Bank Alfalah earns Rs20.609bn PAT in first half of 2024

KARACHI: The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on Wednesday, approved the Bank’s financial results for the half year ended June 30, 2024.

The Bank reported profit after tax of Rs 20.609 billion, representing Earning Per Share (EPS) of Rs 13.07. The Board of Directors declared an interim cash dividend of Rs 2.00 per share (20%) for the quarter ended June 30, 2024, bringing the total interim cash dividend for the year to Rs 4.00 per share (40%). The Board had earlier declared and paid an interim cash dividend of Rs 2.00 per share (20%).

The Bank’s deposit base closed at Rs 2.102 trillion as at June 30, 2024; representing a 18.3 percent year-on-year (YoY) increase. CA and CASA ratios stood at 41.4 percent and 68.9 percent respectively. The Bank remains focused on strengthening its customer franchise by gearing towards its strategic pillars of expansion and innovation.

The Bank reported its advances at Rs 820.004 billion while upholding robust credit discipline amid challenging market conditions, and has sufficient provision against non-performing loans with a coverage of 118.5%, including general provision.

The Bank remains adequately capitalised with CAR at 17.13 percent as at June 30, 2024, staying comfortably above the regulatory requirement. The Bank is strengthening its reputation as the top digital bank by consistently launching innovative products and channels.

Copyright Business Recorder, 2024