Bank Alfalah earns profit before Tax of Rs1.704 billion in first quarter ended March 31, 2014

Karachi, April 29, 2014 (PPI-OT): Bank Alfalah has reported an increase of 11.6% in its profit before tax reported at Rs 1.704 billion in the first quarter ended March 31, 2014, as compared to earnings recorded for the same quarter last year. Profit after tax was reported at Rs. 1.128 billion in the first quarter of 2014 as compared to Rs. 1.011 billion earned in the comparative period for 2013. Earnings per share for the quarter have also resultantly increased to Rs. 0.84 in March 2014, as compared to Rs. 0.75 reported in the comparative period last year.

The improvement in the Bank’s profitability is in line with its strategy to judiciously grow its asset book and continue its efforts towards increasing the fee based income.

The Bank’s asset base has strengthened to Rs. 615.886 billion as at March 31, 2014, rising from Rs. 610.614 billion at year end December 2013. Net Investments have increased by 4.5 % to Rs. 229.600 billion at March 2014 as compared to December 2013. The Bank remains adequately capitalized as at March 31, 2014.

The Bank’s Net mark-up income has also improved to Rs. 4.288 billion in the quarter ended March 31, 2014 as compared to Rs. 3.824 billion recorded for the same period last year. Non mark up income was recorded at Rs. 2.055 billion, an increase of 10% over the comparative period from the previous year.

Net charge for provision against investments and loans and advances for the quarter ended March 31, 2014 was Rs. 0.129 billion as compared to Rs. 0.132 billion recorded in the first quarter of last year. The Bank is also making efforts to optimize administrative costs and maintain expense control disciple in an inflationary market, despite its expanding branch network.

The non-performing loans (NPL) portfolio of the Bank was recorded at Rs. 18.275 billion at March 31, 2014. Loans to NPL ratio of the Bank was recorded at 6.8% at the end of March 2014, better than the industry average and an indicator of the Bank’s robust risk architecture.

Bank Alfalah has a network of 574 branches, which include Conventional as well as Islamic Banking branches, and over 500 ATMs spanning 196 cities. It is the leading issuer and acquirer of Credit Cards in Pakistan and boasts the country’s second largest Islamic Banking setup. In addition to providing mainstream financial products, the Bank also offers a complete range of doorstep banking facilities including branchless, mobile and internet banking.

For more information, Contact:
Saba Karim Khan
Head of Corporate Communications
Bank Alfalah Limited
Tel: (+9221) 32423952, 021-111-777-786 (x) 2101
Email: saba.khan@bankalfalah.com

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