Bank Alfalah Limited Reports Strong Financial Performance for Quarter Ended March 31, 2024
In a recent meeting held on April 24, 2024, the Board of Directors of Bank Alfalah Limited (BAFL) approved the bank’s financial results for the quarter ended March 31, 2024, showcasing robust growth and strategic resilience in challenging market conditions.
The bank reported a substantial profit after tax of Rs. 9.912 billion, translating to an impressive Earnings Per Share (EPS) of Rs. 6.28. Furthermore, demonstrating its commitment to shareholders, the Board declared an interim cash dividend of Rs. 2.00 per share.
Bank Alfalah‘s deposit base closed at an impressive Rs. 2.043 trillion as of March 31, 2024, marking a notable 31.5% year-on-year (YoY) increase, positioning it as one of the top performers in the banking sector. The bank’s unwavering focus on customer-centric strategies, including expansion and innovation, has contributed significantly to this growth.
The bank’s advances stood at Rs. 754.298 billion, reflecting prudent credit discipline amidst challenging market dynamics. Importantly, the bank maintains a healthy provision against non-performing loans, with a coverage of 124.5%, including general provision.
With a robust Capital Adequacy Ratio (CAR) of 17.00% as of March 31, 2024, Bank Alfalah remains well-capitalized, comfortably surpassing regulatory requirements, which underscores its financial strength and stability.
Bank Alfalah continues to solidify its position as a leading transactional bank through its commitment to digital innovation. Innovative products and channels, such as the Digital Sales and Service Center model and the Digital Lifestyle branch, coupled with enhancements to its mobile application, have significantly increased transaction throughput and enhanced customer experience.
Moreover, as a socially responsible institution, Bank Alfalah remains dedicated to supporting impactful outreach programs aimed at enhancing social, economic, and environmental capital. Through strategic partnerships with trusted developmental sectors, the bank actively contributes to the betterment of the community.
Looking ahead, Bank Alfalah is poised to explore new horizons, expand its presence, and deepen its impact on the community and financial empowerment, reaffirming its commitment to sustainable growth and excellence in banking services.
