Karachi: Bank Alfalah Limited has released its financial results for the year ended December 31, 2024, marking a significant milestone in its operational performance. The financial statements were presented in compliance with the Pakistan Stock Exchange (PSX) notice PSX/N-062, dated January 10, 2025, and were approved by the Board of Directors during a meeting on January 30, 2025, in Abu Dhabi, UAE.
For the financial year 2024, Bank Alfalah reported a profit after tax of PKR 33.32 billion, a slight decrease from the previous year’s profit of PKR 36.46 billion. The Board has recommended a final cash dividend of PKR 2.5 per share, equivalent to 25%, bringing the cumulative payout for the year to an impressive 85%, following three interim dividends of 20% each.
According to information available from the Pakistan Stock Exchange (PSX), Bank Alfalah’s total income for 2024 stood at PKR 171.23 billion, an increase from PKR 154.83 billion in 2023. This growth was driven by a substantial rise in both mark-up/interest earned and non-mark-up/non-interest income. The bank earned PKR 506.09 billion in mark-up/interest income, up from PKR 411.94 billion in the previous year, while non-mark-up/non-interest income rose to PKR 44.51 billion from PKR 26.76 billion.
Despite the increase in income, the bank faced higher non-mark-up/non-interest expenses, which totaled PKR 116.29 billion compared to PKR 67.10 billion in 2023. This increase in expenses, along with a credit loss allowance and provisions totaling PKR 1.85 billion, impacted the bank’s net profit margin.
On the balance sheet, Bank Alfalah’s total assets grew to PKR 3.71 trillion as of December 31, 2024, up from PKR 3.35 trillion in 2023. The bank’s investments amounted to PKR 1.99 trillion, while advances increased significantly to PKR 1.11 trillion. The total liabilities also saw an increase, reaching PKR 3.53 trillion compared to PKR 3.21 trillion the previous year. The net assets stood at PKR 178.11 billion, up from PKR 137.92 billion in 2023.
The Annual General Meeting (AGM) of Bank Alfalah Limited is scheduled for March 20, 2025, at 10:30 AM in Karachi. The share transfer books will remain closed from March 12 to March 20, 2025, for the purpose of the final cash dividend payment. The entitlements will be distributed to shareholders whose names appear in the Register of Members at the close of business on March 11, 2025.
Overall, Bank Alfalah’s financial performance in 2024 showcases its resilience and ability to navigate challenging market conditions, as it continues to deliver value to its shareholders and stakeholders.