Friday, May 24, 2024

Bank Alfalah Posted Rs. 9.912 Billion PAT In Q1 Of 2024

The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on April 24, 2024, approved the Bank’s financial results for the quarter ended March 31, 2024.

The Bank reported profit after tax of Rs. 9.912 billion, representing Earning Per Share (EPS) of Rs. 6.28. The Board has declared an interim cash dividend of Rs. 2.00 per share.

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The Bank’s deposit base closed at Rs. 2.043 trillion as at March 31, 2024; the 31.5% year-on-year (YoY) increase represents one of the strongest growths across the banking sector. Our focus remains on strengthening our customer franchise by emphasising on our strategic pillars of expansion and innovation.

The Bank is committed to becoming a leading transactional bank. The bank’s ongoing success is underscored by a significant increase in market share across key metrics, including trade business, remittances, consumer products and deposit volumes.

The Bank reported its advances at Rs. 754.298 billion while upholding robust credit discipline amid challenging market conditions, and has sufficient provision against non-performing loans with a coverage of 124.5%, including general provision.

The Bank remains adequately capitalised with CAR at 17.00% as at March 31, 2024, staying comfortably above the regulatory requirement.

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The Bank is solidifying its reputation as the best digital bank by continually introducing innovative products and channels. Its Digital Sales and Service Center model, first of its kind Digital Lifestyle branch, coupled with enhancements to its mobile application, has significantly increased transaction throughput. The Bank remains dedicated to advancing digitisation and enhancing the efficiency of its offerings, ensuring it meets the evolving needs of its customers.

As a socially responsible institution, the Bank continues to demonstrate its commitment to the community by partnering with trusted and reliable partners from the developmental sectors to engage in impactful outreach programs. By focusing on strategic giving, the Bank supports various initiatives aimed at enhancing social, economic and environmental capital.

The bank is poised to explore new horizons, expand presence, and have a deeper and more profound impact on the community and financial empowerment.

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Mazhar Ali Raza
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 .

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