BAFL declares dividend as profit surges 53% in Q2 CY24

News Image

By MG News | August 01, 2024 at 01:26 PM GMT+05:00

0:00

August 01, 2024 (MLN): Bank Alfalah Limited (PSX: BAFL) has revealed its financial statement today for the quarter year ended June 30, 2024, as per which the bank posted a profit worth Rs12 billion [EPS: Rs7.59], depicting a surge of 52.8% YoY, compared to Rs7.85bn [EPS: Rs4.57] in the same period last year (SPLY).

Along with the financial results, the board of directors of BAFL has also announced an interim cash dividend for the period ended June 30, 2024, at Rs2 per share i.e. 20%.

The income statement reveals that the bank witnessed a marginal drop of 1.9% in its net interest income (NII) to stand at Rs30.62bn.

This contrasts with the previous financials, where Net Interest Income (NII) was the primary source of profits. This quarter, NII has decreased due to monetary easing by the central bank.

However, BAFL was able to book higher profit due to a 52.9% YoY growth in Non-Markup Income (NMI) of Rs12.25bn in Q2 2024.

NMI spiked due to a significant rise in all subcomponents, including fee and commission income, foreign exchange income, and gains from derivatives.

The total non-interest expenses increased by 23.5% to Rs20.32bn in Q2 CY24 compared to Rs16.45bn in Q2 CY23.

The increase was attributed to the massive jump of 24.59% YoY in operating expenses.

Furthermore, the bank incurred a provision expense of Rs25.2m during the review period compared to the Rs4.48bn reversal in the corresponding period last year.

On the tax front, the bank paid Rs10.58bn, 12.86 higher than the amount paid in Q2 CY23.

Consolidated Financial Results for the quarter ended June 30, 2024 ('000 Rupees)
  Jun-24 Jun-23 % Change
Mark-up/return/interest earned 127,379,012 100,876,877 26.27%
Mark-up/return/interest expensed 96,754,088 69,658,030 38.90%
Net mark-up/interest income 30,624,924 31,218,847 -1.90%
Non mark-up/interest income      
Fee and commission income 4,990,357 3,589,534 39.03%
Dividend income 607,266 259,215 134.27%
Foreign exchange income 3,032,197 1,780,688 70.28%
Gain/(loss) from derivatives 829,102 789,708 4.99%
Gain /(loss) on sale of securities 2,299,293 65,192 -
Share of profit from associates 389,343 391,344 #REF!
Other income 104,857 68,577 -0.51%
Total non-mark-up/interest income 12,252,415 6,944,258 52.90%
Total income 42,877,339 38,163,105 12.35%
Non mark-up/interest expenses      
Operating expenses 19,822,984 15,910,099 24.59%
Workers welfare fund 494,288 415,477 18.97%
Other charges 872 125,988 -99.31%
Total non-mark-up/interest expenses 20,318,144 16,451,564 23.50%
Profit before provisions 22,559,195 21,711,541 3.90%
Credit loss allowance / provisions and write offs - net (25,199) 4,480,188 -100.56%
Extra-ordinary/ unusual items - - #DIV/0!
Profit before taxation 22,584,394 17,231,353 31.07%
Taxation 10,582,470 9,376,532 12.86%
Profit after taxation 12,001,924 7,854,821 52.80%
Earnings per share - basic (rupees) - Restated 7.59 4.97 -

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 132,576.99
161.03M
-0.62%
-826.20
ALLSHR 82,983.68
903.36M
-0.25%
-204.38
KSE30 40,358.80
56.86M
-0.72%
-292.66
KMI30 190,727.32
67.92M
-0.71%
-1356.60
KMIALLSHR 55,698.48
457.08M
-0.27%
-149.22
BKTi 36,242.06
11.15M
-0.50%
-180.82
OGTi 28,323.42
10.71M
-0.40%
-114.19
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,455.00 110,265.00
108,625.00
240.00
0.22%
BRENT CRUDE 70.29 70.71
69.61
0.14
0.20%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 108.00 109.00
107.95
0.90
0.84%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.54 68.94
67.70
0.21
0.31%
SUGAR #11 WORLD 16.54 16.61
16.08
0.41
2.54%

Chart of the Day


Latest News
July 09, 2025 at 05:27 PM GMT+05:00

Gold price in Pakistan falls Rs3,000 per tola


July 09, 2025 at 05:26 PM GMT+05:00

UBL crowned top performing Primary Dealer in FY25


July 09, 2025 at 05:11 PM GMT+05:00

SECP approves name change for Secure Logistics



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg