Bank Alfalah Reports 23.5% Profit Growth, Boosted by Non-Funded Income

Islamabad: Bank Alfalah Limited has released its financial results for the nine-month period ending September 30, 2024, showcasing a 23.5% increase in profit after tax compared to the same period last year. This performance translates into an earnings per share increase to PKR 21.33, with significant contributions from non-funded income.

According to Bank Alfalah, the institution’s before-tax profits reached PKR 66.482 billion, largely driven by a 76.4% rise in non-funded income, supported by robust net interest income and reduced provisions. Additionally, the Board of Directors has declared an interim cash dividend of PKR 2.00 per share for the latest quarter, totaling a cumulative interim dividend of PKR 6.00 per share for the year.

Bank Alfalah’s total deposits as of September 30 stood at PKR 2.136 trillion, marking a 17.3% year-over-year increase. The bank also noted improvements in its Current Account and Savings Account (CASA) ratios to 40.1% and 72.4%, respectively, and reported gross advances of PKR 903.913 billion with a decreased infection ratio of 4.6%.

The bank maintains a robust capital adequacy ratio of 19.04%, well above the regulatory minimum, underscoring its strong capital base. In recognition of its performance and customer focus, Bank Alfalah received several prestigious awards during the quarter, including accolades from the CFA Society, Global Islamic Finance Awards, and the International Finance Corporation and Pakistan Business Council.

Looking ahead, Bank Alfalah is committed to enhancing customer experience and leveraging its core competencies for continued growth and innovation, aiming for sustained value creation and adaptability in a dynamic financial landscape.

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