Bank Alfalah earns profit before tax of Rs 6.807 billion

Karachi, March 28, 2014 (PPI-OT): Bank Alfalah has earned profit before taxation of Rs 6.807 bn for the year ended December 31, 2013, as compared to Rs 6.783 bn earned in 2012, thereby maintaining its profitability amidst a tough operating environment. Earnings per share were reported at Rs. 3.47 as against Rs. 3.38 reported last year.

During the 22nd Annual General Meeting (AGM) of the Bank held on Friday, shareholders were informed that the Bank’s deposits have witnessed a growth of 15 per cent to end at Rs. 525.526 bn. Gross advances increased from Rs 248.346 bn to Rs 273.827 bn at the end of December 2013, reflecting a year on year growth of 10.26 per cent.

The 22nd AGM of the Bank was chaired by Mr. Abdulla Khalil Al Mutawa and attended by other Board members, including Mr. Khalid Mana Saeed Al Otaiba, Mr. Ikram ul-Majeed Sehgal, Mr. Nadeem Iqbal Sheikh, Mr. Atif Bajwa, CEO of Bank Alfalah and the Bank’s shareholders.

Shareholders were informed that overall balance sheet growth has been registered at 14 per cent in 2013, with net investments registering an increase of 16 per cent during the year. The Bank’s current Capital Adequacy Ratio stands at 12.06 per cent, as per Basel III standards. The Bank’s Islamic Banking Group continues to aid overall profitability; the Islamic Banking Group generated a profit before tax of Rs 1.319 bn for the year 2013.

The Bank’s Chief Executive Officer, Mr. Atif Bajwa said, “Our financials indicate that the Bank is well on track with respect to targeted key performance indicators, despite the challenging operating environment.

These results are reflective of our growing core businesses that offer customized products and services to enhance transacting convenience for our customers. We remain committed to delivering consistent, quality earnings through diversified revenues streams, with the right focus on efficiencies and uncompromised controls across the organization.”

Bank Alfalah operates through a network of 574 branches across 196 cities 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.

For more information, Contact:
Saba Karim Khan
Head of Corporate Communications
Bank Alfalah Limited
Tel: (+9221) 32423952, 021-111-777-786 (x) 2101
Email: saba.khan@bankalfalah.com

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