Bank Alfalah delivers solid performance; profit up by 26%

Observer Report

Bank Alfalah Limited (BAFL) announced its financial result for the period ended Sep 2021, where the Bank posted profit after tax of PKR 10.481 bn (EPS PKR 5.9) for 9MCY21 compared to PKR 8.331 bn (EPS PKR 4.69) reported for the same period last year (SPLY), improvement of 25% year on year (YoY).

Net interest income (NII) remained flat on YoY basis in 9MCY21, with solid deposit growth offsetting the impact of reduction in the benchmark rate by the Central Bank to support businesses during the pandemic.

Non-markup income stood at PKR. 11.589 bn, up by 15.6%. This is mainly attributable to the increase in fee income (25% YoY), dividend income (65% YoY) and gain on derivatives.

Growth in fee income was on the back of exceptional home remittance and trade flows, combined credit and debit card spending, and strong growth in auto and home lending.

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