Bank Al-Habib Limited (BAHL): Earnings fall 18% YoY on lower NII – By IIS Research

Aug 27 2025


Ismail Iqbal Securities


  • Bank Al Habib Limited has announced its 2QCY25 result where the bank has posted unconsolidated earnings of PKR 8.2/sh, down 18% YoY and 11% QoQ. The result came is in line with our expectations. The bank also announced interim cash dividend of PKR 3.5/sh, taking 1HCY25 dividend to PKR 7/sh.
  • Net Interest Income (NII) declined by 13% YoY and 2% QoQ, as the impact of asset repricing had already been realized in 3Q/4Q of 2024. Non-markup income grew by 16% YoY, primarily driven by a sharp uptick in FX income, which contributed PKR 1.4bn during the quarter. Fee income remained flat YoY but fell 5% QoQ.
Bank Al-Habib Limited (BAHL): Earnings fall 18% YoY on lower NII – By IIS Research

Aug 27 2025


Ismail Iqbal Securities


  • Bank Al Habib Limited has announced its 2QCY25 result where the bank has posted unconsolidated earnings of PKR 8.2/sh, down 18% YoY and 11% QoQ. The result came is in line with our expectations. The bank also announced interim cash dividend of PKR 3.5/sh, taking 1HCY25 dividend to PKR 7/sh.
  • Net Interest Income (NII) declined by 13% YoY and 2% QoQ, as the impact of asset repricing had already been realized in 3Q/4Q of 2024. Non-markup income grew by 16% YoY, primarily driven by a sharp uptick in FX income, which contributed PKR 1.4bn during the quarter. Fee income remained flat YoY but fell 5% QoQ.
Bank Al-Habib Limited (BAHL): 2QCY25Result Review – By Taurus Research

Aug 27 2025


Taurus Securities


  • 2QCY25 EPS: PKR 8.2. 2QCY25 PAT 21%YoY. 1HCY25 EPS: PKR 17.8; 1HCY25 PAT down 9% over the SPLY, in line with expectations. BAHL also announced an interim cash dividend of PKR 3.5/sh. taking YTD payout to PKR 7.0/sh.
  • Net Interest Income (NII): Down 13%YoY/down 2%QoQ. Margins were squeezed mainly due to the unwinding of OMO positions, coupled with the re-pricing of investments amid decline in the SBP’s policy rate.
  • Non-Markup Income (NMI): Down 7% on a sequential basis, owing to stagnant growth in fee and commissions, along with substantial decrease in income from foreign exchange and capital gains. Dividend income was up over the previous quarter.
Bank Al-Habib Limited (BAHL): 1QCY25 EPS arrives at PKR 9.7; PAT up 5%YoY/ up 41%QoQ - By Taurus Research

Apr 24 2025


Taurus Securities


  • 1QCY25 EPS: PKR 9.7. 1QCY25 PAT up 5%YoY – above expectations. BAHL has also announced an interim DPS of PKR 3.50.
  • Net Interest Income (NII): Down 9%YoY/15%QoQ owing falling yields on the earning assets of the Bank following re-pricing in the aftermath of lower interest rates, which offset the simultaneous decrease in the cost of funds during the period.
  • Non-Markup Income (NMI): Up 7%YoY/20%QoQ. Wherein, fee and commissions income was down 8%QoQ. While, dividend income, forex income and other income were up substantially during the period.
Bank Al Habib Limited (BAHL): Inline Earnings, Standout Dividend! - By IIS Research

Jan 30 2025


Ismail Iqbal Securities


  • Bank Al Habib has announced 4QCY24 result, where the bank has posted unconsolidated earnings of PKR 6.1/sh, up by 13% YoY and down by 43% on QoQ basis. The result is inline with our expectations. The bank has announced final cash dividend of PKR 6.5/sh against our expectation of PKR3.5/sh, taking full year dividend to PKR 17/sh.
  • Net Interest Income (NII) remained flat on YoY, while down by 7% QoQ, mainly due to lower advances income as banks lent cheaper to meet the ADR target, abolished in late December, and larger repricing has already been reflected in 2Q/3Q.
  • Non-markup income increase by 3% YoY and 11% QoQ. The increase is mainly because of 64%/25% increase in fee income. Operating expenses increased by 2% YoY and 7% QoQ.
Bank Al Habib Limited (BAHL): 4QCY24 EPS clocks-in at PKR 6.8; PAT up 20%YoY/down 40%QoQ - By Taurus Research

Jan 30 2025


Taurus Securities


  • 4QCY24 EPS: PKR 6.8. 4QCY24 PAT up 20%YoY. CY24 EPS: PKR 37.7. CY24 PAT up 17%YoY – in line with expectations. BAHL also announced a final DPS of PKR 6.50, taking the full year payout to PKR 17.0/sh.
  • Net Interest Income (NII): Down 6%QoQ mainly due to drop in yields on earning assets due to re-pricing following reduction in interest rates by the SBP. Nevertheless, interest expenses also fell 9%QoQ indicating drop in cost of funds.
  • Non-Markup Income (NMI): Up 14%YoY/10%QoQ. Wherein, fee and commission income was up 23% on a sequential basis. Supported by PKR 376Mn in capital gains booked by the bank during the quarter.
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.
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.
Bank Al-Habib Limited (BAHL): Earnings fall 18% YoY on lower NII – By IIS Research

Aug 27 2025


Ismail Iqbal Securities


  • Bank Al Habib Limited has announced its 2QCY25 result where the bank has posted unconsolidated earnings of PKR 8.2/sh, down 18% YoY and 11% QoQ. The result came is in line with our expectations. The bank also announced interim cash dividend of PKR 3.5/sh, taking 1HCY25 dividend to PKR 7/sh.
  • Net Interest Income (NII) declined by 13% YoY and 2% QoQ, as the impact of asset repricing had already been realized in 3Q/4Q of 2024. Non-markup income grew by 16% YoY, primarily driven by a sharp uptick in FX income, which contributed PKR 1.4bn during the quarter. Fee income remained flat YoY but fell 5% QoQ.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Aug 26 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, with volatility persisting throughout the session, attributed to the ongoing rollover week. Trading volumes decreased to 162mn shares today as compared to 211mn shares in the previous session. Today, the KSE-100 index lost 380 points to close at 148,435 level, down by -0.26% DoD. Commercial Banks, Pharmaceuticals, and Textile Composite sectors were the major laggards in today's session, cumulatively shedding 694 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Aug 25 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, with volatility persisting throughout the session, largely attributed to the start of the rollover week. Trading volumes decreased to 211mn shares today as compared to 336mn shares in the previous session. Today, the KSE-100 index lost 678 points to close at 148,815 level, down by -0.45% DoD. Commercial Banks, Technology & Communication, and Oil & Gas Exploration Companies sectors were the major laggards in today's session, cumulatively shedding 457 points from the index.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Aug 22 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note; however, the session remained volatile as investors actively adjusted positions amid mixed market sentiment. Trading volumes decreased to 336mn shares today as compared to 426mn shares in the previous session. Today, the KSE-100 index gained 258 points to close at 149,493 level, up by 0.17% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Fertilizer sectors were the major contributors in today's session, cumulatively adding 248 points to the index.
Morning News: Oil rises 1% on stalled Russia-Ukraine peace talks, strong US demand – By IIS Research

Aug 22 2025


Ismail Iqbal Securities


  • Oil prices rose by nearly a dollar a barrel on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil consuming nation. Brent crude futures rose 83 cents, or 1.2%, to settle at $67.67 a barrel, a two-week high. U.S. West Texas Intermediate crude futures gained 81 cents, or 1.3%, to close at $63.52 a barrel.
  • The Asian Development Bank will provide a $410 million financing package to help develop Pakistan's Reko Diq copper mine, one of the world’s largest untapped deposits, which will be operated by Barrick Gold (ABX.TO), opens new tab, two sources told Reuters on Thursday. Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to U.S. companies.
Pakistan Market Wrap: The benchmark index closed on a high note – By IIS Research

Aug 20 2025


Ismail Iqbal Securities


  • The benchmark index closed on a high note once again, with the index crossing the 151k points barrier intraday and breaking record all-time highs both intraday and at market close, fuelled by improved liquidity and sustained investor confidence. Trading volumes decreased to 275mn shares today as compared to 340mn shares in the previous session. Today, the KSE-100 index gained 820 points to close at 150,591 level, up by 0.55% DoD. Commercial Banks, Technology & Communication, and pharmaceuticals sectors were the major contributors in today's session, cumulatively adding 821 points to the index.
Pakistan Market Wrap: The benchmark index closed on a high note – By IIS Research

Aug 19 2025


Ismail Iqbal Securities


  • The benchmark index closed on a high note, surging past the 150k points barrier intraday and breaking record all-time highs both intraday and at market close once again, supported by improved liquidity and sustained investor confidence. Trading volumes increased to 340mn shares today as compared to 229mn shares in the previous session. Today, the KSE-100 index gained 1,574 points to close at 149,771 level, up by 1.06% DoD. Commercial Banks, Cement, and Pharmaceuticals sectors were the major contributors in today's session, cumulatively adding 1630 points to the index.
Pakistan Market Wrap: The benchmark index ended the session flat – By IIS Research

Aug 12 2025


Ismail Iqbal Securities


  • The benchmark index ended the session flat, opening on an optimistic note with early gains, but late-hour profit-taking eroded the momentum and wiped out the gains. Trading volumes increased to 332mn shares today as compared to 299mn shares in the previous session. Today, the KSE-100 index gained 75 points to close at 147,005 level, up by 0.05% DoD. Commercial Banks, Cement, and Technology & Communication sectors were the major contributors in today's session, cumulatively adding 481 points to the index.
Engro Powergen Qadirpur Limited (EPQL): 1HCY25 Corporate Briefing Takeaways – By IIS Research

Aug 11 2025


Ismail Iqbal Securities


  • To recall, for 1HCY25 EPQL reported a revenue of PKR 5.26bn, compared to PKR 6.59bn in 1HCY24. PAT came down by 71% to PKR 460mn (EPS: PKR 1.42), compared to PKR 1.61bn (EPS: PKR4.97) in 1HCY24. Lower earnings are attributed to lower dispatch, lower financial income and decrease in Capacity Payments post PPA amendment.
  • The company finalized its gas sale and purchase agreement with PEL in August 2024. Regulatory approvals are still pending before operations can begin, and the company is eager to proceed as soon as possible. However, the approval process takes time. The company aims to conclude matters with CPPA-G shortly, which will enable it to move forward with the remaining regulatory clearances.
  • The company is currently ranked 9th on the merit order list, an improvement from its pre vious 11th position. This shift is mainly due to the absence of two plants from the merit list, which moved the company up by two spots; however, there have been no changes in fuel or variable costs. The company had previously stated that it expects its position to drop by two places once PEL gas is available. Nevertheless, with PEL gas, it anticipates load factors to improve to around 48–50%.
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