Bank Alfalah’s profit jumps over 96% in 2023

Bank Alfalah has posted a consolidated profit after tax of Rs36.09 billion during the year 2023, which is over 96% higher than its earnings in the preceding year.

As per the financial statements shared with the Pakistan Stock Exchange (PSX) on Thursday, the bank reported earnings per share (EPS) of Rs23.15 as opposed to Rs10.38 in the same period last year.

The board of directors also announced a final cash dividend of Rs5 per share i.e. 50%. This is in addition to the interim cash dividend already paid at the rate of Rs3 per share i.e. 30%.

The net interest income of Bank Alfalah amounted to Rs125.95 billion in 2023, up 63% from a year ago, as compared to Rs77.17 billion registered in SPLY.

6MCY23: Bank Alfalah’s profit jumps nearly 113%, dividend of Rs3 announced

Meanwhile, the non-interest income of the bank registered a healthy uptick of 32% on a year-on-year basis. Non-interest income amounted Rs30.09 billion, as compared to Rs22.8 billion registered in SPLY.

In 2023, BAFL generated Rs9.55 billion in foreign exchange gains, up nearly 4% as compared to same period last year.

During the year 2023, Bank Alfalah made a total income of Rs156.04 billion, which translates into a 56% increase over the earnings recorded in SPLY.

Bank Alfalah’s saw its non-mark-up expenses balloon to Rs66.98 billion in 2023, as compared to Rs50.83 billion in SPLY, a jump of 32% YoY.

The tax expense of Bank Alfalah increased over 133% year-on-year to Rs36.09 billion in 2023, in comparison to Rs18.39 billion in 2022.