Our Correspondent Karachi
The Board of Directors of Bank Alfalah Limited in its meeting held on April 22, 2021, approved the Bank’s unaudited condensed interim financial statements for the quarter ended Mar 31, 2021.
The Bank posted profit after taxation of Rs. 3.471 billion which is 23% higher against Rs. 2.281 billion for the corresponding quarter last year.
The results reflect strong underlying performanceacross businesses, supportedby the improving economy.
Lower NPL charge also eased pressure onthe profitability of the Bank.Earnings Per Share (EPS) stood atRs. 1.95(Mar 2020: Rs. 1.59).
Asset quality remainedstrong, denoted bynon-performing loans ratioof 4.18% at end March 2021, marginally lower than December end. Absolute non-performing loansreduced by Rs. 506millionduring the first three months.
Revenue was marginally down from last year. The key reason being sharp decline of 625 bps in the discount rate leading to 12.3% drop in net markup income.
