Karachi August 10 2023: Bank Alfalah Limited (BAFL) profit after tax represent a growth of 113.9 percent in in first half of 2023, according to Bank filing to the exchange.
The Board of Directors of the Bank, in its meeting held on August 10, 2023, approved the Bank’s financial results for the half year ended June 30, 2023.
Pakistan weathered economic stress during the first half of 2023. However, the Bank has delivered sound financial results, posting profit before tax of PKR 35.865 billion. The profit after tax stands at PKR 18.620 billion, representing a growth of 113.9 percent over last year, even after absorbing super tax imposed by the Federal Government. The Earning Per Share (EPS) for the half year stands at PKR 11.81 (Jun ’22: PKR 4.90). The Board has declared an interim cash dividend of PKR 3.00 (Jun ’22: PKR 2.50) per share.
Bank Alfalah’s deposit base increased by 34.6 percent year-on-year (YoY), closing at PKR 1.776 trillion as at June 30, 2023. The Bank also improved its market share in deposits. CA and CASA ratios stood at 42.8 percent and 71.3 percent respectively.
The Bank’s advances closed at PKR 798.096 billion, while maintaining a strong credit discipline amid challenging market fundamentals. The Bank has sufficient coverage of its non-performing loans by over 102 percent (including general provision).
The Bank remains adequately capitalised with CAR well above the regulatory requirement.
“The Bank continues to be well-positioned for sustainable growth and the creation of long-term shareholder value, despite macroeconomic challenges. The primary objective is to further strengthen the Banks market share, and, in addition, we are committed to enhancing our domestic presence, delivering unmatched services to our customers, and reaching a broader audience” says Chief Executive Officer Atif Aslam Bajwa.
“The Bank continued to expand its network and also opened Pakistan’s first Digital Lifestyle branch during the quarter” Atif added.
Atif says, “Through strategic vision, customer-centric approach, and commitment to innovation, Bank Alfalah is poised to embrace the future and achieve sustainable success”
