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 9% YoY in 3Q2024, 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 8% YoY to Rs303bn on the back of higher yields and volumetric growth. We believe that the impact of the 200bps fall in the Policy Rate announced in the end of the 3Q will be reflected from 4Q2024.</li><li>Non-Interest income of the Topline Universe is also likely to post significant growth of 83% YoY in 3Q2024 mainly led by significant jump in Non-Interest income of United Bank (UBL). To recall, in the same period last year, UBL recorded a loss on securities amounting to Rs7.8bn. However, in the outgoing quarter, we expect UBL to record a gain of around Rs7bn, including a gain from the sale of United National Bank Limited (UNBL UK), according to 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 9% YoY in 3Q2024, driven by higher Net Interest Income (NII) and Non Interest Income.NII of the banks in the Universe is likely to increase by 8% YoY to Rs303bn on the back of higher yields and volumetric growth. We believe that the impact of the 200bps fall in the Policy Rate announced in the end of the 3Q will be reflected from 4Q2024.Non-Interest income of the Topline Universe is also likely to post significant growth of 83% YoY in 3Q2024 mainly led by significant jump in Non-Interest income of United Bank (UBL). To recall, in the same period last year, UBL recorded a loss on securities amounting to Rs7.8bn. However, in the outgoing quarter, we expect UBL to record a gain of around Rs7bn, including a gain from the sale of United National Bank Limited (UNBL UK), according to 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 increase 10% QoQ and 9% YoY in 3Q2024; Market Weight Stance Maintained