Equity Analysis /

Pakistan Banks: Tough 2022 but the outlook is better

  • The outlook for banks has improved, margins are rising and asset quality is resilient

  • Valuations are already much below normal cyclical troughs with significant room for ROE lift off

  • Our top picks are UBL (high c 20% D/Y), BAFL (strong growth prospects) and MEBL (best-in-class)

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
13 September 2022


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