<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The rebound in PSX has been led by banks but Askari Bank
(AKBL) has considerably lagged the sector, despite trading at 1.2x CY24 P/E
(sector: 3.6x). Given multitude of investor queries on this peculiar case, we
recap our investment thesis on AKBL.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Treasury Single Account (TSA) which envisages transferring
of government deposits away from banks is touted as the key risk facing AKBL,
as it has the 2nd largest government deposit concentration within the sector
(42% of total deposits, combining federal and provincial deposits).</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We however believe that market m...
