Bank Alfalah Records 17% Profit Growth in Q1 2018

Bank Alfalah Limited (BAFL) is among the few banks retaining its stable profit growth, which increased by 17% in the first quarter of 2018.

According to financial results, the bank recorded a profit of Rs. 3.26 billion in the first quarter of 2018 as compared to Rs. 2.78 billion profit registered in the same period last year.

The bank’s EPS increased to Rs. 2.02 per share from Rs. 1.74 by the end of March, 2018.

The bank witnessed growth in its interest-based revenues and non-interest based revenues which stand at Rs. 7.84 billion and Rs. 2.86 in the period of January to March.

Shehzad Naqvi Appointed As Director at Bank Alfalah

Additionally, senior banker Shahzad Naqvi has been appointed as the director of Bank Alfalah by its board of directors in place of Khalid Qurashi who resigned last month.

Shehzad Naqvi is a member of the Investment Committee at Karandaaz as well as the chairman of the Innovation Challenge Committee for State Bank of Pakistan. Mr. Naqvi is also on the Board of Directors for Advans Pakistan; is a partner in a venture capital firm by Eplanet Ventures; and has been associated with many prestigious financial institutions globally for the past thirty years.

Naqvi has had a long standing relationship with ABN Amro Bank as well as Citibank. He first joined ABN AMRO in 1993 as the country head in Pakistan and was then appointed head of Asia-Pacific Management and Structured Finance, based in Hong Kong and Singapore. In 1996, he joined Citibank as Country Head in Singapore.

Moving back to Pakistan as Country Head in 1998, he was subsequently appointed as Regional Head of Citibank’s global corporate and investment banking operations in the Gulf and Pakistan, based in Dubai. In 2003 he moved to London to develop outsourcing centers for Citibank’s European consumer and commercial banking back-office needs. From 2005-2008, he served as President and Chief Executive of Crescent Commercial Bank in Pakistan.

He has also served as a Director on the Board of MasterCard International and as a Member of the National Advisory Council to the Prime Minister of Pakistan. He is a graduate in Economic Institutions and Planning from the London School of Economics. He joined the Engro Board in 2015.