The 20th Annual General Meeting of Bank Alfalah Limited was held here on Thursday. The meeting was chaired by Abdullah Khalil Ali Mutawa in the absence of Sheikh Hamdan Bin Mubarak Al Nahayan. Other board members who attended the meeting included Khalid Mana Saeed Al Otaiba, Ikram ul Majeed Sehgal, Nadeem Iqbal Sheikh, and Atif Bajwa (CEO Bank Alfalah).
The meeting was informed that Bank Alfalah made a profit before provision and taxation of Rs 9,757.5 million for the year ended December 31, 2011, as compared to Rs 5,603.6 million in 2010, registering a significant improvement of 74 percent. The bank's deposits grew by 13.34 percent to Rs 401.248 billion as compared to last year. Total assets grew by 13.78 percent to Rs 468.174 billion while gross loans and advances remained stable, marked by a nominal decline of Rs 7 billion.
There was a significant increase of 46.82 percent in net investments complimenting the overall shift of focus of the banking industry towards investments particularly in government securities. The Islamic banking business recorded an increase of 47.48 percent in profit before tax to Rs 1,430.5 million from Rs 969.9 million in 2011, remaining the second largest Islamic Banking Network in Pakistan with 85 branches.
The CEO of Bank Alfalah said: "The performance indicators of the year 2011 are testimony of the bank's commitment to remain focused towards technological advancements, innovation and unparalleled customer experience to provide world class financial services and solutions to its customers while sustaining growth, profitability and greater value to the stakeholders."-PR
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