Bank Alfalah Reports 23.5% Growth in Profit
ISLAMABAD ( WEB NEWS )
The Board of Directors of Bank Alfalah Limited, in its meeting held on October 17, 2024, approved the Bank’s financial results for the nine-months period ended September 30, 2024.
Bank Alfalah reported profit after tax of PKR 33.643 billion, an improvement of 23.5% over the same period last year (SPLY), translating into Earning Per Share of PKR 21.33. The Bank’s profit before tax was PKR 66.482 billion. The improvement in profitability was largely attributable to a growth of 76.4% in Non Funded income supported by net interest income and lower provisions.
The Board of Directors also declared an interim cash dividend of PKR 2.00 per share (20%) for the quarter ended September 30, 2024, cumulatively bringing the interim cash dividend for the year to PKR 6.00 per share (60%).
The Bank’s deposits closed at Rs. 2.136 trillion as at September 30, 2024; representing a 17.3% year-on-year (YoY) increase. CA and CASA ratios stood at 40.1% and 72.4% respectively. The Bank reported its gross advances at Rs. 903.913 billion with an improved infection ratio of 4.6% compared to 5.4% at the end of September 2023.
Bank Alfalah has maintained a strong capital base with a Capital Adequacy Ratio of 19.04% as at September 30, 2024, which is well above the minimum regulatory requirement.
Through a strategic vision, a customer-centric approach, dedication to innovation, and a holistic focus on human capital, Bank Alfalah is poised to expedite its digital transformation journey to embrace the future.
The Bank earned several prestigious awards during the quarter, including notable recognition at the CFA Society’s Annual Excellence Awards, the Global Islamic Finance Awards and the International Finance Corporation & Pakistan Business Council’s Employer of Choice Awards. These wins serve as a testament to the Bank’s continuous efforts to uphold best practices and delivering excellence across all areas of its operations.
Moving forward, the Bank is looking to enhance its customers’ experience further while leveraging its core competencies. It remains poised for adaptability, resilience, and sustained value creation, ensuring enhanced shareholder value and continued excellence in the face of evolving dynamics.