Bank Alfalah Reports 23.5% Profit Growth in 9 Months
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-month period ending September 30, 2024.
Bank Alfalah reported a profit after tax of Rs. 33.643 billion, marking a 23.5 percent increase over the same period last year (SPLY), translating into Earnings Per Share of Rs. 21.33. The Bank’s profit before tax was Rs. 66.482 billion. This growth in profitability was largely driven by a 76.4 percent increase in non-funded income, supported by net interest income and lower provisions.
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The Board of Directors declared an interim cash dividend of Rs. 2.00 per share (20 percent) for the quarter ended September 30, 2024, bringing the cumulative interim cash dividend for the year to Rs. 6.00 per share (60 percent).
As of September 30, 2024, the Bank’s deposits reached Rs. 2.136 trillion, representing a 17.3 percent year-on-year (YoY) increase. The CA and CASA ratios stood at 40.1 percent and 72.4 percent respectively. The Bank reported gross advances of 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.
Achievements and Future Outlook
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 accolades highlight the Bank’s continuous efforts to uphold best practices and deliver excellence across all areas of its operations.
Moving forward, Bank Alfalah aims to enhance its customers’ experience further while leveraging its core competencies. The Bank remains poised for adaptability, resilience, and sustained value creation, ensuring enhanced shareholder value and continued excellence amidst evolving market dynamics.
