Slides
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1 Analyst Briefing Session Financial Results For the Year Ended December 31, 2025
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2 Highlights
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3 Rs.4.81 Rs.89.0 Rs. 49.54per share Rs.3.30 trillion 1,105 363 51% ADR trillion 280% Cash Distribution to Shareholders for 2025 12% vs 2024 23% vs 2024 28% vs 2024 54 new branches vs Dec - 24 Performance Overview – 2025 Headlines Return on Equity 33.8% 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 2025 • 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 6th 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 – 2025 Headlines (1/2) 2025 2024 Growth % Profit After Tax Rs 89.0 billion Rs 101.5 billion (Rs 12.5 billion) (12%) Cost to Income Ratio 30.4% 26.8% (3.7%) Return on Equity 33.8% 47.0% (13.2%) CAR 19.20% 20.35% (1.15%) Deposits Rs 3.30 Trillion Rs 2.58 Trillion Rs 718 billion 28% CASA Deposits Rs 3.02 Trillion Rs 2.41 Trillion Rs 610 billion 25% CASA Mix 91% 93% (2%) Branches 1,105 1,051 54 5%
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9 Performance Overview - 2025 Headlines (2/2) Dec 2025 Dec 2024 Growth % Gross Financings Rs 1.69 trillion Rs 1.56 trillion Rs 130 billion 8% Gross ADR 51.1% 60.2% (9.2%) Non-Performing Financings Rs 31.0 billion Rs 25.2 billion Rs (5.8) billion (23%) NPL Ratio 1.84% 1.62% (0.22%) NPL Coverage Ratio 146% 165% (19%) Investments Rs 2.60 trillion Rs 1.87 trillion Rs 726 billion 39%
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Profit & Loss Account 2025 2024 Growth % Average Policy Rate 11.39% 19.67% (8%) Return on financings, investments and placements 420,462 494,297 (15%) Return on deposits and other dues expensed (167,990) (207,257) (19%) Net spread earned 252,472 287,039 (12%) Fee, commission and other income 22,696 21,339 6% Foreign exchange income 5,479 830 560% Dividend income 2,015 2,190 -8% Capital gain - net 987 3,329 (70%) Other Income 1,456 1,190 22% Total other income 32,632 28,878 13% Total income 285,104 315,917 (10%) Operating expenses and other charges (86,800) (84,611) 3% Profit before provisions 198,304 231,306 (14%) Total provisions - net (3,886) (9,221) (58%) Profit before tax 194,418 222,085 (12%) Taxation (105,377) (120,578) (13%) Profit after tax 89,041 101,508 (12%) Basic Earnings per share - Rs 49.54 56.62 -13% Diluted Earnings per share - Rs 49.22 56.30 -13% 10 12% Decline in PAT- Due to Lower Policy Rate (Unconsolidated) US $318 mn / $362 mn Rs in mn Dec 31, 2025: US $1 = Rs 280.12
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Profit & Loss Account Q4'25 Q3'25 Growth % Average Policy Rate 10.91% 11.00% (0%) Return on financings, investments and placements 108,349 102,588 6% Return on deposits and other dues expensed (44,105) (40,116) 10% Net spread earned 64,244 62,472 3% Total other income 6,863 9,376 (27%) Total income 71,107 71,848 (1%) Operating expenses and other charges (24,064) (26,408) (9%) Profit before provisions 47,043 45,440 4% Total provisions - net (252) (255) (1%) Profit before tax 46,791 45,185 4% Taxation (24,975) (24,123) 4% Profit after tax 21,815 21,062 4% Basic Earnings per share 12.12 11.70 4% 11 Q4’25 vs Q3’25 (Unconsolidated) US $78 mn / $75 mn Rs in mn Dec 31, 2025: US $1 = Rs 280.12
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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 89.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 46.8 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 21.8 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 Q4' 25 Quarterly PBT and PATPBT PAT Tax rate 39% 3-year CAGR (2022-2025) in PAT = 26% 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% 19.67% Tax rate 54% 11.39% - 12% *Tax rate 53% Key Performance Indicators - Profitability (Unconsolidated)
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Balance Sheet Dec-25 Dec-24 Islamic Financing and related assets - Gross 1,686,267 1,556,362 129,904 8% Less: Provisions (45,332) (41,606) (3,726) 9% Islamic Financing and related assets - net 1,640,935 1,514,756 126,179 8% Investments (GoP Sukuk: Rs 2.2 trillion) 2,596,837 1,870,536 726,302 39% Due from FIs 12,325 34,964 (22,639) (65%) Cash and Bank Balance 345,931 274,159 71,772 26% Fixed and other assets 210,533 207,658 2,875 1% Total Assets 4,806,561 3,902,073 904,488 23% Deposits and other accounts 3,302,842 2,584,871 717,971 28% Due to FIs 887,048 722,286 164,762 23% Sub-ordinated Sukuk (ADT-I & T-II) 16,990 20,990 (4,000) (19%) Others 320,423 326,941 (6,518) (2%) Total Liabilities 4,527,304 3,655,089 872,215 24% Share Capital 18,006 17,947 58 0% Reserves and Unappropriated Profit 246,871 206,896 39,976 19% Surplus / (deficit) on revaluation of assets - net 14,380 22,141 (7,761) (35%) Total Equity 279,257 246,984 32,273 13% Growth 13 23% Growth in Assets Since Dec-24 – Led by Growth in Investments US $ 17.2 bn / $ 13.9 bn Rs in mn US $ 997 mn / $ 882 mn US $ 16.2 bn / $ 13.0 bn (Unconsolidated) Dec 31, 2025: US $1 = Rs 280.12
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54.3% 42.4% 53.4% 61.4% 44.7% 60.2% 51.1% 2019 2020 2021 2022 2023 2024 2025 Gross ADR - % 45.7% 39.7% 42.1% 34.3% 28.9% 26.8% 30.4% 2019 2020 2021 2022 2023 2024 2025 Cost to Income Ratio - % 1.5% 1.7% 1.7% 2.0% 3.0% 2.9% 2.0% 2019 2020 2021 2022 2023 2024 2025 ROA - % 30.7% 34.6% 36.4% 44.6% 56.3% 47.0% 33.8% 2019 2020 2021 2022 2023 2024 2025 ROE - % 14 Key Ratios
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Rs in bn Mix Rs in bn Mix Rs in bn % CA 1,589 48% 1,229 48% 361 29% SA 1,427 43% 1,176 45% 251 21% CASA 3,016 91% 2,405 93% 611 25% TD 287 9% 180 7% 107 60% Total 3,303 100% 2,585 100% 718 28% Dec-25 Dec-24 Growth CA 48% SA 43% TD 9% 2025 CA SA TD CA, 48% SA, 45% TD, 7% 2024 CA SA TD 15 Key Performance Indicators - Deposits CASA Deposits Grew by 25% YoY Rs 2.59 tn Rs 3.30 tn Deposit growth: Rs 700+ bn
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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 3,303 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deposit Growth Since Inception 571 601 660 760 815 902 962 1,004 1,051 1,105 20 30 59 100 55 87 60 42 47 54 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Branch Network: 1,105 branches in 363 cities Branch Network New Branches 554 new branches added since 2015 Deposit Composition - High Granularity Individual - 71% Private Sector - 27% Public Sector - 0% NBFIs - 1% Government - 1% 16 Key Performance Indicators - Deposits Market Share of Deposits: 8.8% CAGR Since Inception 33% Rs in bn
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GIS PES & Other Govt. Others Investment Mix Dec-25 Dec-24 Rs in bn 32 2,165 1,696 400 155 20 17 Key Performance Indicators – Investment Rs 2.6 Trillion Up by 39% from Dec-2024 Investments (Rs in Bn) Dec-25 Dec-24 Var. GoP Ijarah Sukuk (GIS) 2,165 1,696 28% Bai Muajjal, Naya Pakistan Certificates & Other Govt. guaranteed Sukuk 400 155 159% Others (Shares , Corp sukuk etc) 32 20 65% Total 2,597 1,871 39% GIS Mix Rs in bn Mix Variable 1,575 73% Fixed 590 27% Total 2,165 100% 73% 27% GIS Mix Variable Fixed
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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 2025 Strong NPL Coverage Ratio Provisions held Non Performing Loans NPL Coverage Rs 13.6 bn Rs 5.5 bn Rs 26.3 bn General Provision Stage I & II ECL under IFRS 9 Stage III ECL under IFRS 9 Corporate 74% Commercial / SME 18% Consumer 7% Staff 1% Financing Composition Corporate Commercial / SME Consumer Staff 9 15 14 14 17 25 31 507 532 777 1,018 992 1,556 1,686 1.8% 2.8% 1.9% 1.3% 1.7% 1.6% 1.8% 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 2025 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% 2025: Net charge of Rs 2.4 bn (Charge: Rs 5.6 bn & Reversal: Rs 3.2 bn) against Stage III. Stage I & II – Net charge of Rs 1.3 bn (Charge: Rs 3.5 bn & Reversal: Rs 2.2 bn) Gross Financing Market Share: 11.3% Rs in Bn
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59 69 87 115 185 247 279 32.9 38.6 48.3 64.4 103.2 137.6 151.5 2019 2020 2021 2022 2023 2024 2025 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% 7.7% 2019 2020 2021 2022 2023 2024 2025 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 - 16.89% vs 9.00% Req.MEBL: CET - I – 16.45% vs 7.50% Req. 16.6% 17.8% 17.8% 19.2%
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Fee, Commission, and Other Income 2025 2024 Growth % Debit card related fees 9,086 9,571 (5%) Trade related fees and commissions 6,143 5,213 18% Branch banking customer fees 4,027 3,451 17% Fee income from subsidiary (AMIML) and related funds 940 1,167 (19%) Cash management fees 581 446 30% Investment banking related fees 969 508 91% Home remittance related fees 414 603 (31%) Commission on guarantees 396 239 66% Credit processing related fees 133 132 1% Others 7 8 (14%) Fee and Commission Income 22,696 21,339 6% 20 6% Growth in Fee & Commission Income Rs in millions
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Rs 1,592 bn Rs 1,144 bn 2024 Import Export 58% 58% 42% Rs 1,812 bn Rs 1,131 bn 2025 Import Export 62% 38% 21 Trade Business Volume Increased by 8% from 2024 to 2025 Rs 2.7 trillion $9.4 billion Rs 2.9 trillion $10.0 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 530k ✓ 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. 724 Billion *As of 31st December, 2025 Dec 2025 Dec 2024 ∆ % AUMs (incl. Discretionary Portfolio) - Rs Bn 724 718 1% Funds - Incl. plans (No.) 39 39 ROE (Jan-Dec) 76.36% PAT (Jan-Dec) Rs 4,175 million 135 176 187 283 431 718 724 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 AUMs (incl. Discretionary Portfolio) – Rs Bn
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“Active users”: Login once a month No in 000’s 23 Digital Channels Statistics *MB = Mobile Banking IB= Internet Banking CMS= Cash Management No in mn’s Mobile App Active Users4.719 Millions Total Debit Cards POS Machines Deployment (Count) 79% : 75.91 Mn 95.68 Mn Digital throughput composition – CY-25 CMS ATM MB / IB Debit Cards Rs. 38.74 tn Debit Cards 1.06% 0.41 tn ATM 7.21% 2.80 tn CMS 19.07% 7.39 tn 1,175 1,305 1,505 1,991 2,326 2,813 3,268 3,989 4,719 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 28,000 29,410 31,138 33,193 33,631 Q4- 2024 Q1- 2025 Q2- 2025 Q3- 2025 Q4- 2025 2.41 2.55 2.81 3.11 3.36 Q4 -2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 - 2025 POS & E-Commerce Transactions on Debit Cards – CY-25 79% 21% 21% : 19.77Mn 90.90% 92.30% 92.80% 93.10% 93.60% Q4 -2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 -2025 Digitalisation Percentage (OTC vs Digital Channels) (By Count) IB/MB 72.66% 28.15 tn E-Commerce POS
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24 Thank You
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25 Last Six Years Performance
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26 Unconsolidated Statement of Financial Position: 2019 – 2025 Rs in mn Balance Sheet 2019 2020 2021 2022 2023 2024 2025 Cash and Balances with Banks 107,566 155,689 186,921 131,419 254,064 274,159 345,931 Due from FIs 223,689 342,069 238,402 34,964 34,964 34,964 12,325 Investments 225,646 434,208 620,132 1,283,210 1,572,388 1,870,536 2,596,837 Islamic Financing - Gross 506,513 531,588 777,295 1,018,102 992,027 1,556,362 1,686,267 Less: Provisions (12,738) (19,056) (19,209) (22,594) (30,354) (41,606) (45,332) Islamic Financing - net 493,775 512,532 758,086 995,508 961,673 1,514,756 1,640,935 Fixed & Intangible Assets 24,065 24,648 35,453 42,271 60,890 70,975 75,245 Other Assets 46,517 52,414 63,977 90,025 128,130 136,683 135,288 Total Assets 1,121,258 1,521,560 1,902,971 2,577,397 3,012,109 3,902,073 4,806,561 Bills Payable 17,187 26,494 36,141 40,175 39,724 112,605 73,768 Due to FIs 42,047 94,501 220,414 573,326 377,495 722,286 887,048 Deposits and other accounts 932,579 1,254,431 1,455,886 1,658,490 2,217,474 2,584,871 3,302,842 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 82,982 169,095 171,518 214,336 246,655 Total Liabilities 1,062,243 1,452,405 1,816,413 2,462,076 2,827,201 3,655,089 4,527,304 Net Assets 59,015 69,155 86,558 115,321 184,908 246,984 279,257 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 98,089 156,074 206,896 246,871 (Deficit) / Surplus on revaluation of assets - net 9,401 5,562 4,064 (664) 10,921 22,141 14,380 Total Equity 59,015 69,155 86,558 115,321 184,908 246,984 279,257
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27 Unconsolidated Profit & Loss Statement: 2019 – 2025 Rs in mn P&L Statement 2019 2020 2021 2022 2023 2024 2025 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% - 10.50% Policy rate - Average 11.99% 8.95% 7.29% 13.20% 20.71% 19.67% 11.39% Profit / return earned 94,270 106,589 110,073 232,121 431,722 494,297 420,462 Profit on deposits & others (47,731) (41,740) (41,152) (110,417) (205,293) (207,257) (167,990) Net Spread earned 46,539 64,849 68,921 121,704 226,429 287,040 252,472 Other income 9,320 10,072 14,892 19,103 22,107 28,878 32,632 Total Revenue 55,859 74,921 83,813 140,807 248,536 315,918 285,104 Operating Expense (25,522) (29,775) (35,324) (48,245) (71,788) (84,611) (86,800) Profit Before Provisions 30,337 45,146 48,489 92,562 176,748 231,307 198,304 Total provisions (4,186) (8,210) (993) (4,177) (7,340) (9,221) (3,886) Profit Before Tax 26,151 36,936 47,496 88,385 169,408 222,086 194,418 Taxation (10,919) (14,770) (19,141) (43,378) (84,932) (120,578) (105,377) Profit After Tax 15,232 22,166 28,355 45,007 84,476 101,508 89,041 YoY Growth 70% 46% 28% 59% 88% 20% (12%) Dividend per share 50% (C) & 10% (B) 60% (C) & 10% (B) 60% (C) & 15% (B) 85% (C) & 10% (B) 200% (C) 280% (C) 280% (C) Dividend per share - Total 60% 70% 75% 95% 200% 280% 280%
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Key Ratios - % 2019 2020 2021 2022 2023 2024 2025 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% - 10.50% Cost to Income Ratio 45.7 39.7 42.1 34.3 28.9 26.8 30.4 Branches opened 100 55 87 60 42 47 54 Total No. of branches 760 815 902 962 1,004 1,051 1,105 Book value per share 32.9 38.6 48.3 64.4 103.2 137.6 155.1 Earnings Per Share 8.5 12.4 15.8 25.1 47.2 56.7 49.5 NPL/Gross Loans 1.8 2.8 1.9 1.3 1.7 1.6 1.8 NPL Coverage (Total) 142 128 133 166 179 165 146 Gross Advances / Deposits (ADR) 54 42 53 61 45 60 51 Investment / Deposits (IDR) 24 35 43 77 71 72 79 CASA Ratio 74 76 83 88 89 93 91 Capital Adequacy Ratio (CAR) 16.6 17.8 17.8 18.4 22.4 20.3 19.2 Tier I CAR 12.9 13.6 14.0 15.7 18.9 16.9 16.9 ROE 30.7 34.6 36.4 44.6 56.3 47.0 33.8 ROA 1.5 1.7 1.7 2.0 3.0 2.9 2.0 28 Key Ratios: 2019 – 2025
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Profit & Loss account 2025 2024 Growth % PSX - 100 Index 165,494 81,114 104% Net spread earned 252,455 287,043 (12%) Fee, commission, forex & other income 36,858 27,896 32% Capital gain / (loss) and dividend income 1,369 3,952 (65%) Non funded income 38,227 31,848 20% Total income 290,682 318,891 (9%) Operating expenses, WWF & other charges (89,884) (86,847) 3% 200,798 232,044 (13%) Share of result of associates before taxation 3,387 3,457 (2%) Profit before provisions 204,184 235,502 (13%) Total provisions - net (3,886) (9,222) (58%) Profit before tax 200,299 226,279 (11%) Taxation (108,120) (122,560) (12%) Profit after tax (PAT) 92,179 103,719 (11%) Non Controlling Interest (1,461) (1,030) 42% PAT attributable to shareholders of holding company 90,717 102,689 (12%) Basic Earnings per share - Rs 50.47 57.28 (12%) 29 12% Decline in Consolidated Profit After Tax Rs in mn