Macro Analysis /

Pakistan Banks: Higher taxation but not as bad as initially feared

  • The recurring tax rate for Banks per the amended Budget appears to be 43% instead of the 47% being determined earlier

  • We estimate a 5% decline in recurring profitability, much lower compared to the earlier 10-13% decline

  • Banks have shed 8.5% since the Budget was announced on June 10th. They should now rebound. We like MEBL, BAFL and UBL

Raza Jafri
Raza Jafri

Executive Director, Research

Intermarket Securities
30 June 2022


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