During its meeting on April 24, 2024, the Board of Directors of Bank Alfalah Limited (BAFL) approved the financial results of the bank for the quarter ending on March 31, 2024.
The Bank reported a profit after tax of Rs. 9.912 billion, equivalent to an Earning Per Share (EPS) of Rs. 6.28. The Board has announced an interim cash dividend of Rs. 2.00 per share.
As of March 31, 2024, the Bank’s deposit base stood at Rs. 2.043 trillion, reflecting a year-on-year (YoY) increase of 31.5%, demonstrating robust growth within the banking sector. The Bank remains focused on strengthening its customer base through strategic expansion and innovation initiatives.
With a commitment to becoming a leading transactional bank, the Bank has significantly increased its market share across key metrics, including trade business, remittances, consumer products, and deposit volumes.
The Bank’s advances were reported at Rs. 754.298 billion, maintaining strong credit discipline amidst challenging market conditions, and maintaining adequate provisions against non-performing loans with a coverage of 124.5%, inclusive of general provisions.
With a Capital Adequacy Ratio (CAR) of 17.00% as of March 31, 2024, the Bank remains well-capitalized, comfortably exceeding regulatory requirements.
The Bank continues to enhance its reputation as a premier digital bank through the introduction of innovative products and channels, such as its Digital Sales and Service Center model and the first-of-its-kind Digital Lifestyle branch. These efforts have significantly increased transaction throughput and improved customer experience.
Dedicated to advancing digitization and improving the efficiency of its offerings, the Bank is committed to meeting the evolving needs of its customers.
As a socially responsible institution, the Bank collaborates with trusted partners from the developmental sectors to engage in impactful outreach programs, supporting various initiatives aimed at enhancing social, economic, and environmental capital.
The Bank is poised for further expansion, aiming to deepen its presence and make a more profound impact on the community’s financial empowerment and overall well-being.
