Bank Alfalah Limited (BAFL) reported robust financial results for the quarter ending March 31, 2024, defying challenging market conditions. The Board approved a profit after tax of Rs. 9.912 billion, translating to an Earning Per Share (EPS) of Rs. 6.28. Further solidifying its performance, the Board declared an interim cash dividend of Rs. 2.00 per share.
A key highlight is BAFL’s exceptional deposit growth. The deposit base surged to Rs. 2.043 trillion, reflecting a 31.5% year-on-year increase and solidifying their position as a leader in deposit growth within the banking sector. Strategic expansion and innovation initiatives have significantly contributed to strengthening their customer base.
Despite market challenges, BAFL maintained robust credit discipline with advances of Rs. 754.298 billion. They ensured sufficient provisions against non-performing loans, with a coverage ratio of 124.5% including general provisions. Additionally, the Bank maintains a healthy capital adequacy ratio (CAR) of 17.00%, exceeding regulatory requirements.
BAFL’s commitment to becoming a leading transactional bank is evident in their focus on digital innovation. New products and channels like the Digital Sales and Service Center model, Digital Lifestyle branch, and mobile app enhancements have significantly increased transaction throughput, solidifying their reputation as a top digital bank.
Furthermore, BAFL demonstrates its social responsibility through impactful outreach programs with trusted development sector partners. Their strategic giving supports initiatives that enhance social, economic, and environmental capital, showcasing their commitment to the community.
Looking ahead, BAFL is positioned to explore new opportunities, expand its reach, and exert a deeper impact on financial empowerment and community development.