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Bank Alfalah reported a profit after tax of PKR 20.609 billion in 1HCY24

The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on August 01, 2024, approved the Bank’s financial results for the half year ended June 30, 2024.

The Bank reported a profit after tax of PKR 20.609 billion, representing earnings per Share (EPS) of PKR 13.07. The Board of Directors declared an interim cash dividend of PKR 2.00 per share (20%) for the quarter ended June 30, 2024, bringing the total interim cash dividend for the year to PKR 4.00 per share (40%). The Board had earlier declared and paid an interim cash dividend of PKR 2.00 per share (20%).

The Bank’s deposit base closed at Rs. 2.102 trillion on June 30, 2024, representing an 18.3% year-on-year (YoY) increase. CA and CASA ratios stood at 41.4% and 68.9%, respectively. The Bank remains focused on strengthening its customer franchise by focusing on its strategic pillars of expansion and innovation.

The Bank reported its advances at Rs. 820.004 billion while upholding robust credit discipline amid challenging market conditions. It has sufficient provisions against non-performing loans with a coverage of 118.5%, including general provisions.

The Bank remains adequately capitalised, with CAR at 17.13% as of June 30, 2024, comfortably above the regulatory requirement.

The Bank is strengthening its reputation as the top digital bank by consistently launching innovative products and channels. Its pioneering digital lifestyle branch, unique sales and service centre model, and mobile application improvements have greatly boosted transaction throughput. The Bank remains committed to advancing digitization and enhancing its offerings’ efficiency to meet its customers’ evolving needs.

The Bank consistently shows its commitment to the community as a socially responsible institution through substantial charitable donations and meaningful outreach programs. By focusing on strategic giving, the Bank supports various initiatives to improve health, education, and economic opportunities for underprivileged groups.

The Bank is ready to explore new horizons, expand its presence, and make a deeper, more meaningful impact on the community and financial empowerment.

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