6MCY23: Bank Alfalah’s profit jumps nearly 113%, dividend of Rs3 announced

Bank Alfalah has posted a consolidated profit after tax of Rs18.63 billion in first six months of year 2023, which is nearly 113% higher than its earnings in the same period of the preceding year.

As per the financial statements shared with the Pakistan Stock Exchange (PSX) on Thursday, the bank reported earnings per share of Rs11.8 as opposed to Rs4.93 in the same period last year.

The board of directors also announced an interim cash dividend for the half year ended July 30, 2023 at the rate of Rs3 per share i.e. 30%.

The net interest income of Bank Alfalah amounted to Rs59.13 billion in 6MCY23, up 84% from a year ago, as compared to Rs32.12 billion registered in SPLY.

In contrast, the year-on-year increase in the non-interest income of the bank remained negligible. Non-interest income amounted Rs13.65 billion, as compared to Rs11.38 billion registered in SPLY.

During the first six months of 2023, BAFL generated Rs5.1 billion in foreign exchange gains, up over 5% as compared to same period last year.

In 6MCY23, Bank Alfalah made a total income of Rs72.78 billion, which reflects a 67% increase over the earnings recorded in SPLY.

The tax expense of Bank Alfalah increased over 109% year-on-year to Rs17.63 billion in 6MCY23.