Equity Analysis /

Pakistan Banks – 2QCY22 Previews - Hit hard by tax

  • Expect Pakistan Banks to report sharply lower earnings in 2Q with the effective tax rate to come in at an average of 70%

  • This can affect cash payouts. Banks above the 50% Gross ADR (MEBL, BAFL and BAHL), should be relatively protected

  • Valuations are attractive but visibility is needed on politics/economy. Best-in-class names are MEBL and UBL

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
19 July 2022


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