KARACHI ( TARIQ REPORT )
Bank Alfalah delivered strong financial results with profit before taxation of Rs. 12.604 billion for the year ending 31 December 2015, as compared to Rs. 8.514 billion earned in 2014, registering an increase of 48 percent over the previous year. Earnings per share increased by 16 percent and were reported at Rs. 4.73 as against Rs.4.09 in 2014.
During the 24th Annual General Meeting (AGM) of the Bank held on Monday, the shareholders were informed that the Bank’s deposits stood at Rs. 640.189 billion at year end, witnessing a growth of 6 percent over the year 2014. Gross advances increased from Rs. 304.848 billion to Rs. 343.490 billion at end of December 2015, reflecting a year on year growth of 13 percent.
The AGM of the Bank was chaired by Abdulla Khalil Al Mutawa and attended by other Board members, including Khalid Mana Saeed Al Otaiba, Efstratios Georgios Arapoglou, Khalid Qurashi, Kamran Y. Mirza, Atif Bajwa, CEO of the Bank and the Bank’s shareholders.
Speaking at the occasion, Atif Bajwa, President & CEO of Bank Alfalah said “The Bank has delivered solid financial performance along with strong and consistent long-term shareholder returns. We are committed to providing better and more innovative banking solutions to our customers and to support economic growth in Pakistan. We are optimistic that we will continue to create further value in the lives of the people we touch.”
At the AGM, shareholders were informed that the Bank registered a balance sheet growth of 21 percent in terms of total assets, with net investments increasing by 22 percent and net advances increasing by 13 percent during 2015. The Bank’s current Capital Adequacy Ratio stands at 13.40 percent, as per Basel III standards. The Bank’s Islamic Banking business continues to serve as one of the largest Islamic Banking offerings in Pakistan and generated a profit before tax of Rs 1.798 billion for the year 2015.