The Board of Directors of Bank Alfalah Limited, in its meeting held on October 17, 2024, approved the Bank’s financial results for the nine months ending September 30, 2024. Bank Alfalah reported a profit after tax of Rs. 33.643 billion, an improvement of 23.5 percent over the same period last year (SPLY), translating into Earning Per Share of Rs. 21.33.
The Bank’s profit before tax was Rs. 66.482 billion. The improvement in profitability was largely attributable to a growth of 76.4 percent in non-funded income supported by net interest income and lower provisions.
The Board of Directors also declared an interim cash dividend of Rs. 2.00 per share (20 percent) for the quarter ended September 30, 2024, cumulatively bringing the interim cash dividend for the year to Rs. 6.00 per share (60 percent).
The Bank’s deposits closed at Rs. 2.136 trillion as of September 30, 2024, representing a 17.3 percent year-on-year (YoY) increase. CA and CASA ratios stood at 40.1 percent and 72.4 percent respectively. The Bank reported its gross advances at Rs. 903.913 billion with an improved infection ratio of 4.6 percent compared to 5.4 percent at the end of September 2023.
Bank Alfalah has maintained a strong capital base with a Capital Adequacy Ratio of 19.04 percent as of September 30, 2024, which is well above the minimum regulatory requirement.
Through a strategic vision, a customer-centric approach, dedication to innovation, and a holistic focus on human capital, Bank Alfalah is poised to expedite its digital transformation journey to embrace the future.
The Bank earned several prestigious awards during the quarter, including notable recognition at the CFA Society’s Annual Excellence Awards, the Global Islamic Finance Awards, and the International Finance Corporation & Pakistan Business Council’s Employer of Choice Awards. These wins serve as a testament to the Bank’s continuous efforts to uphold best practices and deliver excellence across all areas of its operations.
Moving forward, the Bank is looking to enhance its customers’ experience further while leveraging its core competencies. It remains poised for adaptability, resilience, and sustained value creation, ensuring enhanced shareholder value and continued excellence in the face of evolving dynamics.
