Bank Alfalah raises Rs20bn in Pakistan banking sector's largest TFC issuance
- The successful issuance follows approval from the State Bank of Pakistan
Bank Alfalah, one of Pakistan’s largest commercial banks, has successfully raised Rs20 billion through the issuance of a AAA-rated Tier 2 Term Finance Certificate (TFC), marking the largest TFC issuance in Pakistan’s banking industry and the Bank’s first AAA-rated TFC.
The successful issuance follows approval from the State Bank of Pakistan (SBP) and received strong participation from institutional investors, read a statement.
The transaction will allow the bank to increase its core profitability and enhance long-term shareholder returns.
As of December 31, 2025, the BAFL reported a profit after tax of Rs28.34 billion, total deposits of Rs2.49 trillion, gross advances of Rs1.15 trillion, while maintaining a Capital Adequacy Ratio (CAR) of 15.87%, comfortably above the regulatory minimum.
Commenting on the successful issuance, Aasim Wajid Jawad, Group Head Strategy, Transformation, Customer Experience and VC Investments, said, “This transaction marks a defining milestone in Bank Alfalah’s capital markets journey.”
“Completing Pakistan’s banking industry’s largest TFC issuance and our first AAA-rated TFC reflects the confidence that investors place in our financial strength, strategic direction and disciplined approach to growth. By further strengthening our capital base, we are enhancing our capacity to support customers, capture future growth opportunities and contribute meaningfully to Pakistan’s economic progress.“
Pervez Shahbaz Khan, Group Head, Global Markets & Treasury, Bank Alfalah, added, “The successful execution of this landmark transaction demonstrates the depth of investor confidence in Bank Alfalah’s credit quality and financial resilience.
“We are delighted by the strong institutional investor participation, which enabled us to complete the largest TFC issuance undertaken by Pakistan’s banking industry.”
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