Bank Alfalah posts Rs1.527bn profit for 1st quarter

Karachi: Bank Alfalah has posted a healthy profit before tax of Rs. 1.527 billion for the first quarter ended March 31, 2013, a commendable achievement considering the challenging macroeconomic landscape and the declining interest rates environment.

Profit after tax for the first quarter was recorded at Rs. 1.011 billion and earnings per share were reported at Rs. 0.75. The bank has managed to increase its non markup income by 27% to Rs. 1.864 billion in the first quarter ended March 31, 2013 compared to the corresponding period last year. Revenue for the first quarter was reported at Rs. 5.688 billion, a decline from Rs. 6.108 billion reported in the corresponding period last year mainly attributable to pressure on net interest income due to lower interest rates in the current quarter.

Total assets increased to Rs. 544.724 billion at March 31, 2013 as compared to Rs. 536.467 billion at year end 2012, further strengthening bank’s financial position.

Bank Alfalah’s NPLs to gross loans ratio remains below the industry infection ratio, and the bank continues to maintain adequate provisioning against the classified portfolio.

The Bank remains committed to deliver value to its stakeholders, through diversifying revenue streams, expanding branch footprint and introducing innovative technologies and products.