The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on August 10, 2023, approved the Bank’s financial results for the half year ended June 30, 2023.
Pakistan weathered economic stress during the first half of 2023. However, the Bank has delivered sound financial results, posting profit before tax of Rs. 35.865 billion. The profit after tax stands at Rs. 18.620 billion, representing a growth of 113.9% over last year, even after absorbing super tax imposed by the Federal Government. The Earning Per Share (EPS) for the half year stands at Rs. 11.81 (Jun ’22: Rs. 4.90). The Board has declared an interim cash dividend of Rs. 3.00 (Jun ’22: Rs. 2.50) per share.
Bank Alfalah’s deposit base increased by 34.6% year-on-year (YoY), closing at Rs. 1.776 trillion as at June 30, 2023. The Bank also improved its market share in deposits. CA and CASA ratios stood at 42.8% and 71.3% respectively.
The Bank’s advances closed at Rs. 798.096 billion, while maintaining a strong credit discipline amid challenging market fundamentals. The Bank has sufficient coverage of its non-performing loans by over 102% (including general provision).
The Bank remains adequately capitalised with CAR well above the regulatory requirement.
The Bank continues to be well-positioned for sustainable growth and the creation of long-term shareholder value, despite macroeconomic challenges. The primary objective is to further strengthen the Banks market share, and, in addition, we are committed to enhancing our domestic presence, delivering unmatched services to our customers, and reaching a broader audience. The Bank continued to expand its network and also opened Pakistan’s first Digital Lifestyle branch during the quarter.
Through strategic vision, customer-centric approach, and commitment to innovation, Bank Alfalah is poised to embrace the future and achieve sustainable success.
