<p></p><ul><li><span style="font-size:medium;font-family:Arial, Helvetica, sans-serif;">Pakistan listed banks profitability clocked in at Rs152bn up 21% YoY in 1Q2024. This was primarily driven by jump in Net Interest Income (NII) amid high interest rates, and Non Interest Income. In US$ terms listed banks profit was also up 13% YoY to US$545mn in 1Q2024. Deposit growth of banks was 19% YoY in 1Q2024. Banks are currently trading at 2024E PE of 3.0x, PBV of 0.7x, Dividend Yield of 16% and ROE of 26%.</span></li></ul><div><span style="font-size:10.5pt;font-family:Calibri, sans-serif;"></span></div><p></p>
