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

Trump Cites Five Jets Downed in India-Pakistan Clash, Credits U.S. with Preventing Nuclear Crisis

U.S. President Donald Trump said up to five fighter jets were brought down during the…

4 days ago

Spotify Spotlights Pakistan’s Breakout Star Afusic as the RADAR Artist for Q3

Spotify's RADAR Pakistan returns this quarter, spotlighting Afusic as its latest featured artist. Afusic is…

4 days ago

OICCI Statement on the Recent Loss of Lives Due to Flooding and Extreme Weather Events in Pakistan

The Overseas Investors Chamber of Commerce and Industry (OICCI) is deeply saddened by the tragic…

4 days ago

Stopover in Dubai: what to do, where to eat and where to stay

If you’re planning a Dubai getaway that’s got a little bit of everything, world-class shopping,…

4 days ago

TCF Launches Baghbaan Internship 2025 with Overwhelming Youth Response Nationwide

The Citizens Foundation (TCF), a leading non-profit organisation dedicated to education in Pakistan, has launched…

4 days ago

inDrive Launches Premium Rides to Meet Growing Demand for High-End Travel

inDrive, the country’s largest mobility platform, has launched Premium-category Rides in major cities across Pakistan,…

4 days ago