KARACHI: Bank Alfalah Limited (BAFL) reported a 53 per cent year-on-year jump in its second-quarter profit on Thursday, driven by a substantial gain on securities.
The bank posted consolidated earnings of Rs11.97 billion for the three months (Q2) ended June 30, translating to earnings per share of 7.59 rupees. This surpassed market expectations.
A significant portion of the profit came from a Rs2.3 billion gain on securities, compared to a Rs65 million profit in the same period last year. This is mainly due to gains on sales of T-bills and PIBs.
Net interest income for the second quarter edged down 2.0 per cent to Rs30.6 billion.The bank declared an interim cash dividend of Rs2 per share for the second quarter, bringing the total dividend for the first half of the year to Rs4 per share.
BAFL’s cost-to-income ratio rose to 47 per cent from 43 per cent a year earlier.The bank’s shares were trading at a at a 2024 EPE (estimated price-to-earnings) ratio of 2.6x and a PBV (price-to-book value) ratio of 0.6x.
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