Bank Alfalah Limited has posted a profit before provision and taxation of Rs 5.604 billion in the year ended December 31, 2010. This announcement was made at the 19th Annual General Meeting (AGM) of the bank held here on Monday. The meeting was chaired by Abdullah Khalil Ali Mutawa in the absence of Sheikh Hamdan Bin Mubarak Al Nahayan.
Other Board members who graced the occasion were Khalid Mana Saeed Al Otaiba, Ikram ul Majeed Sehgal, Nadeem Iqbal Sheikh, and Sirajuddin Aziz (C.E.O). Amongst the Executive staff of the bank, Hamid Ashraf - Company Secretary and Zahid Ali H. Jamall - Chief Financial Officer marked the occasion with their presence.
The AGM was told that the bank's deposit base grew by 9.0 1 percent to Rs 354.0 15 billion in 2010 as compared to the previous year. The gross advances figure stood at Rs 2 18.432 billion. The foreign trade figures stood at Rs 254.705 billion for imports and Rs 132.277 billion for exports as of December 31, 2010.
Bank Alfalah opened 65 new branches, including 14 sub-branches, in 2010 taking the total network to 386 branches including 18 sub-branches. Besides Pakistan, the bank has branches in Afghanistan, Bangladesh, a WHU in Bahrain and a representative office in UAE. Bank's ATM network includes 315 state-of-the-art ATMs across the network. The Islamic banking business recorded an increase of 3 8.26 percent in profit before tax to Rs 969.953 million from Rs 701.548 million in 2009. Currently, there are 17 players in the market including dedicated Islamic banks and Islamic banking windows of commercial banks. The Islamic banking operation of Bank Alfalah Limited is now the second largest in Pakistan. Bank Alfalah has also launched Bancassurance Services at selected branches in Karachi, Lahore, Rawalpindi, Islamabad, Peshawar, Abbottabad and Sargodha.
During 2011, the bank plans to open more branches and ATMs including several Islamic banking branches at major locations across Pakistan. The bank is also investing heavily in training and skill development of its staff and is upgrading its information technology, quality assurance and complaint management processes to provide better services to its customers.
Bank Alfalah aims to continuously improve its standard and variety of services to deliver an unmatched customer experience while enhancing profitability and at the same time provide greater value to the stakeholders of the bank. "Since its inception in Pakistan, Bank Alfalah has made tremendous progress," Sirajuddin Aziz, Chief Executive Officer of Bank Alfalah said.
"We strongly believe that our success is closely linked with the success of this country. We have complete faith in the future of our country and the potential of its wonderful people. At the heart of Bank Alfalah lies the concept of constant evolution to add greater value to our services and to provide new opportunities to Pakistani masses. Bank Alfalah is geared to enter those areas of Pakistan which are unbanked and untapped. We want to lower the cost of resources and make our products and services available to customers and clients from a larger segment of society," he added.
Going forward Bank Alfalah intends to remain fiercely committed to offering innovative and tailor made products to its customers at competitive rates and living up to its title of the 'Caring Bank' by giving back to the society where it operates.
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