Bank Alfalah announces financial results for nine months

KARACHI: The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on October 17, 2022, approved the bank’s financial results for the nine months that ended on September 30, 2022.

The Bank announced profit after taxes of PKR 14.090 billion. The Bank’s Earnings per Share stood at Rs. 7.93 (Sep 21: Rs. 5.90). The Bank’s deposit base stood at PKR 1.385 trillion at the end of September 30, 2022, representing year-on-year (YoY) growth of 33.7%. This is reflective of the bank’s focus on growth. The Bank continues to outpace the industry in deposits mobilization driven by a strong momentum in its current deposits, which have grown by 29.8% YoY.

The Bank’s gross advances reached at PKR 777.643 billion, showing a growth of 15.9% YoY. Despite challenging market fundamentals, the Bank’s credit performance remained strong. As at September end, the Bank’s gross advances to deposits ratio (ADR) stood at 56.1%.

Underwriting disciplines and rigorous monitoring of loan portfolios continued to serve the bank well and reflects in bank’s non-performing loans ratio which stood at 4.1%, this is despite a few prudent classifications. Furthermore, non-performing loans remain fully covered with coverage being 103.9%.

The Bank remains adequately capitalized, and CAR, well above the regulatory requirement, stood at 14.49 % as at September 30, 2022.

Bank Alfalah has also been leading the way on the Corporate Social Responsibility front having embarked on a comprehensive programme aimed at giving back to the country after the massive devastation caused by the recent floods.

During the last quarter, the bank’s Chairman, His Highness Sheikh Nahayan Mabarak Al Nahayan, and the Board of Directors, graciously announced a donation of USD 10 million for flood relief, rehabilitation & rebuilding efforts, an unprecedented gesture, in the wake of one of the biggest calamities to hit Pakistan. This is a testament to the strong bond between UAE and Pakistan, while reaffirming the strong positioning of Bank Alfalah as being a truly caring bank.

Copyright Business Recorder, 2022