Slides
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1 Analyst Briefing Session Financial Results For the Nine Months Ended September 30, 2025
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2 Opening Remarks
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3 Rs.4.24 Rs.67.2 Rs. 37.42per share Rs.3.18 trillion 1,073 355 37% ADR trillion 210% Cash Distribution to Shareholders for 9M’25 13% vs 9M’24 9% vs 2024 23% vs 2024 22 new branches vs Dec - 24 Performance Overview – 9M’25 Headlines Return on Equity 34.6% Basic Earnings Per Share 60% As at Dec - 24 billion
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4 Awards and Recognitions
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5 Pakistan Banking Awards • Best Bank 2024 • Best Bank 2023 • Best Bank 2020 • Best Bank 2018
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6 CFA Society of Pakistan • Best Bank of the Year – Large Size Banks for the 5th consecutive year • Islamic Bank of the Year • Best Digital Banking Services Award of the Year • Best Transaction of the Year - 2023 (Runner-up) • Best Investor Relations - 2023 (Runner-up)
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7 Company Financials Presentation by: Syed Imran Ali Shah CFO
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8 Performance Overview – 9M’25 Headlines (1/2) 9M’25 9M’24/ 2024 Growth % Profit After Tax Rs 67.2 billion Rs 77.1 billion (Rs 9.9 billion) (13%) Cost to Income Ratio 29.3% 28.8% (0.5%) Return on Equity 34.6% 49.4% (14.8%) CAR* 23.36% 20.35% 3.01% Deposits* Rs 3.18 Trillion Rs 2.58 Trillion Rs 591 billion 23% CASA Deposits* Rs 2.98 Trillion Rs 2.41 Trillion Rs 570 billion 24% CASA Mix* 94% 93% 1% Branches 1,073 1,015 58 6% * Comparative numbers are as of December 2024.
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9 Performance Overview - 9M’25 Headlines (2/2) Sep 2025 Dec 2024 Growth % Gross Financings Rs 1.17 trillion Rs 1.56 trillion Rs (382) billion (25%) Gross ADR 37.0% 60.2% (23.2%) Non-Performing Financings Rs 30.9 billion Rs 25.2 billion Rs (5.7) billion (22%) NPL Ratio 2.63% 1.62% (1.01%) NPL Coverage Ratio 146% 165% (19%) Investments Rs 2.51 trillion Rs 1.87 trillion Rs 642 billion 34%
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Profit & Loss Account 9M'25 9M'24 Growth % Average Policy Rate 11.56% 21.03% (9%) Return on financings, investments and placements 312,114 378,333 (18%) Return on deposits and other dues expensed (123,886) (164,189) (25%) Net spread earned 188,228 214,144 (12%) Fee, commission and other income 16,783 15,358 9% Foreign exchange income 5,988 608 885% Dividend income 925 1,069 -13% Capital gain - net 1,028 283 264% Other Income 1,045 890 17% Total other income 25,769 18,208 42% Total income 213,997 232,352 (8%) Operating expenses and other charges (62,736) (66,849) (6%) Profit before provisions 151,261 165,503 (9%) Total provisions - net (3,634) (1,900) 91% Profit before tax 147,627 163,603 (10%) Taxation (80,402) (86,540) (7%) Profit after tax 67,226 77,063 (13%) Basic Earnings per share - Rs 37.42 43.00 -13% Diluted Earnings per share - Rs 37.20 42.74 -13% 10 13% Decline in PAT- Due to Lower Policy Rate (Unconsolidated) US $239 mn / $274 mn Rs in mn Sep 30, 2025: US $1 = Rs 281.32
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Profit & Loss Account Q3'25 Q2'25 Growth % Average Policy Rate 11.00% 11.38% (0%) Return on financings, investments and placements 102,588 101,909 1% Return on deposits and other dues expensed (40,116) (37,944) 6% Net spread earned 62,472 63,965 (2%) Total other income 9,376 8,215 14% Total income 71,848 72,181 (0%) Operating expenses and other charges (26,408) (16,697) 58% Profit before provisions 45,440 55,484 (18%) Total provisions - net (255) (1,520) (83%) Profit before tax 45,185 53,964 (16%) Taxation (24,123) (29,848) (19%) Profit after tax 21,062 24,116 (13%) Basic Earnings per share 11.70 13.44 (13%) 11 Q3’25 vs Q2’25 (Unconsolidated) US $75 mn / $86 mn Rs in mn Sep 30, 2025: US $1 = Rs 281.32
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3.4 3.5 4.0 4.6 5.0 5.6 6.3 9.0 15.2 22.2 28.4 45.0 84.5 101.5 67.2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M'25 10.2 10.6 11.8 14.8 15.1 18.5 22.7 32.0 27.8 36.8 50.0 54.8 52.1 54.1 57.3 58.5 48.5 54.0 45.2 6.1 6.5 7.0 8.8 9.2 7.9 11.5 16.4 15.4 17.2 25.5 26.4 24.9 26.5 25.6 24.4 22.0 24.1 21.1 Q1' 21 Q2' 21 Q3' 21 Q4' 21 Q1' 22 Q2' 22 Q3' 22 Q4' 22 Q1' 23 Q2' 23 Q3' 23 Q4' 23 Q1' 24 Q2' 24 Q3' 24 Q4' 24 Q1' 25 Q2' 25 Q3' 25 Quarterly PBT and PATPBT PAT Tax rate 39% 3-year CAGR (2021-2024) in PAT = 37% Tax rate 49% Rs in bn +3% +13% +15% +10% +11% +13% +43% +69% +46% +28% +58% +88% Avg Policy Rate 13.45% 11.29% 9.67% 9.94% 7.13% 5.85% 5.75% 7.10% 11.99% 8.94% 7.29% 13.20% 20.71% +20% 19.64% Tax rate 54% 11.54% - 13%* *Represents 9M’25 vs 9M’24 *Tax rate 53% Key Performance Indicators - Profitability (Unconsolidated)
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Balance Sheet Sep-25 Sep-24 Dec-24 Islamic Financing and related assets - Gross 1,174,377 1,121,858 52,519 5% 1,556,362 (381,985) (25%) Less: Provisions (45,165) (34,209) (10,956) 32% (41,606) (3,559) 9% Islamic Financing and related assets - net 1,129,212 1,087,649 41,563 4% 1,514,756 (385,544) (25%) Investments (GoP Sukuk: Rs 2.2 trillion) 2,512,825 1,741,989 770,836 44% 1,870,536 642,290 34% Due from FIs 42,504 34,964 7,540 22% 34,964 - 22% Cash and Bank Balance 298,349 266,304 32,044 12% 274,159 24,189 9% Fixed and other assets 253,085 248,901 4,184 2% 207,658 45,427 22% Total Assets 4,235,975 3,379,808 856,167 25% 3,902,073 333,901 9% Deposits and other accounts 3,176,286 2,559,872 616,414 24% 2,584,871 591,415 23% Due to FIs 499,088 337,621 161,466 48% 722,286 (223,199) (31%) Sub-ordinated Sukuk (ADT-I & T-II) 16,990 20,990 - - 20,990 - - Others 270,815 230,593 40,222 17% 326,941 (56,126) (17%) Total Liabilities 3,963,178 3,149,077 814,102 26% 3,655,089 308,090 8% Share Capital 18,006 17,947 58 - 17,947 58 - Reserves and Unappropriated Profit 237,538 194,659 42,879 22% 206,896 30,642 15% Surplus / (deficit) on revaluation of assets - net 17,253 18,125 (872) (5%) 22,141 (4,888) 22% Total Equity 272,796 230,731 42,065 18% 246,984 25,812 - GrowthGrowth 13 25% Growth in Assets Since Sep-24 – Led by Growth in Investments US $ 15.1 bn / $ 12.0 bn Rs in mn US $ 970 mn / $ 820 mn US $ 14.1 bn / $ 11.2 bn (Unconsolidated) Jun 30, 2025: US $1 = Rs 281.32
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54.3% 42.4% 53.4% 61.4% 44.7% 60.2% 37.0% 2019 2020 2021 2022 2023 2024 Sep-25 Gross ADR - % 45.7% 39.7% 42.1% 34.3% 28.9% 26.8% 29.3% 2019 2020 2021 2022 2023 2024 Sep-25 Cost to Income Ratio - % 1.5% 1.7% 1.7% 2.0% 3.0% 2.9% 2.2% 2019 2020 2021 2022 2023 2024 Sep-25 ROA - % 30.7% 34.6% 36.4% 44.6% 56.3% 47.0% 34.6% 2019 2020 2021 2022 2023 2024 Sep-25 ROE - % 14 Key Ratios
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CA 49% SA 45% TD 6% Sep-25 CA SA TD Rs in bn Mix Rs in bn Mix Rs in bn % Rs in bn Mix Rs in bn % CA 1,564 49% 1,201 47% 363 30% 1,229 48% 335 27% SA 1,411 45% 1,114 43% 297 27% 1,176 45% 235 20% CASA 2,975 94% 2,315 90% 660 28% 2,405 93% 570 24% TD 201 6% 245 10% (44) (18%) 180 7% 21 12% Total 3,176 100% 2,560 100% 616 24% 2,585 100% 591 23% Sep-25 Sep-24 Growth Dec-24 Growth CA, 47% SA, 43% TD, 10% Sep-24 CA SA TD 15 Key Performance Indicators - Deposits CASA Deposits Grew by 28% YoY Rs 2.56 tn Rs 3.18 tn Deposit growth: Rs 600+ bn
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571 601 660 760 815 902 962 1,004 1,051 1,073 20 30 59 100 55 87 60 42 47 22 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sep-25 Branch Network: 1,073 branches in 355 cities Branch Network New Branches 522 new branches added since 2015 Deposit Composition - High Granularity Individual - 70% Private Sector - 27% Public Sector - 1% NBFIs - 1% Government - 1% 5 8 14 23 34 55 70 100 131 169 230 288 379 468 559 667 785 933 1,254 1,456 1,658 2,217 2,585 3,176 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sep-25 Deposit Growth Since Inception 16 Key Performance Indicators - Deposits Market Share of Deposits: 9.0% CAGR Since Inception 33% Rs in bn
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GIS PES & Other Govt. Others Investment Mix Sep-25 Dec-24 Rs in bn 25 2,173 1,696 315 155 20 17 Key Performance Indicators – Investment Rs 2.5 Trillion Up by 34% from Dec-2024 Investments (Rs in Bn) Sep-25 Dec-24 Var. GoP Ijarah Sukuk (GIS) 2,173 1,696 28% Energy Sukuk & Other Govt. (PES) 315 155 103% Others (Shares , Corp sukuk etc) 25 20 25% Total 2,513 1,871 34% GIS Mix Rs in bn Mix Variable 1,677 77% Fixed 496 23% Total 2,173 100% 77% 23% GIS Mix Variable Fixed
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Rs 13.6 bn Rs 5.6 bn Rs 25.9 bn General Provision Stage I & II ECL under IFRS 9 Stage III ECL under IFRS 9 Corporate 73% Commercial / SME 17% Consumer 9% Staff 1% Financing Composition Corporate Commercial / SME Consumer Staff 9 15 14 14 17 25 31 507 532 777 1,018 992 1,556 1,174 1.8% 2.8% 1.9% 1.3% 1.7% 1.6% 2.6% 0. 0% 0. 5% 1. 0% 1. 5% 2. 0% 2. 5% 3. 0% - 200 400 600 800 1, 0 00 1, 2 00 1, 4 00 1, 6 00 1, 8 00 2019 2020 2021 2022 2023 2024 Sep-25 Gross Financing & NPL Ratio Non Performing Loans Gross Financing NPL Ratio 18 Key Performance Indicators - Financing Total Provision of Rs 45 bn NPL Coverage Ratio 146% 9M’25: Net charge of Rs 2.0 bn (Charge: Rs 4.8 bn & Reversal: Rs 2.8 bn) against Stage III. Stage I & II – Net charge of Rs 1.5 bn (Charge: Rs 3.5 bn & Reversal: Rs 2.0 bn) Gross Financing Market Share: 8.7% Rs in Bn 13 19 19 23 30 42 45 9 15 14 14 17 25 31 142% 128% 133% 166% 179% 165% 146% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% - 5 10 15 20 25 30 35 40 45 50 2019 2020 2021 2022 2023 2024 Sep-25 Strong NPL Coverage Ratio Provisions held Non Performing Loans NPL Coverage
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59 69 87 115 185 247 273 32.9 38.6 48.3 64.4 103.2 137.6 151.5 2019 2020 2021 2022 2023 2024 Sep-25 Equity & Book Value / Share Equity Book Value / Share 12.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 0.5% 4.1% 6.3% 6.3% 6.4% 10.9% 8.8% 11.9% 2019 2020 2021 2022 2023 2024 Sep-25 Capital Adequacy Ratio % Min. Req. D-SIB Excess 19 CAR and Equity Trends * Book value on share capital of Rs 18.0 billion Minimum Required Excess Additional D-SIB CAR Rs in bn 18.4% 22.4% 20.3% MEBL: Tier - I - 20.44% vs 9.00% Req.MEBL: CET - I – 19.89% vs 7.50% Req. 16.6% 17.8% 17.8% 23.4%
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20 9% Growth in Fee & Commission Income Rs in millions Fee, Commission, and Other Income 9M'25 9M'24 Growth % Debit card related fees 6,757 6,890 (2%) Trade related fees and commissions 4,527 3,679 23% Branch banking customer fees 2,930 2,585 13% Fee income from subsidiary (AMIML) and related funds 747 889 (16%) Cash management fees 427 335 28% Investment banking related fees 689 403 71% Home remittance related fees 326 322 1% Commission on guarantees 287 176 64% Credit processing related fees 88 74 19% Others 5 6 (18%) Fee and Commission Income 16,783 15,358 9%
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Rs 1,042 bn Rs 827 bn 9M'24 Import Export 56% 56% 44% Rs 1,300 bn Rs 838 bn 9M'25 Import Export 61% 39% 21 Trade Business Volume Increased by 14% from 9M’24 to 9M’25 Rs 1.9 trillion $6.4 billion Rs 2.1 trillion $7.3 billion
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22 Al-Meezan - Financial Performance ✓ Largest Asset Management Company in Pakistan ✓ Established track record of 31 years ✓ One of the largest investor base of over 499k ✓ Manages the largest open-end Shariah Compliant Equity, Sovereign Income, Money Market & Voluntary Pension Fund ✓ Developed the first Shariah Compliant Index (KMI-30) in collaboration with KSE (now PSX) ✓ Successfully maintained and strengthened its position as the largest Asset Management Company in Pakistan with Assets under Management (incl. Discretionary Portfolio) of over Rs. 661 Billion *As of 30st September, 2025 Sep 2025 Sep 2024 ∆ % AUMs (incl. Discretionary Portfolio) - Rs Bn 661 553 20% Funds - Incl. plans (No.) 40 40 0% ROE (Jan-Sep) 82.82% PAT (Jan-Sep) Rs 3,387 million 135 176 187 283 431 718 661 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Sep-25 AUMs (incl. Discretionary Portfolio) – Rs Bn
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23 Our Digital Footprint
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79% 21% “Active users”: Login once a month No in 000’s 23 Digital Channels Statistics *MB = Mobile Banking IB= Internet Banking CMS= Cash Management Mobile App Active Users4.459 Millions Total Debit Cards POS Machines Deployment (Count) 79% : 53.7 Mn 68.0 Mn Digital throughput composition – CY-25 CMS ATM MB / IB Debit Cards Rs. 27.08 tn Debit Cards 1.08% 0.29 tn ATM 7.21% 1.95 tn CMS 18.79% 5.09 tn 1,175 1,305 1,505 1,991 2,326 2,813 3,268 3,989 4,459 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 24,663 28,000 29,410 31,138 33,193 Q3- 2024 Q4- 2024 Q1- 2025 Q2- 2025 Q3- 2025 POS & E-Commerce Transactions on Debit Cards – CY-25 21% : 14.3Mn 90.70% 90.90% 92.30% 92.80% 93.10% Q3 - 2024 Q4 -2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Digitization Percentage (OTC vs Digital Channels) (By Count) IB/MB 72.92% 19.75 tn E-Commerce POS No in mn 2.30 2.41 2.55 2.81 3.11 Q3 - 2024 Q4 -2024 Q1 - 2025 Q2 - 2025 Q3 - 2025
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25 Thank You
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26 Appendix
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27 Last Six Years Performance
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28 Unconsolidated Statement of Financial Position: 2019 – Sep 2025 Rs in mn Balance Sheet 2019 2020 2021 2022 2023 2024 Sep-25 Cash and Balances with Banks 107,566 155,689 186,921 131,419 254,064 274,159 298,349 Due from FIs 223,689 342,069 238,402 34,964 34,964 34,964 42,504 Investments 225,646 434,208 620,132 1,283,210 1,572,388 1,870,536 2,512,825 Islamic Financing - Gross 506,513 531,588 777,295 1,018,102 992,027 1,556,362 1,174,377 Less: Provisions (12,738) (19,056) (19,209) (22,594) (30,354) (41,606) (45,165) Islamic Financing - net 493,775 512,532 758,086 995,508 961,673 1,514,756 1,129,212 Fixed & Intangible Assets 24,065 24,648 35,453 42,271 60,890 70,975 73,518 Other Assets 46,517 52,414 63,977 90,025 128,130 136,683 179,567 Total Assets 1,121,258 1,521,560 1,902,971 2,577,397 3,012,109 3,902,073 4,235,975 Bills Payable 17,187 26,494 36,141 40,175 39,724 112,605 59,891 Due to FIs 42,047 94,501 220,414 573,326 377,495 722,286 499,088 Deposits and other accounts 932,579 1,254,431 1,455,886 1,658,490 2,217,474 2,584,871 3,176,286 Sub-ordinated Sukuk (ADT-I & T-II) 14,000 18,000 20,990 20,990 20,990 20,990 16,990 Other Liabilities 56,430 58,979 82,982 169,095 171,518 214,336 210,924 Total Liabilities 1,062,243 1,452,405 1,816,413 2,462,076 2,827,201 3,655,089 3,963,178 Net Assets 59,015 69,155 86,558 115,321 184,908 246,984 272,796 Share Capital 12,861 14,147 16,269 17,896 17,913 17,947 18,006 Reserves and Unappropriated Profit 36,753 49,446 66,225 98,089 156,074 206,896 237,538 (Deficit) / Surplus on revaluation of assets - net 9,401 5,562 4,064 (664) 10,921 22,141 17,253 Total Equity 59,015 69,155 86,558 115,321 184,908 246,984 272,796
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29 Unconsolidated Profit & Loss Statement: 2019 – 9M’25 Rs in mn P&L Statement 2019 2020 2021 2022 2023 2024 9M'25 Policy rate 10.00% - 13.25% 13.25% - 7.00% 7.00% - 9.75% 9.75% - 16.00% 16.00% - 22.00% 22.00% - 13.00% 13.00% - 11.00% Policy rate - Average 11.99% 8.95% 7.29% 13.20% 20.71% 19.64% 11.56% Profit / return earned 94,270 106,589 110,073 232,121 431,722 494,297 312,114 Profit on deposits & others (47,731) (41,740) (41,152) (110,417) (205,293) (207,257) (123,886) Net Spread earned 46,539 64,849 68,921 121,704 226,429 287,040 188,228 Other income 9,320 10,072 14,892 19,103 22,107 28,878 25,769 Total Revenue 55,859 74,921 83,813 140,807 248,536 315,918 213,997 Operating Expense (25,522) (29,775) (35,324) (48,245) (71,788) (84,611) (62,736) Profit Before Provisions 30,337 45,146 48,489 92,562 176,748 231,307 151,261 Total provisions (4,186) (8,210) (993) (4,177) (7,340) (9,221) (3,634) Profit Before Tax 26,151 36,936 47,496 88,385 169,408 222,086 147,627 Taxation (10,919) (14,770) (19,141) (43,378) (84,932) (120,578) (80,402) Profit After Tax 15,232 22,166 28,355 45,007 84,476 101,508 67,226 YoY Growth 70% 46% 28% 59% 88% 20% (13%) Dividend per share 50% (C) & 10% (B) 60% (C) & 10% (B) 60% (C) & 15% (B) 85% (C) & 10% (B) 200% (C) 280% (C) 210% (C) Dividend per share - Total 60% 70% 75% 95% 200% 280% 210%
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Key Ratios - % 2019 2020 2021 2022 2023 2024 Sep-25 Policy rate 10.00% - 13.25% 13.25% - 7.00% 7.00% - 9.75% 9.75% - 16.00% 16.00% - 22.00% 22.00% - 13.00% 13.00% - 11.00% Cost to Income Ratio 45.7 39.7 42.1 34.3 28.9 26.8 29.3 Branches opened 100 55 87 60 42 47 22 Total no of branches 760 815 902 962 1,004 1,051 1,073 Book value per share 32.9 38.6 48.3 64.4 103.2 137.6 151.5 Earnings Per Share 8.5 12.4 15.8 25.1 47.2 56.7 37.4 NPL/Gross Loans 1.8 2.8 1.9 1.3 1.7 1.6 2.6 NPL Coverage (Total) 142 128 133 166 179 165 146 Gross Advances / Deposits (ADR) 54 42 53 61 45 60 37 Investment / Deposits (IDR) 24 35 43 77 71 72 79 CASA Ratio 74 76 83 88 89 93 94 Capital Adequacy Ratio (CAR) 16.6 17.8 17.8 18.4 22.4 20.3 23.4 Tier I CAR 12.9 13.6 14.0 15.7 18.9 16.9 20.4 ROE 30.7 34.6 36.4 44.6 56.3 47.0 34.6 ROA 1.5 1.7 1.7 2.0 3.0 2.9 2.2 30 Key Ratios: 2019 – Sep 2025
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Profit & Loss account 9M'25 9M'24 Growth % PSX - 100 Index 165,494 81,114 104% Net spread earned 188,212 214,152 (12%) Fee, commission, forex & other income 28,977 19,829 46% Capital gain / (loss) and dividend income 1,261 770 64% Non funded income 30,238 20,599 47% Total income 218,450 234,752 (7%) Operating expenses, WWF & other charges (65,314) (68,435) (5%) 153,137 166,317 (8%) Share of result of associates before taxation 3,204 1,278 151% Profit before provisions 156,340 167,595 (7%) Total provisions - net (3,634) (1,901) 91% Profit before tax 152,706 165,694 (8%) Taxation (82,184) (87,363) (6%) Profit after tax (PAT) 70,522 78,331 (10%) Non Controlling Interest (1,196) (510) 134% PAT attributable to shareholders of holding company 69,326 77,821 (11%) Basic Earnings per share - Rs 38.59 43.42 (11%) 31 11% Decline in Consolidated Profit After Tax Rs in mn