Bank Alfalah declares Rs 1.3 billion net income

The Bank Alfalah Limited (BAFL) has declared net income of Rs 1.3 billion translating earning per share (EPS) of Rs 2.7 in 9 months of 2006-almost same as that of last year. The bank announced its financial results for the nine-month ended September 30, 2006, on Thursday.
Net interest income (NII) of the bank grew by 15 percent to Rs 4.47 billion. "We think the major reason behind this growth in NII was the advances growth of the bank. Interest expense to interest paid ratio of the bank reached 71 percent during 9 months, 2006, as compared to 53 percent previously," said Muhammad Imran, an analyst at JS Research and added that non-interest income of the bank grew by 58 to Rs 2.3 billion. Administrative expense of the bank increased by 46 percent to Rs 4.4 billion.