Karachi: Bank Alfalah Limited has reported a significant increase in its profits and an expanded asset base for the nine-month period ending on September 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the unconsolidated financial statements show a marked improvement in the bank's financial position compared to the same period in the previous year.
The financial performance of Bank Alfalah revealed that the profit after taxation for the nine months climbed to PKR 33.64 billion, up from PKR 27.25 billion recorded during the same period in 2023. This represents a noteworthy increase in profitability, with earnings per share rising from 17.28 to 21.33.
The bank's total assets also saw a rise, reaching PKR 3,278.14 billion as of September 30, 2024, compared to PKR 3,345.92 billion at the end of 2023. Key components contributing to the asset growth include advances to customers, which increased from PKR 735.05 billion to PKR 855.96 billion, and investments totaling PKR 1,918.26 billion, although this figure slightly decreased from the previous year's PKR 2,067.26 billion.
Liabilities comprised mainly of customer deposits and borrowings, where deposits grew from PKR 2,084.99 billion to PKR 2,136.42 billion. Borrowings, however, saw a reduction from PKR 909.54 billion to PKR 724.73 billion, indicating a more conservative leverage position.
Non-markup income also reflected positive trends with significant contributions from fee and commission income, which increased from PKR 10.62 billion to PKR 13.44 billion. The bank's foreign exchange income and gains from securities also showed positive dynamics, enhancing the overall revenue base.
As part of its broader strategic initiatives, Bank Alfalah has focused on diversifying income streams and improving operational efficiencies, which are reflected in the improved financial outcomes. This performance not only underscores the bank’s robust financial health but also its ability to effectively manage assets and liabilities amid fluctuating market conditions.