The financial results of the Bank for the three months ended March 31, 2023, were approved by the board of directors of Bank Alfalah Limited (BAFL) at their meeting on April 27, 2023.
Due to the nation’s economic slowdown, high inflation, and currency devaluation, 2023 has started out difficult. Despite the difficult environment, the Bank reported an after-tax profit of Rs. 10.743 billion for the fiscal year that ended on March 31, 2023. Earnings per share (EPS) were 6.81 rupees. The outcomes demonstrate strong momentum consistent with the Bank’s plan. While the Bank continues to invest in personnel, technological advancements, and physical infrastructure, its market share increased for a number of its products.
As of March 31, 2023, Bank Alfalah’s deposit base totaled Rs. 1.554 trillion, up 31.9% year over year (YoY). The CA and CASA ratios were respectively 43.7% and 68.0%.
The Bank’s loan book was 731.863 billion rupees at its closing. The Bank has more than 103% of its non-performing loans covered. The provision held against the flood-impacted portfolio was reversed in light of the country’s flooding situation returning to normalcy.
The Bank has been able to support its customers through a very difficult time thanks to the methodical execution of the strategy, which has shown resilience through strong credit discipline and sound capital management. The bank keeps its attention on its core competencies and business. The bank believes that economic stability will return in the medium term and plans to deliver sustainable growth while carefully controlling costs in the years to come.
With its extensive flood rescue and relief program intended to benefit the community, Bank Alfalah will continue to set the standard for sustainability and corporate social responsibility in 2023. This year, the Bank distributed money to various organizations and nonprofit partners for rehabilitation, including building homes, restoring livelihoods, providing sustainable healthcare, and allowing students to finish their schooling.
About Bank Alfalah:
With over 900 locations spread across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan, Bank Alfalah is one of the top commercial banks in Pakistan. The bank provides both private-sector institutions and governments with a wide range of goods and services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprise, agricultural, Islamic, and asset financing.
When Bank Alfalah introduced its digital banking division in 2018, it set a high bar for the industry to meet with its Alfa app, a ground-breaking new program that combines an unprecedented range of services and features on one practical platform. The bank won awards for best “Digital Bank” and “Housing Finance” in Pakistan in 2022, underscoring its dedication to enhancing and streamlining its clients’ financial capabilities.
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