The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on April 26, 2022, revealed BAFL’s financial results for the quarter ended March 31, 2022. The Bank’s impressive performance for 2022 is an endorsement of its customer centricity and product innovation driven by the growth strategy.
The growth trajectory continued in the first quarter of 2022. The Bank declared record profit after tax of 5.019 billion, showing a double digit growth of 45% YoY, that translated into an EPS of Rs. 2.82 (SPLY: Rs. 1.95). This is one of the highest growth in profit after tax for Q1 across the industry, and is the testament that Bank Alfalah is maintaining its competitive position in the industry.
During the period under review, the Bank’s revenue increased by 31.9% backed by strong net interest income and non-interest income growth. The Bank’s net interest margins improved year on year as a result of well thought out, focused and prudent ALM strategy, along with strong deposits growth. The growth continued the upward trajectory with a growth momentum in home remittance business and trade flows, increase in market share, higher debit and credit card spend.
Non-markup expenses were 21.6% higher compared to the same period last year. This surge was driven by the full year impact of new branches opened last year along with expenses attributable to new initiatives.
