MCB Bank Limited (MCB): EPS clocked in at PKR 11.4 – in line with expectations – By IIS Research

Aug 6 2025


Ismail Iqbal Securities


  • MCB Bank Limited has announced 2QCY25 result where the bank has posted unconsolidated earnings of PKR 11.39/sh, down by 12% YoY and 2% QoQ. The result is inline with our expectations. The bank has announced interim cash dividend of PKR 9/sh, taking 1HCY25 dividend to PKR 18/sh.
  • Net Interest Income (NII) declined by 2% YoY but rose by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income down by 9% YoY and 10% QoQ, majorly due to decline of 13% in fee and commission income.
  • Operating expenses increased by 16% YoY and flat on QoQ basis. MCB recorded provision reversal of PKR 1.8bn vs. PKR 2.5bn in 1QCY25, taking total provision reversal to PKR 4.3bn in 1HCY25. The ETR in this quarter clocked in at 53.1% vs. 49.0% in SPLY (52.9%: 1QCY25)
MCB Bank Limited (MCB): 2QCY25 Earnings Call – by Taurus Research

Aug 19 2025


Taurus Securities


  • MCB is currently operating with 1,395 branches in Pakistan and 8 foreign branches. Its market share in deposits and advances stands at 5.63% and 4.86%, as of Jun’25. Home remittances market share as of Jun’25 was 11.26%.
  • During the period, the Bank achieved unprecedented growth of PKR 256Bn in current accounts, taking its CA ratio to 54% as of Jun’25. The management expects to continue the momentum and achieve a 55% CA ratio by the year-end. For the year, MCB is targeting deposits growth of ~22%, with growth in CA expected to be much more than that
MCB Bank Limited (MCB): 2QCY25 EPS is recorded at PKR 12.3, DPS PKR 9.0 – By Foundation Research

Aug 6 2025


Foundation Securities


  • MCB Bank announced its 2QCY25 results today reporting earnings of PKR 14.6Bn (EPS: PKR 12.3), ↓13.2/0.5% YoY/QoQ. This takes 1HCY25 profitability to PKR 24.7/sh (down 16% YoY). The result is in line with our expectations. The bank also announced an interim dividend of PKR 9.0/sh taking 1H payout to PKR 18.0/sh.
  • Net Interest Income (NII) of the bank declined by 3% YoY to PKR 39.9Bn in 2Q. As for 1H, NII underwent a decline of 5.6% YoY. Policy rate has reduced to 11% in Jun’25 from 20.5% a year ago, however, the bank’s robust CA ratio, robust investment income stream and sharp decline in deposit costs have limited the impact on the topline.
  • Non-funded income of the bank was reported at PKR 9.4Bn in the outgoing quarter, a decline of 4.3% YoY mainly on account of mild 5/8% YoY decline in fee and forex income respectively. As for capital gains, the bank only realized PKR 16Mn against PKR 75Mn in the SPLY. As for 1H, NFI has increased to PKR 19.9Bn, up 2.3% YoY.
MCB Bank Limited (MCB): Result Review – By Topline Research

Aug 6 2025


Topline Securities


  • MCB Bank (MCB) announced its 2Q2025 results today, reporting consolidated earnings of Rs14.6bn (EPS: Rs12.3), down 13% YoY and flat QoQ. This takes 1H2025 earnings to Rs29.2bn (EPS: Rs24.7), down 16% YoY.
  • The 2Q2025 results came higher than industry expectations due to higher-than-expected Net Interest Income (NII).
  • Net Interest Income (NII) for 2Q2025 settled at Rs39.9bn down 4% YoY while up 2% QoQ due to higher asset yields.
MCB Bank Limited (MCB): EPS clocked in at PKR 11.4 – in line with expectations – By IIS Research

Aug 6 2025


Ismail Iqbal Securities


  • MCB Bank Limited has announced 2QCY25 result where the bank has posted unconsolidated earnings of PKR 11.39/sh, down by 12% YoY and 2% QoQ. The result is inline with our expectations. The bank has announced interim cash dividend of PKR 9/sh, taking 1HCY25 dividend to PKR 18/sh.
  • Net Interest Income (NII) declined by 2% YoY but rose by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income down by 9% YoY and 10% QoQ, majorly due to decline of 13% in fee and commission income.
  • Operating expenses increased by 16% YoY and flat on QoQ basis. MCB recorded provision reversal of PKR 1.8bn vs. PKR 2.5bn in 1QCY25, taking total provision reversal to PKR 4.3bn in 1HCY25. The ETR in this quarter clocked in at 53.1% vs. 49.0% in SPLY (52.9%: 1QCY25)
MCB Bank Limited (MCB): 2QCY25Result Review – By Taurus Research

Aug 6 2025


Taurus Securities


  • 2QCY25 EPS: PKR 12.3. 2QCY25 PAT down 13%YoY. 1HCY25 EPS: PKR 24.7; 1HCY25 PAT down 15% over the SPLY. In addition, the Bank also announced an interim cash dividend of PKR 9.0/sh. taking YTD payout to PKR 18.0/sh.
  • Net Interest Income (NII): Down 4%YoY/up 2%QoQ. Wherein, pressure on margins seems to have come from lower yields on advances and investments, coupled with uptick in the cost of funds due to elevated leverage.
  • Non-Markup Income (NMI): Down 3%YoY/8%QoQ. Owing to 14%QoQ drop in fee income along with significant decrease in dividend income. Income from foreign exchange was up 20%QoQ.  The bank also booked meagre capital gains in 2QCY25.
MCB Bank Limited (MCB): 1QCY25 Earnings Call Key Takeaways - By Taurus Research

Apr 30 2025


Taurus Securities


  • MCB is currently operating with 1,395 domestic and 8 foreign branches with over 9.1Mn customers. Wherein, the Bank’s deposits market share stands at 6.04%, advances market share stands at 5.72%, and remittances market share stands at 11.5%, respectively. The management informed of growing competition in the home remittance business affecting fee income.
  • 1QCY25 PBT was PKR 29.3Bn, down 10%YoY. NIM stood at PKR 35.2Bn, down 7.6%YoY. Spread was down ~150bpsYoY.
  • Deposits clocked-in at PKR 2.1Trn, with current accounts arriving at PKR 1.1Trn. The CA ratio has improved to 51%, and the Bank aims to achieve a 55% CA ratio by the year-end. The management is targeting 25-26% growth in total deposits during the year and at least 25%YoY growth in current accounts in CY25. There was no significant impact of MDR on the conventional business. However, for MCB Islamic the full year impact of revised MDR is likely to be ~PKR 2Bn.
MCB Bank Limited (MCB): Result Review: MCB 1QCY25 EPS Rs11.7, DPS Rs9 - By Sherman Research

Apr 23 2025


Sherman Securities


  • MCB Bank Limited (MCB) announced 1QCY25 results today wherein the bank posted an unconsolidated net earnings of Rs13.8bn (EPS Rs11.7) down 17%YoY. The decrease in earnings is primarily attributed to a decline in interest income.
  • The bank announced a cash dividend of Rs9 per share in 1QCY25.
  • MCB’s interest earned clocked in at Rs69.8bn (down 22%YoY), while interest expense for the period stood at Rs34.7bn (down 32%YoY). As a result, NII declined to Rs35.2bn, (down 8%YoY).
MCB Bank Limited (MCB): 1QCY25 EPS arrives at PKR 12.4; PAT down 17%YoY/ up 39%QoQ - By Taurus Research

Apr 23 2025


Taurus Securities


  • 1QCY25 EPS: PKR 12.4. 1QCY25 PAT down 17%YoY – in line with expectations. MCB also announced a DPS of PKR 9.00.
  • Net Interest Income (NII): Down 8%YoY/1%QoQ driven by pressure on margins on the back of lower yields on the asset side following reduction in interest rates, offset by lower interest expenses due to decrease in the cost of funds on account of lower interest rates and the revised MDR regime going into effect from Jan’25.
  • Non-Markup Income (NMI): Up 9%YoY. But fell 15% on a sequential basis mainly due to the almost complete absence of capital gains during the quarter and 25%QoQ reduction in other income
MCB Bank Limited (MCB): Defensive play with steady gains - By Insight Research

Mar 17 2025


Insight Securities


  • MCB boasts one of the highest current account mixes in the banking sector. MCB presents a compelling investment case due to its attractive dividend yield and stable strategic approach. The bank has been focusing on building a low-cost deposit base and with interest rates dropping sharply in the last few quarters resulting in narrowing NIMs and the removal of ADR-based taxation, the bank is now more focused on increasing zero-cost deposits in its mix.
  • We maintain our BUY stance on MCB, with a DDM & P/BV based target price of PKR345/sh for Dec’25. The stock is currently trading at a P/E & P/B of 6.9x & 1.3x on CY25 estimates, with a DY of ~13%
  • Key risk to our investment thesis are i) Lower than estimated growth in current accounts, ii) Deterioration in asset quality, iii) Higher than estimated operating expenses and iv) Abrupt changes in regulatory framework.
MCB Bank (MCB): 4Q2024 EPS at Rs8.87 (Earnings in line with industry expectations) - By Topline Research

Feb 6 2025


Topline Securities


  • MCB Bank (MCB) announced its 4Q2024 result today, where the bank recorded consolidated earnings of Rs10.5bn (EPS of Rs8.87), down 38% YoY and 42% QoQ. The result came in line with industry expectations.
  • This takes full year 2024 earnings to Rs63.2bn (EPS of Rs53.35), down 3% YoY
  • Alongside result, bank also announced a final cash dividend of Rs9/share, taking 2024 dividend to Rs36/share.
Pakistan Economy: Aug’25 CPI likely to clock in at 4.1% - By Insight Research

Aug 29 2025


Insight Securities


  • Headline inflation is estimated at ~4.1% for Aug’25, compared to ~9.6% in SPLY and ~4.1% in preceding month. On MoM basis, inflation is expected to inch up by ~0.4%, amid increase in prices of food items the impact of which has been negated by lower electricity charges and decline in LPG price.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Tomato (38.8↑%), Onions (21.5↑%), Eggs (9.9%↑), Fresh vegetables (4.0%↑) & Wheat (4.0%↑). On the flip side, prices of the following items eased off during the month, Fresh fruits (9.9%↓), LPG (9.8%↓), Potato (5.1%↓), Pulse moong (4.6%↓) & Sugar (4.1%↓).
  • We anticipate that the SBP will keep the policy rate unchanged in upcoming MPC, as the full impact of cumulative 1,100bps reduction in policy rate is still unfolding. The real sector remains in recovery mode following the strain of elevated inflation and sharp currency depreciation, both of which eroded purchasing power of masses. Furthermore, central bank’s tone in the last MPC suggested a pause for now, which will provide clarity to the market and encourage credit offtake in the coming months, given that no immediate cut in borrowing costs is expected. Hence, it appears prudent to maintain the policy rate at its current level and wait for the steep decline in interest rates to translate into real economic activity.
Bank Islami Pakistan Limited (BIPL): 2QCY25 Corporate Briefing – By Taurus Research

Aug 29 2025


Taurus Securities


  • BIPL is currently operating with 544 branches across Pakistan. Number of accounts as of Jun’25 are ~1.7Mn.
  • During CY25, the Bank launched AIK Digital App, which is one of its kind Islamic digital app, offering complete digital banking experience. The Bank is also planning to relocate its head-office, for which it has acquired a 32-storey building. Moreover, the Bank has also upgraded its core banking system to R-14 to enhance operational efficiencies and services.
Engro Holdings Limited (ENGROH): 1HCY25 Analyst Briefing Takeaways – By Foundation Research

Aug 29 2025


Foundation Securities


  • Engro Holdings Limited (ENGROH PA) held its Analyst Briefing to discuss the company’s financial/operational performance during 1HCY25 and prospects. The following are key takeaways of the session.
  • To recall, ENGROH’s PAT underwent a jump of 11.3x YoY in 2Q to PKR 69.3Bn due to thermal asset adjustments and re-measurements. However, excluding thermal asset adjustments, normalized PAT stood at only ~PKR 1.3Bn, reflecting the true underlying business performance. During 1HCY25, PAT reached PKR 73.3Bn versus PKR 13.8Bn in SPLY, recording a 5.3x YoY increase.
Morning News: ADB pledges $410m for Reko Diq project – By IIS Research

Aug 29 2025


Ismail Iqbal Securities


  • Out of the total $6 billion funding committed by all international lenders for Reko Diq, the Asian Development Bank (ADB) has committed to provide financing of $410 million.
  • Federal Minister for Petroleum Ali Pervaiz Malik on Thursday welcomed the interest of the Japan Bank for International Cooperation (JBIC) in Pakistan’s landmark Reqo Diq mining project, terming it a pivotal moment for strengthening bilateral cooperation in the mining and energy sectors.
Technical Outlook: KSE-100 targeting the 30-DMA; stay cautious – By JS Research

Aug 29 2025


JS Global Capital


  • The KSE-100 index witnessed range bound activity to close at 147,344, down 151 points DoD. Volumes stood at 935mn shares compared to 857mn shares traded in the previous session. The index is expected to test support between 146,700 and 147,210 levels as a fall below, will extend the decline towards 146,057, followed by the 30-DMA at 143,859 level. However, any upside will face resistance in the range of 148,040-148,370 levels. The RSI and the MACD are moving down, supporting a corrective view. We recommend investors to stay cautious at current levels. The support and resistance are at 147,021 and 147,854 levels, respectively.
Morning News: SBP forex reserves rise by USD 18mn to USD 14.27bn – By Alpha-Akseer Research

Aug 29 2025


Alpha Capital


  • Pakistan’s foreign exchange reserves held by the central bank rose for a third straight week and stood at USD 14.27bn as of August 22, the State Bank of Pakistan (SBP) said on Thursday.
  • Following the ongoing sugar crisis, Pakistan may now face a potential wheat flour crisis, as national wheat stocks stand at 33.47mn tons, slightly below the country’s annual consumption requirement of 33.58mn tons.
Morning News: RLNG arrears recovery: PD-private sector ‘alliance’ takes on Ogra – By HMFS Research

Aug 29 2025


HMFS Research


  • The Power Division and the private sector on Thursday appeared to have formed an undeclared alliance against the Oil and Gas Regulatory Authority (Ogra) over the recovery of RLNG arrears from 2015 to 2024 — a move that, if enforced, would impact both industry and power plants, with the ultimate burden shifting to electricity consumers. The joint position was evident during a public hearing at the National Electric Power Regulatory Authority (NEPRA) regarding uniform Fuel Charges Adjustment (FCA) for July 2025 across the country, including K-Electric’s service area.
  • Pakistan’s economic stability faces renewed challenges as the Finance Division warns that flood-related damages could intensify fiscal pressures and disrupt food supplies across affected areas as well as pose a risk in achieving agriculture sector’s targeted growth. The monthly economic update and outlook August 2025 noted that adverse climatic events (heavy rainfall and floods) pose a risk in achieving agriculture sector’s targeted growth.
D.G. Khan Cement Company Limited (DGKC): Result Review — Earnings rise on surging margins – By AKD Research

Aug 28 2025


AKD Securities


  • D.G. Khan Cement Company Ltd. (DGKC) announced its 4QFY25 financial results, reporting earnings of PkR3.2bn (EPS: PkR7.2), compared to a loss of PkR1.7bn (LPS: PkR3.9) in SPLY. The result is above our expectations, mainly due to im proved margins and lower ETR during the quarter. Additionally, company an nounced a final cash payout of PkR2.0/sh.
  • Revenue declined by 1%YoY to PkR16.8bn, compared to PkR17.0bn in SPLY, driven by 1.2%YoY decline in total offtakes to 1.28mn tons.
  • Gross margins improved to 31.8% from 7.9% in SPLY, supported by decline in coal prices and grid tariffs.
Pakistan Floods: Historical Impact – By CHASE Research

Aug 28 2025



  • Pakistan is currently at the cusp of widespread floods due to its eastern rivers overflowing as a result of monsoon rains and release of water from Indian dams. As such, we believe it is important to assess the impact of past floods to determine whether equity markets will be impacted.
  • In this report, we look over the KSE100 index performance and impact on different sectors during flooding years to determine whether these floods will impact broader market sentiment and growth in fertilizer and cement demand.
Archroma Pakistan Limited (ARPL): 9MSY25 Corporate Briefing Takeaways – By Taurus Research

Aug 28 2025


Taurus Securities


  • Archroma Pakistan Limited is primarily engaged in the manufacture, import, and sale of dyes and other specialty chemical solutions. It is a subsidiary of the Switzerland-based company, Archroma Textiles GmbH. ARPL has two business divisions: textile effects and packaging technologies with a combined portfolio of between 300-400 products. APRL’s products are used in the pre-treatment, dyeing, printing, and finishing of textiles, and coloration and coatings of packaging materials. The Company’s products help enhance both the optical as well as the functional properties of its clients’ end products.
  • The textile effects division has four markets with several segments within each. These are: apparel (denim, casual wear, performance apparel, and formal war), home textiles (home and institutional, automotive), specialized textiles (technical textiles, protection textiles), and home care (personal care, plastics, and leather). This division serves customers from a wide range of industries such as textile, healthcare, cosmetics (anti-perspirant agents), construction (protective clothing), and producers of household care products such as detergents, dishwashing liquids, and other cleaning products.
MCB Bank Limited (MCB): EPS clocked in at PKR 11.4 – in line with expectations – By IIS Research

Aug 6 2025


Ismail Iqbal Securities


  • MCB Bank Limited has announced 2QCY25 result where the bank has posted unconsolidated earnings of PKR 11.39/sh, down by 12% YoY and 2% QoQ. The result is inline with our expectations. The bank has announced interim cash dividend of PKR 9/sh, taking 1HCY25 dividend to PKR 18/sh.
  • Net Interest Income (NII) declined by 2% YoY but rose by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income down by 9% YoY and 10% QoQ, majorly due to decline of 13% in fee and commission income.
  • Operating expenses increased by 16% YoY and flat on QoQ basis. MCB recorded provision reversal of PKR 1.8bn vs. PKR 2.5bn in 1QCY25, taking total provision reversal to PKR 4.3bn in 1HCY25. The ETR in this quarter clocked in at 53.1% vs. 49.0% in SPLY (52.9%: 1QCY25)
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