KARACHI, 27 March 2015 – Bank Alfalah delivered strong financial results with profit before taxation of Rs. 8.514 billion for the year ended 31 December 2014, as compared to Rs. 6.807 billion earned in 2013, registering an increase of 25 percent over the previous year. Earnings per share increased by 20 percent and were reported at Rs. 4.09 as against Rs. 3.41 in 2013.
During the 23rd Annual General Meeting (AGM) of the Bank held on Friday, the shareholders were informed that the Bank’s deposits stood at Rs. 606 billion at year end, witnessing a growth of 15.3 percent over the year 2013. Gross advances increased from Rs. 274 billion to Rs. 305 billion at end of December 2014, reflecting a year on year growth of 11.3 percent.
At the AGM, shareholders were informed that the Bank registered a balance sheet growth of 22 percent, with net investments increasing by 48 percent during 2014. The Bank’s current Capital Adequacy Ratio stands at 12.75 percent, as per Basel III standards. The Bank’s Islamic Banking business continues to serve as one of the largest Islamic Banking window operations in Pakistan and generated a profit before tax of Rs 1.142 billion for the year 2014.
Speaking at the occasion, Atif Bajwa, President & CEO of Bank Alfalah said “The Bank has delivered sound financial performance along with strong and consistent long-term shareholder returns in a tough business environment. Understanding our customers’ needs, developing innovative financial solutions and building long-term relationships are the foundations of our commitment to our customers. We are optimistic that we will continue to create further value in the lives of the people we touch.”
The AGM of the Bank was chaired by Abdulla Khalil Al Mutawa and attended by other Board members, including Khalid Mana Saeed Al Otaiba, Nadeem Iqbal Sheikh and Atif Bajwa, senior management of Bank Alfalah and the Bank’s shareholders.