Meezan Bank Limited (MEBL): 4QCY24 EPS clocks-in at PKR 13.6; PAT down 8%YoY/5%QoQ - By Taurus Research

Feb 13 2025


Taurus Securities


  • 4QCY24 EPS: PKR 13.6. 4QCY24 PAT down 8%YoY. CY24 EPS: PKR 57.3. CY24 PAT up 21%YoY – above expectations. MEBL also announced a final DPS of PKR 7.00, taking the full year payout to PKR 28.00/sh.
  • Net Spread Earned (NSE): Up 1%YoY. However, dropped 6%QoQ on the back of margin compression amid re-pricing of earning assets due to decrease in the benchmark policy rate. Accordingly, Return Expensed also posted a fall of 14%QoQ.
  • Other Income: Up 55%YoY/70%QoQ, driven by ~PKR 3Bn in capital gains booked during the quarter as well as surge in the share of profit from associates. Fee income was up 7%QoQ with income from foreign exchange also rising subtantially.
Meezan Bank Limited (MEBL): Result Review - 1QCY25 - By HMFS Research

Apr 21 2025


HMFS Research


  • Meezan Bank Limited (MEBL) reported a consolidated Profit After Taxation (PAT) of PKR 22.4bn (EPS: PKR 12.26) for 1QCY25, down 11% y/y from PKR 25.1bn (EPS: PKR 13.87) in 1QCY24. The decline in profitability was primarily due to lower net mark-up income, despite strong growth in feebased earnings and foreign exchange income.
  • Profit/return earned stood at PKR 107.6bn, reflecting a 10% y/y decline from PKR 119.2bn in 1QCY24, largely impacted by a lower interest rate environment.
  • Other income recorded at PKR 9.2bn (↑33%) mainly attributable to the 22% rise in Fee and com mission income (PKR 7.2bn) and 234% increase in foreign exchange income (PKR 1.6bn), transaction volumes and currency market movements.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Meezan Bank Limited (MEBL): Earnings Down 13% YoY; Dividend Maintained - By IIS Research

Apr 21 2025


Ismail Iqbal Securities


  • Meezan Bank Limited has announced 1QCY25 result, where the bank has posted unconsolidated earnings of PKR 12.28/sh, down by 13% YoY and 8% on QoQ basis. The result is inline with our expectations. The bank has announced interim cash dividend of PKR 7/sh.
  • Net spread income declined by 9% YoY and 15% QoQ, reflecting the impact of asset repricing concentrated in 3Q/4Q and the implementation of the Minimum Deposit Rate (MDR) for Islamic banks. Fee income rose 10% YoY but dropped 8% QoQ, while FX income surged 3x amid higher trade activity and volumes.
  • Operating expenses down by 7% YoY and increase by 11% QoQ. Bank also recorded a provisioning of PKR 1.86 billion in 1QCY25 vs. Reversal of PKR0.35 bn in SPLY.
Meezan Bank (MEBL): 1Q2025 EPS at Rs12.3, down 12% YoY and 8% QoQ - By Topline Research

Apr 21 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 1Q2025 result today, where the bank recorded earnings of Rs22bn (EPS of Rs12.3), which is down 12% YoY and down 8% QoQ. The earnings came in line with industry expectations.
  • Alongside the result, the bank also announced first interim cash dividend of Rs7.0/share in 1Q2025, in-line with industry expectations.
  • Net spread earned by MEBL fell by 8% YoY and 15% QoQ to Rs62bn in 1Q2025. This decline in spread is due to a decrease in interest rates, along with the imposition of the Minimum Deposit Rate (MDR) on the individual portfolio.
Meezan Bank Limited (MEBL): 1QCY25 Result Review - By Taurus Research

Apr 21 2025


Taurus Securities


  • 1QCY25 EPS: PKR 12.3. 1QCY25 PAT down 11%YoY – in line with expectations. Additionally, MEBL has also announced an interim cash dividend of PKR 7.00/sh. Earnings were down mainly due to margin compression and higher provisions.
  • Net Spread Earned (NSE): Down 8%YoY/15%QoQ on the back of substantial drop in yields on the asset side due to the repricing following the reduction in the SBP policy rate. However, the impact was offset to an extent by lower cost of funds.
  • Other Income: Up 31%YoY. However, down 29% on a sequential basis owing to significant decrease in capital gains and other income. Moreover, Fee and Commissions income was also down 4% on a QoQ basis.
Meezan Bank Limited (MEBL): Strong Upside Potential – Buy - By AHCML Research

Apr 8 2025


Al Habib Capital Markets


  • We initiate our coverage of Meezan Bank Ltd. (MEBL) with a Dec’25 Target Price (TP) of PKR 335, signifying a potential capital gain of 30.45%. The bank is also offering a healthy dividend yield of 9.76% (an expected dividend payout of PKR 25/share for CY25). The total return (capital gains + dividend) stands at an attractive 40.21%. MEBL is trading at a CY25 P/E ratio of 5.44x and a PBV of 1.62x.
  • Meezan Bank's stellar growth in recent years can be attributed to several factors: 1) Remarkable deposit growth averaging 24% since 2020, driven by rising consumer preferences for Islamic banking; 2) Meezan stands as a major beneficiary of capturing the Islamic banking market share due to its first-mover advantage; 3) The growing consumer interest in Islamic banking and the SBP’s plan to transform Pakistan’s banking system to align with Shariah principles will further propel Meezan’s growth trajectory. Additionally, other highlights include the lowest infection ratio, consumer ease, and improved asset quality with a high coverage ratio.
  • MEBL stands as Pakistan’s premier Islamic bank, delivering consistent growth, profitability, and resilience in an evolving financial landscape. Over the past five years, MEBL has demonstrated exceptional performance, with net interest income soaring from PKR 64.8bn in 2020 to PKR 287bn in 2024, driven by robust deposit growth and an expanding asset base. The bank’s efficiency has improved significantly, with its cost-to-income ratio declining to 26.78% in 2024, reflecting strong operational discipline. Net profit surged to PKR 102bn, while asset quality remains stable, supported by a prudent risk management framework.
Meezan Bank Limited (MEBL): Analyst briefing takeaways -By Insight Research

Feb 26 2025


Insight Securities


  • Meezan Bank Limited has conducted its conference call today to discuss bank’s financial performance and outlook. Key takeaways of the analyst call are as follows:
  • Bank’s deposit has grown at CAGR of ~34% between 2002-2024, compared to industry’s average of 8.5%.
  • During the year, bank opened 47 new branches taking total branches to 1,098
Meezan Bank Ltd (MEBL): Beats expectation on higher gain on sale of securities amid cost controls - By AKD Research

Feb 13 2025


AKD Securities


  • Meezan Bank Ltd (MEBL) announced its 4QCY24 result earlier today, wherein the bank posted unconsolidated NPAT of PkR24.0bn (EPS: PkR13.4), down 9%YoY/ 7%QoQ. The result is above our expectation given higher gain on sale of securities and lower operating expenses. The result was accompanied by a cash-dividend of PkR7/sh, taking CY24 payout to PkR28/sh (vs. PkR20.0/sh in SPLY).
  • Net Spread Earned in 4Q was recorded at PkR72.3bn, higher by 1%YoY primarily because of balance sheet growth. Bank deposit grew by 16.3% YoY to PkR2.6tn at Dec’24.
  • However, NIMs for the quarter are estimated to have stood at ~9.8%, down 140bps YoY/100bps QoQ due to decline in profit on deposits.
Meezan Bank (MEBL): 4Q2024 EPS at Rs13.36, down 9%/7% YoY and QoQ - By Topline Research

Feb 13 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 4Q2024 result today, where the bank recorded earnings of Rs23.9bn (EPS of Rs13.36), which is down 9% YoY and down 7% QoQ. This takes 2024 earnings to Rs101.5bn (EPS Rs56.5) up 20% YoY.
  • Alongside the result, the bank also announced fourth interim cash dividend of Rs7.0/share in 4Q2024, taking 2024 dividend to Rs28.0/share. The 4Q2024 result came in-line with industry expectations.
  • MEBL recorded provision of Rs7.3bn in 4Q2024 as compared to expense of Rs2.5bn in 3Q2024 and provision expense of Rs2.9bn in 4Q2023. The higher provision expense in 4Q2024 is due to implementation of IFRS-9, we believe.
Meezan Bank Limited (MEBL): Result Review: MEBL 4QCY24 EPS Rs13.4, DPS Rs7 - By Sherman Research

Feb 13 2025


Sherman Securities


  • Meezan Bank Limited (MEBL) announced 4QCY24 result today wherein company posted unconsolidated earnings of Rs23.9bn (EPS Rs13.4), down 9%YoY. The decline in earnings is due to decline in interest earned and higher provisioning during the period.
  • Along with the result, bank announced dividend of Rs7/share in 4QCY24 bringing cumulative dividend payout during CY24 to Rs28/share.
  • MEBL’s interest earned clocked in at Rs116bn, (down 9%YoY) while net interest earned remained flat at Rs76.8bn, up 1%YoY. This decrease is due to lower yields aimed 1,000bps cut in the policy rate since Jun’24.
Market Wrap: Highlights of the day - By JS Research

Jul 11 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead.
Market Wrap: Bullish Momentum Persists as PSX Hits Historic Peak - By HMFS Research

Jul 11 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) continued its record-setting momentum, with the KSE-100 Index hitting a new all-time high of 134,932 level, ultimately closed at 134,300 level posting a robust gain of 517 points during the session. The rally reflects sustained investor confidence, underpinned by a sharp improvement in macro fundamentals. Key catalysts included a marked improvement in Pakistan’s external position—with FX reserves surpassing USD 20bn for the first time in three years—and record-high PSDP utilization of PKR 1.046tn in FY25, representing 96% of the total allocation. This reflects strong fiscal execution and a clear commitment to growth-driven policy support. Investor sentiment was further bolstered by expectations of improved corporate earnings and a stable monetary outlook. Market activity remained strong, with 290mn shares traded on the KSE-100 and 764mn shares traded across the broader market. Top volume leaders included BOP (94mn), ASL (25mn), and KOSM (24mn). While short-term consolidation may follow the recent sharp gains, the medium-term outlook remains positive, supported by macroeconomic stability and earnings visibility. Investors are advised to maintain a selective, fundamentals-driven approach, with a focus on sectors benefiting from domestic demand recovery and policy tailwinds.
United Bank Limited (UBL): 2QCY25 EPS clocks-in at Rs 11.3, DPS Rs8.0 - By Foundation Research

Jul 11 2025


Foundation Securities


  • United Bank Limited (UBL) announced its 2QCY25 results today reporting earnings of PKR 28.2Bn (EPS: PKR 11.3), ↑103/↓21% YoY/QoQ respectively. This pulls 1HCY25 earnings to PKR 25.5/sh, up 117% YoY. The bank also announced an interim dividend of PKR 8.0/sh (1HCY25 pay-out: PKR 13.5/sh). The result is higher than our expectations because of greater than estimated NII however, high effective tax rate of 61.6% in 2Q dragged earnings.
  • Net Interest Income (NII) of the bank underwent a significant jump of 237% YoY to PKR 91.2Bn in 2Q with NIMs accretion supporting top-line growth. Note that NIMs declined to only 2.5% in the SPLY. The surge came from 1) robust investments book delivering strong fixed income returns, 2) sharp decline in deposit costs and 3) lagged impact of asset re-pricing. On a QoQ basis, NII increased by 8%.
  • Non-funded income arrived at PKR 15.2Bn in 2Q, ↓17% YoY mainly on account of streamlined capital gains. The decline was recorded despite a prolific 68% YoY jump in fee income. Forex income recorded an increase of 7% YoY over the same period. Over the past year, the bank has recorded handsome gains in commission on trade, commission on guarantees and card related fees which we believe continue to propel fee income accretion. On a sequential basis, NFI recorded a paltry decline of 3%.
Market Wrap: Highlights of the day - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research

Jul 10 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025, reflecting a 64% YoY and 47% MoM rise.
  • MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to increase effective from Jul 01, 2025 from 12.5% to 18.0%.
  • YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment
Oil and Gas Exploration: Improving liquidity in E&P sector to set stage for recovery - By AKD Research

Jul 10 2025


AKD Securities


  • As per released figures from PPIS for Jun’25, oil/gas production for the year amounted to 62.4k bpd and 2,882mcfd, reflecting a decline of 12%/8%YoY.
  • We expect rebound in domestic hydrocarbons as excess RLNG issue is to be resolved through i) renegotiation of RLNG contract in 2026, ii) deferral of cargoes, and iii) increase in demand.
  • Industry participants have struck 21 discoveries during FY25, up 40%/91% compared to 15/11 discoveries during FY24/23, culminating to incremental production of 2.9k bpd of oil and 253mmcfd of gas as per initial flow rates.
Market Wrap: Evening Chronicle July 10, 2025 - By AHCML Research

Jul 10 2025


Al Habib Capital Markets


  • The KSE-100 Index opened on a positive note and surged to an intraday high of 133,902.34 points before closing at a record 133,782.34, gaining 1,205.36 points or 0.91%. Investor sentiment remained buoyant amid strong economic indicators and corporate developments. Record remittances of USD 38.3bn in FY25 (up 26.6% YoY), progress on the Roosevelt Hotel’s USD 1.0bn valuation in the proposed redevelopment plan, World Bank’s likely support for Reko Diq, a 10% rise in US exports, and a USD 1 billion syndicated loan by Dubai Islamic Bank all boosted investors’ confidence. Top contributors to the index included MEBL, MCB, UBL, BAHL, and FFC, which collectively added 570.42 points. BOP led the volumes with 155.38 million shares, while total market turnover reached 941.72 million shares.
Market Wrap: PSX Rebounds Strongly amid Strong Economic Indicators - By HMFS Research

Jul 10 2025


HMFS Research


  • The KSE 100 index resumed its upward trajectory today, reaching an intraday high of 133,902 after a slight correction in the previous session driven by profit-taking. The benchmark index closed at the 133,782 level, recording a gain of 1,205 points. The positive sentiment was primarily driven by a remarkable 26.6% surge in cumulative remittances in FY25, which reached a record high of USD 38.3bn. Consequently, buying was observed across major sectors including banking and cement. Investor confidence also improved ahead of corporate results season, furthermore, a 10% y/y increase in exports to the US, which reached USD 5.8bn in FY25, also aided momentum. Total traded volumes remained strong, with the KSE-100 Index posting 326mn shares and the All-Share Index recording 940mn shares. The most actively traded scrips today were BOP (155mn), KOSM (55mn), and HASCOL (33mn). Going forward, the market’s upward trend is expected to continue. However, since the Trump administration as of now has made no announcements over its tariff position on Pakistan, the bourse could swing in the opposite direction should the US decide to impose or reinstate trade barriers. Such a move could dampen investor sentiment, thereby stalling the market's momentum. Amidst this backdrop, investors are advised to remain cautious amid the recent gains in market indices, focusing on fundamentally strong sectors and companies with stable earnings and long-term potential.
Fertilizer: 2QCY25E earnings to jump on higher off-take - By Taurus Research

Jul 10 2025


Taurus Securities


  • We expect Fertilizer players in our universe to witness robust surge in profitability on the back of significant increase in offtake during 2QCY25 i.e. Urea up 14%QoQ and DAP up 99% QoQ, attributed to rise in demand for fertilizer products at the start of the Kharif Season 2025 amid facilitating farmers with Kissan Cards, mitigating wheat crisis and stable fertilizer prices.
  • On the Company front, EFERT’s market share went up by 32% (up 8pptsYoY) in 2QCY25 due to base effect as the Company had undergone scheduled plant maintenance activities for 2 months during 2QCY24, resulting in rise in Urea off-take (up 9pptsYoY to 34%). Further, disparity in gas pricing mechanism has still put significant pressure on the margins of EFERT, forcing to sell Urea at a discounted price (discount of PKR 100-150 per bag started in Jan’25). Further, FFC has also reduced Urea prices by PKR 40/bag effective from May’25.
  • FFC’s net sales to clock-in at ~PKR 68Bn in 2QCY25, up 7%QoQ on account of increase in overall off-take by 17%QoQ (Urea and DAP off-take were up by 9% and 66%, respectively). Gross margins to hover around 38% in 2QCY25, up 2pptsQoQ. Distribution and admin expense to increase 2%QoQ, in-line with the increase in sales volumes. Finance cost to remain on the lower side (down 16%QoQ) amid deleveraging of FFBL and ongoing monetary easing cycle.
Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research

Jul 10 2025


Topline Securities


  • We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
  • We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
  • Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
Meezan Bank Limited (MEBL): 4QCY24 EPS clocks-in at PKR 13.6; PAT down 8%YoY/5%QoQ - By Taurus Research

Feb 13 2025


Taurus Securities


  • 4QCY24 EPS: PKR 13.6. 4QCY24 PAT down 8%YoY. CY24 EPS: PKR 57.3. CY24 PAT up 21%YoY – above expectations. MEBL also announced a final DPS of PKR 7.00, taking the full year payout to PKR 28.00/sh.
  • Net Spread Earned (NSE): Up 1%YoY. However, dropped 6%QoQ on the back of margin compression amid re-pricing of earning assets due to decrease in the benchmark policy rate. Accordingly, Return Expensed also posted a fall of 14%QoQ.
  • Other Income: Up 55%YoY/70%QoQ, driven by ~PKR 3Bn in capital gains booked during the quarter as well as surge in the share of profit from associates. Fee income was up 7%QoQ with income from foreign exchange also rising subtantially.
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