Bank Alfalah earns Profit before Taxation of Rs. 10.283 Billion at the end of third quarter 2015

KARACHI, 22 October 2015: Bank Alfalah’s financial results for the nine month period ended September 2015 remained positive, with the Bank registering profit before taxation of Rs. 10.283 Billion – a solid growth of 68 percent, as against the corresponding period last year. The Bank’s Profit after tax was recorded at Rs. 6.044 Billion in September 2015 as compared to Rs. 4.015 Billion in September 2014.

Earnings per Share improved to Rs. 3.80 at the end of the third quarter 2015 from Rs. 2.92 reported in September last year.

“Bank Alfalah continues to grow consistently and deliver sound financial performance despite a challenging external environment. We continue to increase our profitability and for the first time in the Bank’s history, our profit before taxation has crossed the Rs. 10 billion mark. 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.

Expense management controls were further strengthened during the period and resultantly the Bank’s cost to income ratio stood at 56 percent, a significant improvement from 67 percent for the prior corresponding period.

The Bank’s total assets at the Balance Sheet date stand at Rs. 789.413 Billion, increasing by 6.2 percent from the year end position in 2014. The Bank’s lending activity remained healthy with Net Advances reported at Rs. 302.113 Billion in September 2015 as against Rs. 290.597 Billion in December last year.

As at 30 September 2015, the Bank’s Non-performing loans (NPLs) ratio stands at 5.8 percent is better than the industry average.

The Bank remains adequately capitalized and committed to providing unrivalled banking services to its customers.