Bank Al­falah earns profit be­fore tax of Rs 12.6b

The Pak Banker - - COMPANIES/BOSS -

Bank Al­falah de­liv­ered strong fi­nan­cial re­sults with profit be­fore tax­a­tion of Rs 12.604 bil­lion for the year end­ing 31 De­cem­ber 2015, as com­pared to Rs 8.514 bil­lion earned in 2014, reg­is­ter­ing an in­crease of 48 per­cent over the pre­vi­ous year.

An an­nounce­ment here on Mon­day said that earn­ings per share in­creased by 16 per­cent and were re­ported at Rs 4.73 as against Rs 4.09 in 2014. Dur­ing the 24th An­nual General Meet­ing (AGM) of the Bank held on Mon­day, the share­hold­ers were in­formed that the Bank's de­posits stood at Rs 640.189 bil­lion at year end, wit­ness­ing a growth of 6 per­cent over the year 2014.

Gross ad­vances in­creased from Rs 304.848 bil­lion to Rs 343.490 bil­lion at end of De­cem­ber 2015, re­flect­ing a year on year growth of 13 per­cent. The AGM of the Bank was chaired by Ab­dulla Khalil Al Mutawa and at­tended by other Board mem­bers, in­clud­ing Khalid Mana Saeed Al Otaiba, Ef­s­tra­tios Georgios Ara­poglou, Khalid Qurashi, Kam­ran Y. Mirza, Atif Ba­jwa, CEO of the Bank and the Bank's share­hold­ers.

Speak­ing on the oc­ca­sion, Atif Ba­jwa, Pres­i­dent & CEO of BankAl­falah, said 'The Bank has de­liv­ered solid fi­nan­cial per­for­mance.

along with strong and con­sis­tent long-term share­holder re­turns. We are com­mit­ted to pro­vid­ing bet­ter and more in­no­va­tive bank­ing so­lu­tions to our cus­tomers and to sup­port eco­nomic growth in Pak­istan. We are op­ti­mistic that we will con­tinue to cre­ate fur­ther value in the lives of the peo­ple we touch'. At the AGM, share­hold­ers were in­formed that the Bank reg­is­tered a bal­ance sheet growth of 21 per­cent in terms of to­tal as­sets, with net in­vest­ments in­creas­ing by 22 per­cent and net ad­vances in­creas­ing by 13 per­cent dur­ing 2015.

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