Staff Reporter
Abu Dhabi
The Board of Directors of Bank Alfalah Limited in its meeting held in Abu Dhabi, approved the Bank’s unaudited interim financial statements for the period ended September 30, 2019.
The Bank’s pre-tax profits grew by 16% from a year ago, amidst challenging operating environment. The Bank earned post-tax profit of Rs 9.242 Bn or Rs. 5.20 per share, up from a profit of Rs. 8.629 Bn or Rs. 4.87 per share despite Super Tax charge levied for 2017 through the mini budget in 2019.
Revenue was up by 29% from a year earlier. Higher spreads along with improved average deposits, rising average advances and effective balance sheet management have contributed to a strong rise in net interest income. Fee and commission income stood 12% higher than same period last year. Gain realized on government securities last year and bearish stock market sentiments during the first half of 2019 are the reasons behind lower capital gains and impairment charge.
