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>Pakistan listed banks profitability clocked in at Rs152bn up 21% YoY in 1Q2024. This was primarily driven by jump in Net Interest Income (NII) amid high interest rates, and Non Interest Income. In US$ terms listed banks profit was also up 13% YoY to US$545mn in 1Q2024.</li>
<li>NII of the sector clocked in at Rs433bn in 1Q2024 vs. Rs358bn in 1Q2023 up 21% YoY as average policy rates during 1Q2024 remained to 22% vs. 18% in 1Q2023. Interest income was up by 57% YoY to Rs1.7trn, whereas interest expense was up by 74% YoY to Rs1.3trn.</li>
<li>Non-interest income of the sector was up by 65% YoY to Rs125bn in 1Q2024 primarily due to gain on securities. On other hand, non interest expense up 22% YoY to Rs243bn in 1Q2024 due to higher admin expense which is in line with inflation trend.</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>


Pakistan listed banks profitability clocked in at Rs152bn up 21% YoY in 1Q2024. This was primarily driven by jump in Net Interest Income (NII) amid high interest rates, and Non Interest Income. In US$ terms listed banks profit was also up 13% YoY to US$545mn in 1Q2024.
NII of the sector clocked in at Rs433bn in 1Q2024 vs. Rs358bn in 1Q2023 up 21% YoY as average policy rates during 1Q2024 remained to 22% vs. 18% in 1Q2023. Interest income was up by 57% YoY to Rs1.7trn, whereas interest expense was up by 74% YoY to Rs1.3trn.
Non-interest income of the sector was up by 65% YoY to Rs125bn in 1Q2024 primarily due to gain on securities. On other hand, non interest expense up 22% YoY to Rs243bn in 1Q2024 due to higher admin expense which is in line with inflation trend.

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 Listed Banks Profitability up 21% YoY in 1Q2024; Earnings fall 2% QoQ in 1Q2024