Bank Alfalah Announces Third Interim Dividend and Book Closure Dates

Karachi: Bank Alfalah Limited has announced a third interim cash dividend for its shareholders following a board meeting on October 17, 2024. The dividend, set at Rs. 2 per share, which amounts to 20%, will be payable to shareholders recorded at the close of business on October 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the Bank’s share transfer books will remain closed from October 31 to November 1, 2024, inclusively. Transfers processed at Karachi, by the end of October 30 will qualify for the dividend payment.

In compliance with the Companies Act of 2017, specifically Section 242, Bank Alfalah mandates that all cash dividends be paid via electronic transfers directly into shareholders’ designated bank accounts. Shareholders yet to provide complete bank account details, including IBAN and branch information, are urged to update their records to receive outstanding dividend payments.

The bank also reminded shareholders of the tax implications on dividends, with income tax rates at 15% for tax return filers and 30% for non-filers, aligning with the Income Tax Ordinance of 2001. Moreover, shareholders holding physical share certificates are encouraged to convert them to book-entry form shares. This directive follows a mandate from the Securities and Exchange Commission of Pakistan (SECP), aiming for full conversion by a deadline set four years from the act’s commencement on May 31, 2017.

Bank Alfalah has taken steps to ensure all shareholders comply with these requirements by sending detailed notices and reminders through various communication channels.

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