Karachi, August 10, 2023 – Bank Alfalah, a prominent player in Pakistan’s financial sector, has stunned the market by announcing an astounding 113 percent growth in net profit for the half-year ending June 30, 2023.
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In a report submitted to the Pakistan Stock Exchange (PSX), Bank Alfalah revealed a net profit of Rs 18.63 billion for the first half of 2023, compared to Rs 8.76 billion for the same period the previous year. This unprecedented surge in profitability was complemented by a substantial increase in earnings per share (EPS), rising to Rs 11.80 from Rs 4.93 in the corresponding period.
The bank’s board of directors, convening in Abu Dhabi, UAE, on August 10, 2023, recommended an interim cash dividend of Rs 3 per share, reflecting a significant 30 percent payout ratio for the half-year ended June 30, 2023.
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Bank Alfalah’s net mark-up/interest income also displayed remarkable growth, reaching Rs 59.13 billion for the first half of 2023, compared to Rs 32.12 billion in the same period the previous year. This exceptional financial performance led to a total income surge, including non-mark-up income, reaching an impressive Rs 72.78 billion for the January to June 2023 period, compared to Rs 43.50 billion for the same period in the preceding year.
The bank’s operating income followed a similar trend, rising to Rs 30.57 billion for the half-year ended June 30, 2023, compared to Rs 21.85 billion in the corresponding period last year.
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Bank Alfalah’s significant contribution to the country’s tax revenue was also evident, as the bank paid an income tax of Rs 18.62 billion for the first half of 2023, compared to Rs 8.76 billion in the same period the previous year.
This remarkable half-year performance positions Bank Alfalah as a powerhouse in the banking sector, reaffirming its commitment to growth and financial excellence. The bank’s ability to navigate challenging market conditions and deliver exceptional results underscores its position as a leading player in Pakistan’s dynamic financial landscape.
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