Bank Alfalah Limited Announces Second Interim Cash Dividend for 2024

Karachi: Bank Alfalah Limited (“the Bank”) has announced a second interim cash dividend of Rs. 2 per share for the second quarter ended June 30, 2024. This dividend marks a 2% yield on the face value of shares. Shareholders registered by the close of business on August 12, 2024, will be eligible for the dividend, with the Bank’s Share Transfer Books remaining closed from August 13 to August 15, 2024.

In a meeting on August 1, 2024, the Bank’s Board of Directors approved the dividend payout, emphasizing its ongoing commitment to providing returns to its shareholders. According to information available from the Pakistan Stock Exchange (PSX), the transfers received at the Bank’s Share Registrar, M/s. F.D. Registrar Services (Pvt.) Limited, by August 12 will be timely processed for this entitlement.

Additionally, the Bank has reiterated the need for shareholders to comply with regulatory requirements, including the mandatory submission of a valid Computerized National Identity Card (CNIC) to the Share Registrar. This measure aims to streamline the identity verification process and ensure compliance with the Companies Act, 2017.

Regarding the payment of dividends, Bank Alfalah has pointed out that under Section 242 of the Companies Act, all dividends must be disbursed electronically. However, some shareholders have yet to provide complete bank account details, resulting in outstanding dividend payments. The Bank urges these shareholders to update their information through their respective Central Depository System (CDS) accounts or directly with the Share Registrar to facilitate timely dividend payments.

Tax implications for dividend payments were also highlighted, with the Bank noting that income tax at a rate of 15% will be deducted for tax filers, whereas non-filers will be subjected to a 30% deduction, in accordance with the Income Tax Ordinance, 2001.

Finally, Bank Alfalah is encouraging shareholders holding physical shares to convert these into book-entry form shares. Following directives from the Securities and Exchange Commission of Pakistan (SECP), this move is aimed at enhancing the efficiency and security of shareholding and trading practices. Shareholders have been informed of this requirement through previous communications and are advised to contact either the CDC or any authorized securities broker to facilitate this conversion.

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