Bank Alfalah declares 19.58% increase in annual profit

KARACHI: Bank Alfalah Limited has declared 19.58 percent growth in annual profit for calendar year 2019 owing to significant increase in mark-up income.

According to financial results for calendar year 2019 released on Friday, the bank declared Rs12.7 billion after tax profit as compared with Rs10.62 billion profit in the preceding year.

The bank also announced Rs7.15 as earning per share for the year as compared with EPS of Rs5.98 declared in the last year.

The interest income of the bank registered 55 percent increase to Rs92.48 billion in calendar year 2019 as compared with Rs59.67 billion in the preceding year.

However, net markup income has come at Rs44.85 billion in 2019 as compared with Rs31.92 billion in the last year.

Total non-markup income of the bank was flat at Rs10.39 billion in 2019 when compared with Rs10.43 billion in the last year.

Therefore, the total income of the bank rose to Rs55.25 billion in 2019 as compared with Rs42.35 billion in the previous year.

Operating expenses of the bank were increased at Rs29 billion in 2019 as compared with Rs24.31 billion in the last year.

The bank contributed income tax to the tune of Rs9.68 billion in the calendar year 2019 as compared with Rs6.99 billion in the preceding year.

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