Bank Alfalah announces Rs3.47bn net quarterly profit

Bank Alfalah announces Rs3.47bn net quarterly profit

KARACHI: Bank Alfalah Limited (BAFL) on Thursday announced Rs3.47 billion profit after tax for the quarter ended March 31, 2021.

The net profit is 23 percent higher when compared with Rs2.82 billion in the same quarter of the last year.

The bank also declared Rs1.95 as earnings per share (EPS) for the quarter ended March 31, 2021 as compared with Rs1.59 in the corresponding quarter of the last year.

According to the financial results submitted to the Pakistan Stock Exchange (PSX) the provisions/write-offs of the banks was at Rs216 million during the first quarter of 2021 as compared with Rs1.52 billion in the corresponding quarter of the last year.

Net Markup / Interest Income of the bank, however, fell to Rs10.32 billion for the quarter under review as compared with Rs11.78 billion in the corresponding quarter of the last year.

Non mark-up/interest income of the bank increased to Rs3.83 billion for the quarter ended March 31, 2021 as compared with Rs2.71 billion in the corresponding quarter of the last year.

The bank also made considerable income through gain on securities to Rs1.09 billion during the first quarter of 2021 as compared with loss of Rs46 million in the same quarter of the last year.

Total income of the bank during the quarter fell marginally to Rs14.15 billion during first quarter of 2021 as compared with Rs14.49 billion in the corresponding period of the last year.

Operating expenses of the bank remained flat at Rs8.45 billion as compared with Rs8.05 billion. Total expenses of BAFL rose to Rs8.57 billion during the first quarter of 2021 as compared with Rs8.2 billion in the corresponding quarter of the last year.

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