Bank Al­falah earns Rs3.794b profit in first quar­ter

Pakistan Observer - - ECONOMY WATCH - STAFF RE­PORTER

IS­LAM­ABAD— Bank Al­falah’s fi­nan­cial re­sults for the first quar­ter of 2016 re­mained pos­i­tive, with the Bank reg­is­ter­ing profit be­fore tax­a­tion of Rs 3.794 Bil­lion a growth of 25per­cent, as against the cor­re­spond­ing pe­riod last year. The Bank’s Profit af­ter tax was recorded at Rs 2.467 Bil­lion, a 24 per­cent in­crease as com­pared to the prior cor­re­spond­ing pe­riod. De­spite in­ter­est rates be­ing at their low­est, Net mark up in­come of the Bank was re­ported at Rs 7.095 Bil­lion, im­prov­ing by 4 per­cent over the cor­re­spond­ing pe­riod last year, while the over­all net rev­enue earned by the Bank amounted to Rs 9.216 Bil­lion, a 11 per­cent in­crease over the cor­re­spond­ing pe­riod last year.

Ex­pense man­age­ment con­trols were fur­ther strength­ened dur­ing the pe­riod with growth in Ad­min­is­tra­tive Ex­penses cur­tailed at 3 per­cent. Re­sul­tantly the Bank man­aged to fur­ther im­prove it’s cost to in­come ra­tio which now stands at 57per­cent. Earn­ings per Share im­proved to Rs 1.55 at the end of the first quar­ter 2016 from Rs 1.25 re­ported in March last year. The Bank’s lend­ing ac­tiv­ity re­mains healthy with Gross ADR re­ported at 55 per­cent at March 2016. The Bank’s Non- per­form­ing loans ( NPLs) cov­er­age stands at 81 per­cent. The over­all net pro­vi­sion against ad­vances and in­vest­ments im­proved by 66 per­cent against the cor­re­spond­ing quar­ter last year, on ac­count of higher re­cov­er­ies and lower gross pro­vi­sion­ing.

“Bank Al­falah con­tin­ues to grow con­sis­tently and de­liver sound fi­nan­cial per­for­mance de­spite a chal­leng­ing ex­ter­nal environment. We are op­ti­mistic that we will con­tinue to max­i­mize share­holder value while cre­at­ing in­no­va­tive solutions to help our cus­tomers suc­ceed,” said Atif Ba­jwa, Pres­i­dent & CEO, Bank Al­falah.

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