Abu Dhabi, October 24, 2012: Bank Alfalah has announced strong financial results for the period ended September 30th, 2012 demonstrating growth in earnings, as well as the Bank’s Balance Sheet base.
The Bank’s asset base rose to Rs.515,665.326 million at September 30, 2012 from Rs. 468,173.802 million at year end 2011, further solidifying the Bank’s financial position. A consistent growth of over 13% was reflected in the profit after taxation figure, which was posted at Rs. 3,398.893 million for the nine month period ended September 30, 2012, compared to Rs. 3,001.709 million earned during the same period last year.
Profit before taxation ended up at Rs. 5,219.045 million for the nine month period ended September 30, 2012, reaching close to the profit before taxation of Rs. 5,433.718 million earned for the full year 2011. An impressive growth in revenue close to 11% was reported with revenue reported at Rs. 18,926.435 million for the nine month period ended September 30, 2012, against Rs. 17,076.062 million reported for the same period last year.
Additionally, a key indicator reiterating Bank Alfalah’s robust management and effective controls was the NPLs to gross loans ratio – this has been reasonably well maintained and stands at 8.81%, reflecting a better position vis a vis that of peer banks as well as the industry infection ratio. Whilst maintaining a low NPL ratio compared to the industry average, adequate provisioning has been maintained against the classified portfolio.
Atif Bajwa, Bank Alfalah’s Chief Executive Officer, said, “Our financial results for the third quarter 2012 demonstrate continuing strong performance in our key areas of business. Our 10.14% growth in balance sheet, coupled with profitability growth of 13.23%, are both major indicators of the sound shape of the Bank. Further, despite the challenging environment, our lower NPLs to gross loans ratio of 8.81% is a result of our emphasis on credit discipline. We continue to strive towards building upon this positive momentum and to serve our customers better.”
With a stable performance for the third quarter 2012, the Bank reported an earnings per share of Rs. 2.52 for the nine month period ended September 30, 2012, improving from Rs. 2.22 reported for the nine month period ended September 30, 2011.