KARACHI: Bank Alfalah's financial results for the first quarter of 2016 remained positive with the Bank registering profit before taxation of Rs. 3.794 Billion- a growth of 25 percent, as against the corresponding period last year.
An announcement here on Wednesday pointed out that the Bank's profit after tax was recorded at Rs. 2.467 Billion, a 24 percent increase as compared to the prior corresponding period.
It said that despite interest rates being at their lowest, net markup income of the Bank was reported at Rs. 7.095 Billion, improving by four percent over the corresponding period last year, while the overall net revenue earned by the Bank amounted to Rs. 9.216 billion, an 11 percent increase over the corresponding period last year.
Expense management controls were further strengthened during the period with growth in administrative expenses curtailed at three percent. Resultantly, the Bank managed to further improve its cost to income ratio which now stands at 57 percent.
Earnings per Share improved to Rs. 1.55 at the end of the first quarter 2016 from Rs. 1.25 reported in March last year.
The Bank's lending activity remains healthy and the Non-performing loans (NPLs) coverage stands at 81 percent. The overall net provision against advances and investments improved by 66 percent against the corresponding quarter last year, on account of higher recoveries and lower gross provisioning.
`Bank Alfalah continues to grow consistently and deliver sound financial performance despite a challenging external environment. We are optimistic that we will continue to maximize shareholder value while creating innovative solutions to help our customers succeed', said Atif Bajwa, President and CEO, Bank Alfalah.
The Bank remains adequately capitalized and committed to providing unrivalled banking services to its customers, it was further pointed out.
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