Tag: Bank Alfalah

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.

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.

KARACHI: Bank Alfalah Limited has reported a significant 19.58 percent increase in its annual profit for the calendar year 2019, driven by a substantial rise in mark-up income. According to the financial results released on Friday, the bank declared an after-tax profit of PKR 12.7 billion, compared to PKR 10.62 billion in the preceding year.

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KARACHI: Bank Alfalah Limited has declared net profit of Rs9.24 billion for the period ended September 30, 2019 as compared with Rs8.63 billion in the same period of last year, depicting an increase of 7.1 percent.

The Board of Directors of Bank Alfalah Limited in its meeting held on October 18, 2019, in Abu Dhabi, approved the Bank’s unaudited interim financial statements for the period ended September 30, 2019, said a statement on Saturday.

The bank’s pre-tax profits grew by 16 percent from a year ago, amidst challenging operating environment.

The bank earned post-tax profit of Rs 9.242 billion or Rs. 5.20 per share, up from a profit of Rs 8.629 billion or Rs. 4.87 per share despite super tax charge levied for 2017 through the mini budget in 2019, the statement said.

Revenue was up by 29 percent from a year earlier. Higher spreads along with improved average deposits, rising average advances and effective balance sheet management have contributed to a strong rise in net interest income. Fee and commission income stood 12 percent higher than same period last year. Gain realized on government securities last year and bearish stock market sentiments during the first half of 2019 are the reasons behind lower capital gains and impairment charge.

Administrative expenses increased by 21 percent against the corresponding reporting period. Main factors behind this are technology, marketing, deposit protection insurance which is a new levy, new initiatives like branch openings along with overall impact of inflationary adjustments and PKR devaluation. The cost to income ratio of the Bank has improved to 53 percent from 56 percent for the same period last year, as a testament to Bank’s focus on cost control.

The Bank continued its focus on increasing no cost deposits with CASA mix improved to 80 percent as at Sep 30, 2019 compared to 77 percent as at Dec 31, 2018.

Credit performance remained strong across businesses. The bank’s gross advances were reported at Rs. 490.664 billion, down by 5 percent being seasonal impact. Alongside, we continue to optimize our usage of capital and liquidity across the Bank.

At September end, the bank remains adequately capitalized with CAR at 16.87 percent.

Commenting on the Bank’s performance over the quarter, Nauman Ansari, CEO, Bank Alfalah said, “Although, the importance of the branch in attracting and retaining customers would remain, however, the retail banking industry is fast embracing a mobile-centric customer experience. Bank Alfalah’s investment in both, branches and digital technologies, has increased meaningfully due to consumers’ constantly evolving demands.”