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.
(more…)Tag: Bank Alfalah
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Bank Alfalah, WWF-Pakistan Partner to Launch #GreenWayForward
Bank Alfalah, one of Pakistan’s largest commercial banks, has teamed up with World Wide Fund for Nature Pakistan (WWF-Pakistan), a leading environmental conservation organization, to kickstart #GreenWayForward, a plantation campaign.
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President Alvi Rejects Bank Alfalah’s Appeal, Orders Refund to Customer
Islamabad, July 12, 2023 – President Dr. Arif Alvi has dismissed an appeal by Bank Alfalah against the decision of the Banking Ombudsman, directing the bank to issue a refund to a customer and send him an apology.
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Pakistani Banks Offer Loans for Suzuki Certified Used Cars
Pak Suzuki, in partnership with Meezan Bank and Bank AlFalah, is offering exclusive financing and insurance rates for customers interested in purchasing a Suzuki Certified Used Car. The primary objectives of this campaign are to facilitate customers in financing their desired Certified Used Cars and provide competitive rates for both financing and insurance.
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Bank Alfalah offers Honda motorcycles on instalment at zero markup
Bank Alfalah is providing an opportunity to purchase Honda motorcycles on instalment with zero markup for a maximum duration of six months. However, this offer is restricted to Honda CD 70 and Honda CG 125 models only.
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Bank Alfalah partners with ChildLife for providing medical treatment
Bank Alfalah, one of Pakistan’s leading commercial banks, has announced a partnership with ChildLife Foundation to provide much-needed medical treatment to children affected by the recent floods in Pakistan, according to a statement issued Monday.
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Bank Alfalah announces 27pc jump in annual profit amid massive rise in forex income
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.
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Bank Alfalah posts PKR 14.28 billion profit after tax for 9MCY22
KARACHI: Bank Alfalah has posted massive PKR 14.28 billion profit after tax for period of nine months (January – September) 2022, showing a growth of 33 per cent in the corresponding months last year.
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SBP issues IBAN list for donations to PM flood relief fund
State Bank of Pakistan (SBP) has issued a list of IBAN (International Bank Account Number) of Prime Minister Flood Relief Fund 2022 maintained by commercial banks.
READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund
Following is the list of banks and IBAN:
01. Allied Bank Limited (ABL), Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58ABPA001009849790015
02. Albaraka Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK11AIIN0000150583517016
03. Askari Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK82ASCM0000020100579916
04. Bank Alfalah Limited, Title of Account # Prime Minister’s Flood Relief Fund Account-2022, IBAN PK60ALFH0005001007990397
05. Bank Al Habib Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK32BAHL1001186690500301
06. Bank Islami Pakistan Limited, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT, 2022, IBAN PK02BKIP0100339720620001
07. Bank of China, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK37BKCH0100002600005375
08. Bank of Khyber, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK66KHYB0001002008277365
09. Bank of Punjab, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK52BPUN6010000181500176
10. Citi Bank, Title of Account PRIME MINISTER’S FLOOD RELIEF FUND, IBAN PK28CITI1000000103660009
11. Dubai Islamic Bank Limited, Title of Account # PRIME MINISTER FLOOD RELIEF FUND 2022, IBAN PK22DUIB0000000807647001
12. Faysal Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK97FAYS3554Z17000001562
13. FINCA Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK25FINC0223183643011000
READ MORE: SBP issues instructions to banks for flood relief donation awareness
14. Habib Metro Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK58MPBL0101027140665909
15. Habib Bank Limited, Title of Account # PM’s Flood Relief Fund Account, 2022, IBAN PK43HABB000042792244003
16 Habib Bank Limited Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK62FMFB0021012862868015
17. ICBC, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK76ICBK0010000000239638
18. JS Bank, Title of Account # PRIME MINISTER’S FLOOD ACCOUNT 2022, IBAN PK56JSBL9001000002029796
19. Khushhali Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK85khbl0000012075443288
20 MCB, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK13MUCB0729483241037873
21. MCB Islamic Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58MCIB0351004196150001
22. Meezan Bank Limited, Title of Account Prime Minister’s Flood Relief Fund Account, IBAN PK39MEZN0001540107020124
23. National Bank of Pakistan, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK92NBPA0002004181048973
24. NRSP Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK60NRSP0000020010002760
25. Samba Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND, 2022, IBAN PK83SAMB0000002000117199
26. Silk Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK68SAUD0000012010847043
27. Sindh Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT,2022, IBAN PK21SIND0003016411713500
28. SME Bank, Title of Account # PRIME MINISTER’s RELIEF FUND, 2022, IBAN PK16SMES1001000664000001
29. Soneri Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK81SONE0000220010110875
30. Standard Chartered Bank, Title of Account Prime Minister’s Flood Relief Fund 2022, IBAN PK75SCBL0000001701259101
31. Summit Bank, Title of Account # PRIME MINISTERS FLOOD RELIEF FUND ACCOUNT -2022, IBAN PK57SUMB0201027140181164
32. U Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK26UMBL0107000093500096
33. United Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK86UNIL0109000286613095
READ MORE: Tax exemption granted to donations for PM flood relief fund
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Bank Alfalah posts 25% increase in half year profit
KARACHI: Bank Alfalah has declared 25 increase in net profit for the half year ended June 30, 2022.
According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared profit after tax at Rs8.70 billion for the half year ended June 30, 2022 as compared with Rs6.93 billion in the same half of the last year.
READ MORE: Pakistan Tobacco’s profit falls on high taxes
The bank also announced earnings per share at Rs4.9 for the half year (January – June) 2022 as compared with Rs3.90 EPS in the same half of the last year.
The board of directors of Bank Alfalah met on July 28, 2022 and recommended an interim cash dividend for the half year ended June 30, 2022 at the rate of Rs2.50 per share i.e. 25 per cent.
Analysts at Insight Research said that the result remained below from expectations of rs2.8 per share, primarily due to higher both provisions charge and effective tax rate during the quarter.
READ MORE: Habib Bank posts 33% decline in half year profit
Net Interest Income remained in line with estimates to clocked in at Rs17.8 billion (up by 53 per cent/25 per cent YoY/QoQ), which is attributable to repricing of assets as bank’s investment book is fully geared up for current monetary policy settings.
READ MORE: FFBL declares Rs1.7 billion in 2QCY22
Non-markup income improved significantly in 2QCY22 to reached Rs6.5 billion (up 57 per cent/49 per cent YoY/QoQ) mainly due to massive foreign exchange income, which is clocked in at Rs3.4 billion amid better market share in remittances/trade and volatility in FX market. Whereas, fee income remained in-line with the estimates.
On the provision front, bank posted a net charge of Rs3.6 billion vs. expectation of Rs0.8 billion, as bank raised its general provisioning due concern on the economic slowdown.
Effective tax rate (ETR) remained above from estimates of 54 per cent to clock in at 59.2 per cent.
READ MORE: Hyundai announces second quarter financial results