Bank Alfalah has earned a profit before taxation of Rs 6.783 billion for the year ended December 31, 2012, as compared to Rs 5.434 billion in 2011, registering a significant growth of 24.8 percent. During the 21st Annual General Meeting (AGM) of the bank held here Friday, the shareholders were informed that the Bank's deposits have witnessed a growth of 14 percent to Rs 457.119 billion.
Total gross advances increased from Rs 211.397 billion to Rs 248.346 billion end of December 2012 reflecting a year on year growth of 18 percent. The 21st AGM was chaired by Abdulla Khalil Al Mutawa and attended by other board members including Khalid Mana Saeed Al Otaiba, Ikram Ul Majeed Sehgal, Nadeem Iqbal Sheikh, Atif Bajwa, CEO of Bank Alfalah and the bank's shareholders.
In addition, shareholders were informed that net investments posted an increase of 13.8 percent during the period under review. The overall balance sheet growth has been 14.6 percent in 2012. The current Capital Adequacy Ratio is 12.67 percent for the year 2012. The Bank's Islamic Banking Group has made strides right from inception and in 2012, generated a profit before tax of Rs 1,517 million for the year. Speaking on the occasion, CEO Atif Bajwa said: "I am pleased that our key performance indicators for 2012 indicate promising results and growth in an increasingly difficult environment."
As bank progress through this year, we continue to pursue our core business strengths and positively tackle challenges, whilst remaining cognisant of and appropriately managing operating risk, he added. "We also remain focused on introducing innovative products to a diversified client base whilst continuously seeking to enhance customer experience," he mentioned.
Presently, Bank Alfalah continues to operate through a network of 471 branches across 163 cities in Pakistan in order to provide consumers, corporations, institutions and governments with a broad spectrum of financial products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, agricultural, Islamic and asset financing, he added.