth of 64% YoY in 2Q2024 mainly led by significant jump in Non-Interest income of United Bank (UBL). To recall in same period last year UBL recorded loss on securities to the tune of Rs4.3bn however in this outgoing quarter we expect UBL to record gain of around Rs10bn (as also witnessed in 1Q2024), as per our channel checks.</li></ul><p><em>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.</em></p>

Topline Banking Universe is likely to post an earnings growth of 22% YoY in 2Q2024, driven by higher Net Interest Income (NII) and Non Interest Income.NII of the banks in the Universe is likely to increase by 16% YoY to Rs282bn on the back of higher yields and volumetric growth. We believe that the impact of the 1.5% fall in the Policy Rate announced in the end of the 2Q will be reflected from 3Q2024.Non-Interest income of the Topline Universe is also likely to post significant growth of 64% YoY in 2Q2024 mainly led by significant jump in Non-Interest income of United Bank (UBL). To recall in same period last year UBL recorded loss on securities to the tune of Rs4.3bn however in this outgoing quarter we expect UBL to record gain of around Rs10bn (as also witnessed in 1Q2024), as per our channel checks.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: Earnings to Fall 6% QoQ and up 22% YoY in 2Q2024