Bank Alfalah posts Profit before Tax (PBT) of Rs 1.527 billion in First Quarter of 2013

Karachi, April 24, 2013: Bank Alfalah has posted a healthy profit before tax of Rs. 1.527 billion for the first quarter ended March 31, 2013, a commendable achievement considering the challenging macro-economic landscape and the declining interest rates environment.

Profit after tax for the first quarter was recorded at Rs. 1.011 billion and earnings per share were reported at Rs. 0.75. The bank has managed to increase its non mark-up income by 27% to Rs. 1.864 billion in the first quarter ended March 31, 2013 compared to the corresponding period last year. Revenue for the first quarter was reported at Rs. 5.688 billion, a decline from Rs. 6.108 billion reported in the corresponding period last year mainly attributable to pressure on net interest income due to lower interest rates in the current quarter.

Total assets increased to Rs. 544.724 billion at March 31, 2013 as compared to Rs. 536.467 billion at year end 2012, further strengthening bank’s financial position.

Bank Alfalah’s NPLs to gross loans ratio remains below the industry infection ratio, and the bank continues to maintain adequate provisioning against the classified portfolio.

The Bank remains committed to deliver value to its stakeholders, through diversifying revenue streams, expanding branch footprint and introducing innovative technologies and products.

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Bank Alfalah is a progressive, full service banking institution operating in Pakistan since 1992 with majority shareholding of Abu Dhabi Group. The Bank has a network presence of 471 branches spanning 163 cities across the country with an international presence in Afghanistan, Bangladesh, a wholesale banking unit in Bahrain and a representative office in the UAE. The Bank services more than 1 million corporate, institutional, personal, small business, agricultural, Islamic and asset financing customers.

The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across international borders.

IBAN is being introduced in Pakistan on the instructions of the State Bank of Pakistan. It will bring more efficiency in the processing of electronic funds transfers, including remittances sent by overseas Pakistanis.

Customers are requested to obtain their IBAN from nearest Bank Alfalah branch and note for future use.

Karachi: Bank Alfalah Limited (BAFL), one of Pakistan’s top-tier banks, owned and operated by the Abu Dhabi Group has recently signed an agreement with UnionPay International (UPI) to accept UnionPay cards in Pakistan. This unique, landmark partnership is a major milestone for both companies and also marks a breakthrough in forging business links between financial institutions in China and Pakistan. Bank Alfalah is aiming to implement the acceptance of UnionPay Cards on POS terminals in Pakistan in early 2013 followed by acceptance of UnionPay Cards on ATMs thereafter.

UnionPay International is a subsidiary focusing on international business of UnionPay, with the purpose of further expanding UnionPay Card’s usage globally and providing wider and more convenient bankcard services. To date, the total number of the UnionPay Card issued has exceeded 3.4 billion. The UnionPay Card’s network has been extended to all the cities and rural areas in China as well as 135 countries and regions.

Mr Atif Bajwa, Bank Alfalah’s President and CEO, said, ‘We are immensely pleased to be entering into an alliance with UnionPay International to facilitate the acceptance of their cards in Pakistan. We are optimistic that our widespread presence and footprint,with over 21,600 POS terminals countrywide, will go a long way in assisting UnionPay Card holders to conduct their transactions with enhanced efficiency, convenience and ease. Going forward, we will continue to explore meaningful avenues for collaboration with UnionPay International in order to provide customers in Pakistan with even better, more sophisticated financial solutions.’

As we enter 2013, Bank Alfalah continues to operate through a network of 471 branches across 163 cities in Pakistan in order provide consumers, corporations, institutions and governments with a broad spectrum of financial products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, agricultural, Islamic and asset financing.

Karachi, Jan 08, 2012: Bank Alfalah, owned and operated by the Abu Dhabi Group is pleased to announce that it has surpassed the centennial branch mark with the opening of its 100th branch at Bokhari Commercial, DHA Phase VI, Karachi. Today, the Bank boasts a nation-wide network of 110 Islamic banking branches and is ranked the no.2 Islamic Bank in Pakistan.

Bank Alfalah’s Chief Executive Officer, Atif Bajwa said, ‘We are pleased to cross the century mark for our Islamic Banking branches – this is a major milestone for the Bank. Since inception in 2003, Bank Alfalah’s Islamic banking has evolved into a vibrant entity. I would like to give credit to Mr Ijaz Farooq, Head of Islamic Banking who has ably led a team of dedicated individuals whose efforts and commitment have made this milestone possible. We remain focused on developing an innovative range of Shari’ah compliant products and services based on the requirements of our customers. We are optimistic that with the addition of new branches, we will be able to further enhance customer convenience and serve our clients even better.’

Islamic Banking remains a top priority area for the Bank. It will continue to focus on introducing new products, services and expanding its network for its customers in the country.