Bank Alfalah reports 23.5pc growth in profit

KARACHI: The board of directors of Bank Alfalah Limited, in its meeting held on October 17, 2024, approved the bank’s financial results for the nine months ending September 30, 2024.

Bank Alfalah reported profit after tax of Rs33.643 billion, an improvement of 23.5 per cent over the same period last year, translating into earnings per share of Rs21.33. The bank’s profit before tax was Rs66.482 billion. The improvement in profitability was largely attributable to a growth of 76.4 per cent in non-funded income supported by net interest income and lower provisions.

The bank also declared an interim cash dividend of Rs2 per share for the quarter ended September 30, 2024, cumulatively bringing the interim cash dividend for the year to Rs6 per share.

The bank’s deposits closed at Rs2.136 trillion as at September 30, 2024; representing a 17.3 per cent year-on-year (YoY) increase. Bank Alfalah has maintained a strong capital base with a Capital Adequacy Ratio of 19.04 percent as of September 30, 2024, which is well above the minimum regulatory requirement.