PACRA Maintains Broker Management Rating of Trust Securities & Brokerage Limited

Trust Securities & Brokerage Limited (“TSBL” or “the Company”) is primarily engaged in equity brokerage, which remains the key driver of topline revenues. Industry dynamics have remained favorable, supported by improved investor sentiment, higher trading volumes, and stable macroeconomic indicators; however, risks from political uncertainty, external debt obligations, and regional tensions continue to prevail. The assigned rating reflects the business acumen of the Company’s key sponsors and the presence of an experienced management team. The Board of Directors, chaired by Mrs. Zenobia Wasif, comprises seven members including independent directors, ensuring governance oversight. The Board is supported by Audit and HR & Remuneration Committees, both chaired by independent directors, while outsourced internal audit further strengthens oversight. The inclusion of independent members contributes positively to accountability and governance. TSBL’s management team is led by Mr. Abdul Basit (CEO), who has been associated with the Company for over 27 years, supported by structured management committees that enhance operational effectiveness. The CFO, Mr. Muhammad Ahmad, brings 20+ years of relevant experience, while the Head of Sales, Mr. Zeeshan Khanani, has held senior positions across leading brokerage houses. The Company provides client services through a mobile app and online trading platform. The Company’s topline is concentrated in equity brokerage, generating ~PKR 190mln during 9MFY25 (SPLY: ~PKR 163mln). However, profitability has remained modest with a net profit of ~PKR 11mln compared to ~PKR 84mln in the SPLY, largely due to elevated expense levels. Financial sustainability is reflected in its adequate capitalization, with equity standing at ~PKR 374mln as of 9MFY25 (SPLY: ~PKR 363mln).
Going forward, sustainability of revenue, improvement in profitability, and diversification of income streams will remain critical for rating progression. Continued strengthening of governance, effective risk management practices, and retention of key management personnel will also be vital to support the Company’s business and financial profile.

About the Entity
Trust Securities & Brokerage Limited (“TSBL” or “the Company”) is a licensed TREC holder of the Pakistan Stock Exchange, incorporated in 1993 under the Companies Ordinance, 1984. The Company’s shareholding is led by Mr. Junaid Shehzad Ahmed (26.93%) and Mr. Muhammad Khurram Faraz (16.03%), alongside other institutional and individual investors. The Board comprises seven directors, including the Chairperson, Mrs. Zenobia Wasif. The CEO, Mr. Abdul Basit, has been associated with TSBL for over 27 years and brings extensive experience in the capital markets, supported by a qualified management team overseeing key functions.