The Board of Directors of Bank Alfalah Limited, in its meeting held on April 27, 2023, approved the Bank’s financial results for the quarter ended March 31, 2023.
The beginning of 2023 has been challenging due to the economic slowdown in the country, high inflation, and currency devaluation. Despite the challenging landscape, the Bank posted a profit after tax of Rs. 10.743 billion for the period ended March 31, 2023.
The Earning Per Share (EPS) stood at Rs. 6.81. The results reflect strong momentum in line with the Bank’s strategy. The Bank’s market share increased for several of its products while it continues to invest in people, technology, and physical infrastructure.
Bank Alfalah’s deposit base increased by 31.9 percent year-on-year (YoY), closing at Rs. 1.554 trillion as of March 31, 2023. CA and CASA ratios stood at 43.7 percent and 68.0 percent, respectively.
The Bank’s loan book closed at Rs. 731.863 billion. The Bank has sufficient coverage for over 103 percent of its non-performing loans. In view of the normalizing flood situation in the country, the provision held against the flood-impacted portfolio was reversed.
The disciplined execution of the strategy has enabled the Bank to support its customers through a highly challenging time, proving resilience with strong credit discipline and sound capital management. The bank remains focused on its business and core strengths. Staying optimistic about a return to economic stability in the medium term, the bank anticipates delivering sustainable growth in the years ahead while managing costs prudently.
Bank Alfalah continues to lead the way on the Sustainability and Corporate Social Responsibility front in 2023 through its comprehensive flood rescue and relief program aimed at giving back to the community. This year, the Bank disbursed funds to different institutions and charitable partners for rehabilitation, including the construction of houses, the revival of livelihood, sustainable healthcare, and enabling students to return to school.
Bank Alfalah is a leading commercial bank in Pakistan, boasting over 900 branches across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers a wide range of products and services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprise, agricultural, Islamic, and asset financing to both private-sector institutions and governments.
In 2018, Bank Alfalah launched its digital banking group, setting a high standard for the industry to follow with its Alfa app, a revolutionary new application that brings together an unprecedented range of services and features, all in one convenient platform. In 2022, the bank was awarded the best ‘Digital Bank’ and ‘Housing Finance’ across Pakistan, highlighting its commitment to simplifying and improving the financial capabilities of its customers.
Source: Pro Pakistani