Bank Alfalah saw its consolidated profit jump to Rs39.9 billion during 2024, which is over 10% higher than its earnings in 2023.
The increase in profit-after-tax (PAT) is attributed to much higher non-markup income amid a jump in commission income and massive gains on securities.
As per the financial statements shared with the Pakistan Stock Exchange (PSX) on Thursday, the bank reported earnings per share (EPS) of Rs25.27 compared to Rs23.15 in 2023.
The Board of Directors (BoD) of the bank announced the final interim cash dividend for the year ended 31st December 2024 at the rate of Rs2.5 per share i.e. 25%. This is in addition to the three interim cash dividends already paid at Rs2 per share i.e. 20%, cumulative 85%, for the year ended 31st December 2024.
Bank Alfalah posts over 50% profit surge in 3QCY24
The net interest income of Bank Alfalah increased marginally to Rs126.8 billion in 2024, a gain of nearly 1% from the previous year, as compared to Rs125.9 billion registered in SPLY.
On the other hand, the non-interest income of the bank registered a growth of nearly 49% on a year-on-year basis. Non-interest income amounted to Rs45.78 billion in 2024, as compared to Rs30.78 billion registered in 2023.
In 2024, BAFL generated Rs17.96 billion in fee and commission income, up 9% compared to last year. Meanwhile, the bank registered exponential gains on securities to the tune of Rs14.02 billion in 2024, compared to a meagre Rs295.7 million in 2023.
During the year, Bank Alfalah made a total income of Rs172.56 billion, translating into a 10% increase over the earnings recorded in 2023.
Bank Alfalah’s saw its non-mark-up expenses rise to Rs87.04 billion in 2024, as compared to Rs67.67 billion in SPLY, a jump of 29% YoY. Its operating expenses, which jumped from Rs65.68 billion to Rs85.12 billion, were a major reason behind the higher non-markup expenses.
The bank’s profit before tax clocked in at Rs85.2 billion in 2024, an increase of over 8%.
The tax expense of Bank Alfalah increased 6% year-on-year to Rs45.4 billion in 2024, in comparison to Rs42.7 billion in 2023.
Comments
Comments are closed for this article.