Bank Alfalah full-year profit up five percent

Bank Alfalah posted full-year net profit of Rs7.9 billion in 2016, depicting a five percent increase, compared to Rs7.5 billion recorded by the bank in 2015, a statement said on Friday.   

The earnings per share were reported at Rs4.96 as compared to Rs4.73 in previous year.

“Bank Alfalah’s performance in 2016 reflects yet another year of sound financial results amidst a challenging business environment," said Atif Bajwa, president at Bank Alfalah. “During the year, we continued to create value for our shareholders and customers. We have strived to promote financial and digital inclusion in the country through various initiatives, and remain committed to expand our impact further, and to touch the lives of as many people as possible.”

The bank’s total revenue remained at Rs37.6 billion in 2016 against Rs37.5 billion last year. “While we continued investing in innovation, the management of the bank placed further controls over expenses. Resultantly, growth of non-markup expenses was restricted to 3.7 percent,” Bajwa said.

The bank’s total assets till December 31, 2016 stood at Rs917 billion as compared to Rs903 billion last year.  Deposits remained at Rs640 billion with current and savings account mix improved to 83.3 percent.

The bank’s lending activity remained healthy with gross advances increased by 13 percent to Rs396 billion in December 2016.    The bank had a gross advance-to-deposit ration at 62 percent in 2016, one of the highest amongst peers.

Published in The News, February 25th, 2017