August 01, 2024: The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on August 01, 2024, approved the Bank’s financial results for the half year ended June 30, 2024.
The Bank reported profit after tax of PKR 20.609 billion, representing Earning Per Share (EPS) of PKR 13.07. The Board of Directors declared an interim cash dividend of PKR 2.00 per share (20%) for the quarter ended June 30, 2024, bringing the total interim cash dividend for the year to PKR 4.00 per share (40%). The Board had earlier declared and paid an interim cash dividend of PKR 2.00 per share (20%).
The Bank’s deposit base closed at Rs. 2.102 trillion as at June 30, 2024; representing a 18.3% year-on- year (YoY) increase. CA and CASA ratios stood at 41.4% and 68.9% respectively. The Bank remains focused on strengthening its customer franchise by gearing towards its strategic pillars of expansion and innovation.
The Bank reported its advances at Rs. 820.004 billion while upholding robust credit discipline amid challenging market conditions, and has sufficient provision against non-performing loans with a coverage of 118.5%, including general provision.
The Bank remains adequately capitalised with CAR at 17.13% as at June 30, 2024, staying comfortably above the regulatory requirement.
The Bank is strengthening its reputation as the top digital bank by consistently launching innovative products and channels. Its pioneering digital lifestyle branch and unique sales and service center model, along with improvements to its mobile application, have greatly boosted transaction throughput. The Bank remains committed to advancing digitization and enhancing the efficiency of its offerings to meet the evolving needs of its customers.
As a socially responsible institution, the Bank consistently shows its commitment to the community through substantial charitable donations and meaningful outreach programs. By focusing on strategic giving, the Bank supports various initiatives aimed at improving health, education, and economic opportunities for underprivileged groups.
The Bank is ready to explore new horizons, expand its presence, and make a deeper, more meaningful impact on the community and financial empowerment.
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