Bank Alfalah records an impressive profit growth

October 26, 2023: The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on October 26, 2023, approved the Bank’s financial results for the period ending September 30, 2023.

Bank Alfalah continued its growth trajectory during the third quarter. The Bank announced a profit after tax of PKR 27.252 billion, demonstrating a 93.4% increase year-on-year (YoY). The Earning Per Share (EPS) stood at Rs. 17.28 (Sep 22: Rs. 7.93).

The Bank’s deposit base closed at Rs. 1.821 trillion as at September 30, 2023, representing a 31.5% YoY increase. CA and CASA ratios stood at 41.0% and 70.6%, respectively. Our focus throughout the year remains on improving our deposit base while having customer-centricity at the forefront.

The Bank reported its advances at Rs. 708.228 billion while upholding robust credit discipline amid challenging market conditions. The Bank has sufficient provision against non-performing loans with a coverage of 112.5%, including general provision.

The Bank remains adequately capitalised with CAR at 15.50% as at September 30, 2023, staying comfortably above the regulatory requirement.

Through a strategic vision, a customer-centric approach, dedication to innovation, and a holistic focus on our human capital, Bank Alfalah is poised to embrace the future and achieve sustainable success. Our foremost goal is to grow our market share, extend our footprint and deliver unparalleled services to our valued customers while expanding our reach to a broader audience. Responding to ever-changing business dynamics, we are expediting our digital transformation journey. The Bank also opened Pakistan’s first ‘Digital Lifestyle’ branch in 2023 and is looking to further enhance our customers’ experience by accelerating digital adoption while leveraging our core competencies.

About Bank Alfalah:

Bank Alfalah is a leading commercial bank in Pakistan, boasting over 1000 branches across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers a wide range of products and services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprise, agricultural, Islamic, and asset financing to private-sector institutions and governments.
In 2018, Bank Alfalah launched its digital banking group, setting a high standard for the industry to follow with its Alfa app, a revolutionary new application that brings together an unprecedented range of services and features all in one convenient platform. In 2022, the bank was awarded the best ‘Digital Bank’ and ‘Housing Finance’ across Pakistan, highlighting its commitment to simplifying and improving the financial capabilities of its customers.

Media Contact:
Madiha Javed Qureshi
Head – Corporate Communications

Talha Hyder
Assistant Manager Corporate Communication

Rida Manzoor
Manager Corporate Communication