BAFL posts 27.23% higher net profits in year 2022

MG News | February 02, 2023 at 03:05 PM GMT+05:00

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February 02, 2023 (MLN): Bank Alfalah Limited (BAFL) announced its financial results for the year ended December 31, 2022, reporting a net profit of Rs18.39 billion, a YoY increase of 27.23%.

This resulted in earnings per share of Rs10.38, a 27.83% increase compared to the previous year.

The board of directors also declared a final cash dividend of Rs 2.5 per share, in addition to the interim cash dividend already paid, bringing the total dividend to 50%.

The bank saw a 67.02% increase in its net interest income to Rs77.27 billion, driven by a 113.07% YoY increase in interest-earning.

Non-markup income also rose by 85.24% YoY to Rs325.97 million, due to a 123.32% YoY increase in foreign exchange income and a 121.68% increase in dividend income.

Non-markup interest expense increased by 37.15% to Rs50.83 billion during the review period, while provisioning and write-offs amounted to Rs12.47 billion.

The bank paid Rs18.28 billion in taxes, a 93.52% increase compared to the previous year.

Profit and Loss Account for the year ended December 31, 2022 (Rupees in '000)
	December 2022	December 2021	% Change
Mark-up/return/interest earned	213,949,738	100,411,841	113.07%
Mark-up/return/interest expensed	136,679,191	54,148,073	152.42%
Net mark-up/return/interest income	77,270,547	46,263,768	67.02%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	11,231,877	8,303,445	35.27%
Dividend income	1,091,320	492,297	121.68%
Foreign exchange income	9,218,628	4,127,984	123.32%
Gain from derivatives	331,578	200,776	65.15%
Gain / (loss) on securities – net	-162,659	3,143,609	-105.17%
Other income	669,831	573,254	16.85%
Total non-mark-up/interest income	325,971	175,973	85.24%
Total Income	99,977,093	63,281,106	57.99%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	49,897,939	36,538,606	36.56%
Worker’s welfare fund	907,442	498,436	82.06%
Other charges	27,178	25520	6.50%
Total non-mark-up/interest expenses	50,832,559	37,062,562	37.15%
Profit before provisions	36,677,401	26,218,544	39.89%
Provisions and write offs – net	12,467,133	2,311,856	439.27%
Profit before taxation	36,677,401	23,906,688	53.42%
Taxation	18,279,937	9,446,220	93.52%
Profit after taxation	18,397,464	14,460,468	27.23%
Earnings per share – Basic and Diluted (in Rupees)	10.38	8.12	27.83%

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