Bank Alfalah declares 18pc decline in annual profit

Bank Alfalah declares 18pc decline in annual profit

KARACHI: Bank Alfalah Limited on Wednesday declared 18 percent decline in its annual net profit for year ended December 31, 2020 despite healthy growth in gain on securities.

The after tax profit of the bank fell to Rs10.47 billion for the year 2020 as compared with Rs12.69 billion in the preceding year.

The net mark-up and interest income was remained flat at Rs44.7 billion for the year under review as compared with Rs44.89 billion a year ago.

The posted growth in non-markup/interest income to Rs12.79 billion for the year 2020 as compared with Rs10.35 billion in the preceding year. Under this head, the gain on securities sharply increased to Rs2.28 billion as compared with Rs64.79 million.

The bank paid Rs7.4 billion as tax for the year as compared with Rs9.68 billion paid tax liability in the preceding year.

The earnings per share of the bank fell to Rs5.89 from last year’s Rs7.15.

Final cash dividend for the year ended December 31, 2020 has been announced at Rs2 percent share i.e. 20 percent. This is in addition to the interim cash dividend already paid at Rs2 per share i.e. 20 percent.

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