Bank Alfalah Makes a Profit of Rs 4.53 billion

Bank Alfalah has posted a profit of Rs.4.353 billion in the first half of 2016, showing a double-digit year-on-year growth of 17.5 percent defying the impact of low policy rates and deduction of super tax.

The bank’s net markup income after provisions was reported at Rs. 14.245 billion, improving by 12.2 percent over the corresponding period last year, whereas overall net revenue earned by the bank after provisions amounted to Rs. 19.250 billion, registering an increase of 10 percent over the corresponding period last year, while total Operating Expenses were curtailed at below 7 percent.

Earnings per Share improved to Rs. 2.73 at the end of the first half year of 2016 as compared to Rs. 2.33 reported in June 2015.

Total Deposits remained at the same level as that at December 2015 end, with CASA mix improving from 74.5 percent in December 2015 to 79.0 percent at June 2016. The bank’s lending activity continued to remain healthy with Gross ADR reported at 56.5percent at June 2016.At June 2016, the Bank’s Non-performing loans (NPLs) coverage stands at 82.1 percent.

The net provisioning charge against advances and investments improved by 66percent against the corresponding half year, on account of higher recoveries and lower gross provisioning.

The bank paid an amount of Rs 3.23 billion on the account of different taxes t to the government.