Bank Alfalah holds 21st AGM

Karachi: The 21st Annual General Meeting (AGM) of Bank Alfalah Limited was held here on Friday, March 29, 2013. The meeting 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, and Atif Bajwa, CEO Bank Alfalah as well as the Bank’s shareholders.

The shareholders were informed that Bank Alfalah earned a profit before taxation of Rs. 6,783 million for the year ended December 31, 2012, as compared to Rs. 5,434 million in 2011, registering a significant improvement of 24.8 percent. The Bank’s deposits grew from last year by 14 percent to Rs457.119billion. Total gross advances increased from Rs211.397billion to Rs248.346billion reflecting a year on year growth of 18 percent.

Net investments increased by 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% 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 at the occasion, Atif Bajwa, CEO of Bank Alfalah said: “I am pleased that our key performance indicators for 2012 indicate promising results and growth in an increasingly difficult environment. As we progress through this year, we continue to pursue our core business strengths and positively tackle challenges, whilst remaining cognizant of and appropriately managing operating risk. We also remain focused on introducing innovative products to a diversified client base whilst continuously seeking to enhance customer experience.”

As we enter 2013, 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.