Bank Alfalah: profit before tax up by 16%

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The Board of Directors of Bank Alfalah Limited in its meeting has approved the bank’s unaudited interim financial statements for the period ended September 30, 2019, according to a press release issued by the bank. The bank’s pre-tax profits grew by 16% from a year ago, amidst challenging operating environment. It earned post-tax profit of Rs 9.242 billion or Rs 5.20 per share, up from a profit of Rs 8.629 billion or Rs 4.87 per share despite Super Tax charge levied for 2017 through the mini budget in 2019. Administrative expenses increased by 21% against the corresponding reporting period. The cost to income ratio of the Bank has improved to 53% from 56% for the same period last year, as a testament to bank’s focus on cost control. The bank continued its focus on increasing no cost deposits with CASA mix improved to 80% as at Sep 30, 2019 compared to 77% as at Dec 31, 2018. Credit performance remained strong across businesses. The bank’s gross advances were reported at Rs 490.664 billion, down by 5% being seasonal impact. At September end, the bank remains adequately capitalized with CAR at 16.87%.

DailyTimes, 21 Oct, 2019

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