Bank Alfalah Reports Strong Financial Results for Q3 2024

Bank Alfalah reported a profit after tax of

PKR 33.643 billion, reflecting a 23.5% increase

compared to the same period last year

Mazhar Ali Raza

Karachi: The Board of Directors of Bank Alfalah Limited approved the bank’s financial results for the nine-month period ending September 30, 2024, during a meeting on October 17, 2024.

Significant Profit Growth

Bank Alfalah reported a profit after tax of PKR 33.643 billion, reflecting a 23.5% increase compared to the same period last year. This translates to earnings per share of PKR 21.33. The bank’s profit before tax reached PKR 66.482 billion, with a notable improvement driven by a 76.4% growth in non-funded income, alongside robust net interest income and reduced provisions.

Dividend Declaration

The Board of Directors declared an interim cash dividend of PKR 2.00 per share (20%) for the quarter ending September 30, 2024. This brings the cumulative interim cash dividend for the year to PKR 6.00 per share (60%).

Strong Deposit Growth

As of September 30, 2024, Bank Alfalah’s deposits totaled PKR 2.136 trillion, representing a 17.3% year-on-year increase. The bank’s current account (CA) and CASA (Current Account Savings Account) ratios stood at 40.1% and 72.4%, respectively. The gross advances reported were PKR 903.913 billion, with an improved infection ratio of 4.6%, down from 5.4% in September 2023.

Solid Capital Position

Bank Alfalah maintains a robust capital base, with a Capital Adequacy Ratio of 19.04% as of September 30, 2024, well above the minimum regulatory requirement.

Commitment to Digital Transformation

Bank Alfalah is focused on enhancing its digital transformation journey through a customer-centric approach, dedication to innovation, and investment in human capital. The bank aims to create value and ensure sustained shareholder returns.

Awards and Recognition

During the quarter, Bank Alfalah earned several prestigious awards, including recognition at the CFA Society’s Annual Excellence Awards, the Global Islamic Finance Awards, and the International Finance Corporation & Pakistan Business Council’s Employer of Choice Awards. These accolades highlight the bank’s commitment to best practices and operational excellence.

Future Outlook

Looking ahead, Bank Alfalah is dedicated to further improving customer experiences while leveraging its core strengths. The bank remains adaptable and resilient, ensuring continued excellence amidst evolving market dynamics.