KARACHI: The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on February 01, 2024, approved the Bank’s financial results for the year ended December 31, 2023.
Bank Alfalah delivered exceptional performance during 2023. The Bank has crossed significant milestones of 1,000 branches and Rs. 2 trillion in deposits, improving its industry ranking in terms of deposit base, total assets and branch footprint. The Bank posted a profit after tax of Rs. 36.456 billion as compared to Rs. 18.206 billion last year, showing over 100% growth. The earnings per share (EPS) stands at Rs 23.12 (2022: Rs 10.27).
This reflects strong growth momentum in line with the Bank’s strategy. The Board of Directors has declared final cash dividend of Rs 5.00 per share (50%). This is in addition to an interim cash dividend of Rs 3.00 (30%).
Deposits closed at Rs 2.085 trillion as at December 31, 2023, representing a 40.2% increase over the previous year. This performance is a clear depiction of the Bank’s focus on improving the deposit base while having customer-centricity at the forefront, and a diversified product suite catering to market demand.
The Bank reported its advances at Rs 777.287 billion while upholding robust credit discipline amid challenging market conditions, and has sufficient provision against non-performing loans with coverage of 112.2%, including general provision.
The Bank exercises sound capital management and remains adequately capitalised with CAR at 16.74% as at December 31, 2023, well above the regulatory requirement. Bank Alfalah’s foremost goal is to deliver unparalleled services to its valued customers, grow market share, and extend its footprint while expanding its reach to a broader audience. Responding to ever-changing business dynamics, the Bank is expediting its digital transformation journey, and also opened Pakistan’s first ‘Digital Lifestyle’ branch in 2023.
This goes hand in hand with the Bank’s commitment to positively impact the community and be sustainable. As a testament to its performance, the Bank received many awards, including ‘Best Digital Banking’ by PBA and ‘Top 25 Companies’ by PSX. Moving forward, the Bank is looking to enhance its customers’ experience further while leveraging core competencies.
It remains poised for adaptability, resilience, and sustained value creation, ensuring enduring shareholder value and continued excellence in the face of evolving challenges.
Copyright Business Recorder, 2024
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