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Bank Alfalah Limited (BAFL) revealed robust financial performance for the first quarter ending March 31, 2024, following approval by its Board of Directors in a meeting on April 24, 2024.
The bank recorded a notable profit after tax of Rs. 9.912 billion, translating to an impressive Earning Per Share (EPS) of Rs. 6.28. Additionally, the Board declared an interim cash dividend of Rs. 2.00 per share.
With its deposit base reaching Rs. 2.043 trillion by March 31, 2024, Bank Alfalah experienced a remarkable 31.5% year-on-year (YoY) increase, showcasing robust growth within the banking sector. The institution remains committed to bolstering its customer base through strategic expansion and innovative solutions.
Bank Alfalah is steadfast in its mission to become a leading transactional bank, evident in its substantial market share growth across vital areas such as trade business, remittances, consumer products, and deposit volumes.
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The bank’s advances stood at Rs. 754.298 billion, reflecting prudent credit management amidst challenging market conditions. It maintains adequate provisions against non-performing loans, with a coverage of 124.5%, inclusive of general provision.
Maintaining a healthy capital adequacy ratio (CAR) of 17.00% as of March 31, 2024, Bank Alfalah surpasses regulatory requirements, ensuring financial stability and resilience.
Bank Alfalah continues its strides toward digital innovation, introducing cutting-edge products and channels to enhance customer experience. Pioneering initiatives like the Digital Sales and Service Center model and the Digital Lifestyle branch, along with mobile application enhancements, have significantly elevated transaction efficiency.
With a commitment to digitization, the bank strives to evolve its offerings to meet evolving customer demands effectively.
In line with its ethos of social responsibility, Bank Alfalah actively engages in impactful community outreach programs, collaborating with reputable partners in developmental sectors. By strategically investing in initiatives aimed at enhancing social, economic, and environmental well-being, the bank contributes positively to society.
Looking ahead, Bank Alfalah aims to expand its footprint, explore new opportunities, and continue its journey of community empowerment and financial inclusion.