Equity Analysis /
Pakistan

Meezan Bank: Performing beyond target

  • Estimates raised on higher interest rates, stronger balance sheet growth and a higher mid-cycle ROE of 27%

  • Strong deposit franchise can allow margins to cross 5% over the medium term

  • While the upside to our TP is modest, we maintain our Buy rating with a Dec’22 TP of PKR175

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
22 November 2021