ISLAMABAD (WEB DESK)
The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on April 27, 2023, approved the Bank’s financial results for the quarter ended March 31, 2023.
The beginning of 2023 has been challenging due to the economic slowdown in the country, high inflation, and currency devaluation. Despite the challenging landscape, the Bank posted a profit after tax of Rs. 10.743 billion for the period ended March 31, 2023. The Earning Per Share (EPS) stood at Rs. 6.81. The results reflect strong momentum in line with the Bank’s strategy. The Bank’s market share increased for several of its products while it continues to invest in people, technology and physical infrastructure.
Bank Alfalah’s deposit base increased by 31.9% year-on-year (YoY), closing at Rs. 1.554 trillion as at March 31, 2023. CA and CASA ratios stood at 43.7% and 68.0%, respectively.
The Bank’s loan book closed at Rs. 731.863 billion. The Bank has sufficient coverage of over 103% of its non-performing loans. In view of the normalising flood situation in the country, the provision held against the flood-impacted portfolio was reversed.
The disciplined execution of the strategy has enabled the Bank to support its customers through a highly challenging time, proving resilience with strong credit discipline and sound capital management. The bank remains focused on its business and core strengths. Staying optimistic about a return to economic stability in the medium term, the bank anticipates delivering sustainable growth in the years ahead while managing costs prudently.
Bank Alfalah continues to lead the way on the Sustainability and Corporate Social Responsibility front in 2023 through its comprehensive flood rescue and relief programme aimed at giving back to the community. This year, the Bank disbursed funds to different institutions and charitable partners for rehabilitation, including the construction of houses, the revival of livelihood, sustainable healthcare, and enabling students to return to school.