<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Pakistan's listed banks profitability clocked in at Rs158bn,
down by 1% YoY while up 16% QoQ in 3Q2024. Despite the decline in interest
rates, the sector's NII clocked in at Rs507bn, up 6% YoY and 13% QoQ in 3Q2024,
led by volumetric growth and favourable repricing impact. Interest income up by
17% YoY and 2% QoQ to Rs1.9trn, whereas interest expense was up by 21% YoY and
down by 2% QoQ to Rs1.4trn in 3Q2024. In 9M2024, the profitability of banks
increased by 7% YoY to Rs447bn, mainly driven by a 11% growth in NII to
Rs1.4trn and a 56% jump in Non-Interest Income. Banks are currently trading at 2024E
PE of 3.7x, PBV of 0.8x, Dividend Yield of 13% and ROE of 23%.</span></li></ul><p></p>
