Advertisement
Categories: BusinessNewsPakistan

Bank Alfalah on a sustainable way forward

Advertisement

The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on August 01, 2024, approved the Bank’s financial results for the half year ended June 30, 2024.

The Bank reported profit after tax of PKR 20.609 billion, representing Earning Per Share (EPS) of PKR 13.07. The Board of Directors declared an interim cash dividend of PKR 2.00 per share (20%) for the quarter ended June 30, 2024, bringing the total interim cash dividend for the year to PKR 4.00 per share (40%). The Board had earlier declared and paid an interim cash dividend of PKR 2.00 per share (20%).

The Bank’s deposit base closed at Rs. 2.102 trillion as at June 30, 2024; representing a 18.3% year-on- year (YoY) increase. CA and CASA ratios stood at 41.4% and 68.9% respectively. The Bank remains focused on strengthening its customer franchise by gearing towards its strategic pillars of expansion and innovation.

The Bank reported its advances at Rs. 820.004 billion while upholding robust credit discipline amid challenging market conditions, and has sufficient provision against non-performing loans with a coverage of 118.5%, including general provision.

The Bank remains adequately capitalised with CAR at 17.13% as at June 30, 2024, staying comfortably above the regulatory requirement.

The Bank is strengthening its reputation as the top digital bank by consistently launching innovative products and channels.

Advertisement
Mazhar Ali Raza

Mazhar Ali Raza is a senior journalist from Karachi. He has served more than twenty years in journalism. He was recently associated with the dunya media group as a senior business reporter from the last eleven years . Prior to that he has worked for CNBC for the period of four years. His major beats were the energy auto banking and agriculture sector . He has covered many seminars and exhibitions in Pakistan and abroad as well .

Recent Posts

Fatima Fertilizer’s Sarsabz Tabeer launches healthcare initiative in collaboration with MASH and the Government of Punjab

As part of its ongoing commitment to empower rural women and female farmers, Fatima Fertilizer,…

3 hours ago

Payoneer Hosted “Game Leaders Connect 2025” to Power Global Growth for Pakistan’s Gaming Industry

Payoneer (NASDAQ: PAYO), the global financial technology company powering business growth across borders, hosted Payoneer’s…

3 hours ago

foodpanda launches Pakistan’s first multi-brand dining destination, ‘The Commune’

foodpanda, Pakistan’s leading online delivery platform, has announced the grand opening of "The Commune by…

4 hours ago

Why Did Temu & AliExpress Prices Suddenly Increase in Pakistan?

Pakistani shoppers were left shocked this week as prices on popular e-commerce platforms Temu and…

4 hours ago

Petrol, Diesel Prices May Surge by Up to Rs15/Litre

The government is preparing to impose another steep increase in petroleum prices, dealing a fresh…

1 day ago

Sindh Bank selects PTCL to enhance Bank’s Digital Connectivity Infrastructure

Pakistan Telecommunication Company Limited (PTCL) and Sindh Bank have signed an agreement for deployment of…

1 day ago