Profit after tax clocked in at PKR4.7bn (EPS PKR4.0), down 20% yoy and 15% lower than our expectations. The weakness was due to the surprise recognition of a one-off pension expense of PKR2.0bn. Excluding this one-off, profits were in-line with our expectations. The pension cost of PKR2.0bn is surprising for two reasons: First, the bank was not part of the private banks’ pension case; and second, it had an overfunded pension fund. We maintain our HOLD rating with a target price of PKR210.