KARACHI: Bank Alfalah Limited (BAFL) on Thursday announced 27 per cent jump in annual profit for the period ended December 31, 2022 owing to massive rise in foreign exchange income.
According to consolidated financial results shared with the Pakistan Stock Exchange (PSX), the bank declared PKR 18.4 billion for the year ended December 31, 2022 as compared with PKR 14.46 billion a year ago.
The bank announced PKR 10.38 as earning per share for the year under review as compared with PKR 8.12 in the previous year.
The board of directors of Bank Alfalah Limited in its meeting held on February 02, 2023 at Abu Dhabi, UAE recommended final cash dividend for the year ended December 31, 2022 at PKR 2.5 per share i.e. 25 per cent. This is in addition to the interim cash dividend already paid at PKR 2.5 per share i.e. 25 per cent.
The jump in profit of the bank can be attributed to sharp increase in foreign exchange income during the period. The foreign exchange income of the bank surged to PKR 9.22 billion in the year 2022 when compared with PKR 4.13 billion in the last year.
Net mark-up / return and interest income of the bank grew to PKR 77.27 billion during the year under review as compared with PKR 46.26 billion in the preceding year.
Non mark-up income of the bank surged to PKR 22.7 billion for the year 2022 as compared with PKR 17.02 billion in the preceding year.
Total income of the bank registered a significant growth to PKR 100 billion for the year ended December 31, 2022 as compared with PKR 63.28 billion in the preceding year.
Operating income of the bank went up to PKR 50 billion during the year under review as compared with PKR 36.54 billion.
Profit before taxation of the bank came at PKR 36.67 billion for the year ended December 31, 2022 when compared with PKR 23.9 billion in the preceding year.
The payment of tax by the bank also surged to PKR 18.28 billion in the year 2022 as compared with PKR 9.45 billion in the preceding year.
