Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Feb 17 2026


Topline Securities


  • Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.
  • The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.
Meezan Bank Limited (MEBL): Corporate Briefing Takeaways – By IIS Research

Feb 17 2026


Ismail Iqbal Securities


  • Meezan Bank reported an unconsolidated profit after tax (PAT) of PKR 89bn in CY25, reflecting a 12.8% YoY decline (vs. PKR 101.5bn in CY24). The main driver of the decline was the 12% YoY drop in net spread earned, primarily due to the average policy rate declining from 19.7% to 11.4%. This impact was partially offset by volumetric growth in de posits, which helped support overall earnings.
  • Management indicated that the overall impact of the CRR reduction is broadly neutral for the bank. While the reduction releases liquidity and provides potential earnings support, the bank has voluntarily introduced a self-funded export financing scheme to support exporters. As a result, much of the liquidity benefit from the CRR cut is expected to be redirected toward financing export growth.
Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Feb 17 2026


Topline Securities


  • Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.
  • The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Insight Research

Feb 9 2026


Insight Securities


  • Profit earned fell by ~7% YoY, amid falling yields, while same is up by 6% QoQ, possibly attributable to volumetric growth. To highlight, bank’s deposit inch up ~4% QoQ. Similarly, net spread earned inch up by ~3% QoQ.
  • Other income recorded a decline of 36%/27% YoY/QoQ. The YoY decline is attributable to absence of gain on securities during 4QCY25, compared to PKR3.2bn gain in SPLY. While QoQ decline is mainly attributable to loss of ~PKR500mn on FX income coupled with flattish fee income.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Taurus Research

Feb 9 2026


Taurus Securities


  • 4QCY25 EPS: PKR 11.9. 4QCY25 PAT down 16%YoY. CY25 PAT down 11%YoY. Further, MEBL has also announced a final cash dividend of PKR 7.00/sh., taking the CY25 dividend payout to PKR 28.0/sh. – in-line with expectations.
  • Net Spread Earned (NSE): Down 12%YoY/Up 3%QoQ. Wherein, the sequential uptick can be attributed to higher yields on earning assets, and surge in OMO related borrowings leading to higher arbitrage gains overall.
Meezan Bank Limited (MEBL): Stable Sequential Performance, In Line with Expectations – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • Meezan Bank Limited (MEBL) announced its 4QCY25 results, posting unconsolidated earnings of PKR 12.1/share, down 11% YoY while up by 4% QoQ. The result is inline with our expectations. The bank also declared final cash dividend of PKR 7/share, taking the cumulative CY25 payout to PKR 28/share.
  • Net Interest Income (NII) declined by 12% YoY while up by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income declined by 36% YoY and 27% on QoQ basis, due to absence of gain on sale of securities and loss on FX income while fee income remained flat on YoY/QoQ basis.
Meezan Bank Limited (MEBL): 9MCY25 Analyst Briefing Takeaways – By AKD Research

Nov 11 2025


AKD Securities


  • Bank’s profit for 9MCY25 stood at PkR67.2bn (EPS: PkR37.4), down 13%YoY, due to lower Net Spread Earned on the back of lower policy rate.
  • Return on financings, investments and placements fell to PkR312.1bn in 9MCY25, down 18%YoY from PkR378.3bn in 9MCY24, due to falling yields.
Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Nov 10 2025


Topline Securities


  • Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.
  • Bank’s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24. Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank’s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.
Meezan Bank Limited (MEBL): 3QCY25 profitability is reported at PKR 11.7/sh, DPS PKR 7.0 – By Foundation Research

Oct 24 2025


Foundation Securities


  • Meezan Bank Limited (MEBL) announced its 3QCY25 results today reporting earnings of PKR 21.1Bn (EPS: PKR11.7), ↓18/13% YoY/QoQ respectively. The result is slightly below our expectations due to higher than estimated operating expenses. Along with the result, the bank announced an interim cash dividend of PKR 7.0/sh taking 9M pay-out to PKR 21.0/sh.
  • Topline of the bank shrank 19% YoY in the outgoing quarter, however, on a sequential basis the decrease was limited to 2%. The decline has primarily been triggered by the upwards revision in savings rates on certain deposits that has resulted in increased deposit costs. However, the management’s move to trim saving deposits and replace them with current accounts alongside healthy balance sheet growth has limited top line attrition. As for 9M, the reduction was noted at 12% YoY.
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research

Feb 19 2026


HMFS Research


  • The KSE-100 index endured intense selling pressure today as investors aggressively moved to lock in gains, resulting in a sharp and broad-based correction across the equity market. The benchmark plunged to an intra-day low of 7,206 points, with heavyweights from the fertilizer, banking, and E&P sectors leading the downturn. Escalating geopolitical tensions between the US and Iran dampened investor sentiment, triggering widespread profit-taking and amplifying volatility. By the close of the session, the index settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from the previous day’s close.
  • Trading activity remained relatively moderate, with volumes recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1 (46mn). Going forward, market direction is likely to remain contingent upon geopolitical developments and evolving domestic economic indicators. Additionally, forthcoming result announcements from blue-chip companies could provide selective support to the benchmark. In this environment, investors are advised to remain vigilant, carefully assess market dynamics, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, declining from the outset amid global uncertainty and rising oil prices, which weighed on investor sentiment. Trading volumes decreased to 229mn shares today as compared to 425mn shares in the previous session. Today, the KSE-100 index lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3506 points from the index.
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research

Feb 19 2026


Alpha Capital


  • The equity market commenced the session on a negative footing and remained under sustained selling pressure throughout the day. The KSE-100 Index witnessed significant intraday volatility, fluctuating between 171,647 and 179,280 before settling at 172,170—down 6,683 points at close. Total traded volume on the main board reached 215.5 million shares, with an aggregate value of PKR 21.2 billion.
  • Key contributors to the index decline included FFC (-3.3%, - 539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC (-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL and BOP dominated volumes, with 58.8 million and 28.1 million shares traded, respectively.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research

Feb 19 2026


AKD Securities


  • Faysal Bank Ltd (FABL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4) for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due to higher than anticipated gain on sale of securities. In addition to the result, bank announced a final cash payout of PkR2.0/ sh, below our expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
  • Net spread earned was recorded at PkR17.6bn in 4QCY25, down by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR introduction on saving accounts.
D.G. Khan Cement Company Limited (DGKC): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • D.G. Khan Cement Company Limited is scheduled to announce its 2QFY26 results on 23 February 2026 and is expected to report a PAT of PKR 2,652 million (EPS: PKR 6.05), down 2.5% YoY.
  • Quarterly sales are projected at PKR 19,932mn, down 8.1% YoY, mainly due to lower exports after the Afghan border closure.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • Attock Cement Pakistan Limited is scheduled to announce its 2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR 1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices, volumetric growth, and the addition of a 4.8MW wind mill.
  • Sales revenue for the quarter is expected to reach PKR 11,622 mn, up 30.20% YoY.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research

Feb 19 2026


JS Global Capital


  • KSE-100 index showed sharp recovery to close at 178,853 level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares traded previously. The index is expected to test resistance at 179,699 (50-DMA) where a break above that will target the 30-DMA currently at 184,064 level. However, any downside will find support between 175,800 and 177,385 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to 'Buy on dips', with risk defined below 175,796 level. The support and resistance are at 175,796 and 180,442 levels, respectively.
Morning News: IT exports rise 20pc in 7MFY26 – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • Information technology (IT) exports surged 20 per cent year-on year (YoY) to reach $2.6 billion in the first seven months of FY26, according to a Topline Research report issued on Wednesday.
  • Foreign Direct Investment (FDI) in Pakistan fell sharply 51 percent during the first seven months of the current fiscal year (FY26).
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Technology & Communication: IT Exports up by 19% YoY to US$374mn in Jan-26 – By Topline Research

Feb 18 2026


Topline Securities


  • Pakistan recorded monthly IT exports of US$374mn in Jan-26, up 19% YoY but down 14% MoM. This takes 7MFY26 to US$2.6bn, reflecting a 20% YoY growth.
  • Net IT Exports (Exports-Imports) displayed a monthly number of US$314mn, up 12% YoY.
Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Feb 17 2026


Topline Securities


  • Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.
  • The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.
Millat Tractors Limited (MTL): 2QFY26 EPS at Rs12.06, down 21% YoY but up 4.7x QoQ – By Topline Research

Feb 17 2026


Topline Securities


  • Millat Tractors Limited (MTL) announced its 2QFY26 result today, wherein the company recorded unconsolidated profit of Rs2.4bn (EPS of Rs12.06), down 21% YoY but up 4.7x QoQ.
  • Result was higher than expectations due to higher-than-expected gross margins.
Pakistan State Oil (PSO): 2QFY26 EPS at Rs5.82 down 62% YoY & 71% QoQ – By Topline Research

Feb 17 2026


Topline Securities


  • Pakistan State Oil Company (PSO) announced its 2QFY26 results today, reporting an unconsolidated profit of Rs2.7bn (EPS: Rs5.82). The earnings were below industry expectations due to higher-than-expected inventory losses and higher than expected Effective Tax Rate (ETR).
  • This took 1HFY26 earnings at Rs12.1bn (EPS of Rs25.82) compared to 1HFY25 profit of Rs11.2bn (EPS of Rs23.81), up 8% YoY.
Pakistan Economy: Pakistan likely to meet Quantitative Performance Criteria – By Topline Research

Feb 17 2026


Topline Securities


  • Reportedly, IMF team is due in last week of Feb 2026 for third review of the Extended Fund Facility (EFF) and second review of the Resilience and Sustainability Facility (RSF). The review will assess performance of assigned criteria and targets for Sep 2025 and Dec 2025.
  • Quantitative Performance Criteria (QPC): QPC for any IMF program is important criteria as it requires board level waiver if not met. As per our calculation, Pakistan is likely to meet nearly all 7 QPCs, however data for one indicator is not known yet, which was missed in last review (floor on targeted cash transfer) by Rs1bn only.
Pakistan Petroleum Limited (PPL): 2QFY26 EPS down 26% YoY to Rs7.44/share – In line with expectations – By Topline Research

Feb 13 2026


Topline Securities


  • Pakistan Petroleum Limited (PPL) reported its 2QFY26 results, posting earnings of Rs20.3bn (EPS: Rs7.44), down 26% YoY while remaining largely flat on a QoQ basis (up 1%). The YoY decline is primarily driven by lower hydrocarbon production and weaker oil prices.
  • This brings 1HFY26 earnings to Rs40.4bn (EPS: 14.84), reflecting a 21% YoY decline.
  • The company reported net sales of Rs61.2bn, up 1% YoY and 8% QoQ. The QoQ growth is attributable to a slight recovery in oil and gas volumes.
Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
Bank AL Habib (BAHL): Result Review – By Topline Research

Feb 11 2026


Topline Securities


  • Bank AL Habib (BAHL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs5.8bn (EPS of Rs5.20), down 23% YoY and 16% QoQ.
  • The 4Q2025 result came lower than industry expectations due to higher-than-expected operating expenses.
  • We maintain a buy stance on BAHL, with the stock currently trading at a 2026E PE ratio of 7.2x, PBV ratio of 1.2x, and dividend yield of 9.0%.
Oil Marketing Companies: OMC sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
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