Bank Alfalah reports profit after tax of Rs. 7.9 Billion for FY16
Bank Alfalah has announced that the bank registered a profit after tax of Rs. 7.9 billion for the year ended 31 December 2016, up 5 percent from Financial Year 2015.
The Earnings per Share (EPS) were reported to be Rs. 4.96 as compared to Rs. 4.73 reported in December 2015. The management of the bank placed controlled over the expenses. As a result, the growth of non-markup expenses was restricted to 3.7 percent. The total revenue remained Rs. 37.6 Billion. Atif Bajwa, President & CEO, Bank Alfalah, said,
“Bank Alfalah’s performance in 2016 reflects yet another year of sound financial results amidst a challenging business environment. 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 total assets of bank increased from Rs. 903 billion in 2015 to Rs. 917 billion in December 2016. With a healthy lending activity, Gross Advances improved by 13 percent in 2016. The Bank has a gross ADR at 62 percent at year end 2016, one of the highest amongst peers.
The Non-performing loans (NPLs) ratio stands at 4.8 percent as of December 2016, which is better than the industry average. This indicates a very high quality of Bank’s lending portfolio.
The Bank is rated ‘AA/A-1+’ (Double A/A-One Plus) with a positive outlook by Pakistan Credit Rating Agency (PACRA).The ratings reflect Bank’s healthy financial risk profile.
Bank Alfalah is Pakistan’s 5th largest private bank and one of the largest Islamic Banking businesses in the country.