BAFL registers a 24% YoY increase in profits during 9MCY21

MG News | October 25, 2021 at 11:11 AM GMT+05:00

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October 25, 2021 (MLN): Bank Alfalah Limited (BAFL) has announced its financial results for the nine months ended on September 30, 2021, wherein the bank has posted a profit after tax of Rs10.75 billion (EPS: Rs 6.03) i.e, 24% higher than net profits of Rs8.66bn (EPS: Rs 4.87) reported in the corresponding period last year.

The profitability is mainly attributable to the increase in NFI and lower provision expense.

As per the financial statement issued by the bank to PSX, the bank’s net interest income went down by 1.67% YoY to stand at Rs33.89bn, against Rs34.46bn in 9MCY20.

During the period under review, non-funded income (NFI) grew by 15.42% YoY to settle at Rs12.31bn on an account of a substantial increase of 76% YoY in dividend income and a 25.48% YoY increase in fee and commission income.

On the taxation front, the bank paid 11.75% more taxes in 9MCY21, compared to Rs6.91bn in 9MCY20.

The major highlight is the massive decline in provisioning charges by 77.40% from Rs6.28bn to Rs1.42bn when compared to the same period last year, supporting the bottom line of the statement.

Consolidated Financial Results for the nine months ended September 30, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Mark-up/return/interest earned	71,670,190	71,741,314	-0.10%
Mark-up/return/interest expensed	37,783,379	37,280,646	1.35%
Net mark-up/interest income	33,886,811	34,460,668	-1.67%
Non mark-up/interest income
Fee and commission income	6,209,138	4,948,377	25.48%
Dividend income	368,189	209,193	76.00%
Foreign exchange income	2,796,323	2,762,357	1.23%
Gain/(loss) from derivatives	74,162	(59,636)	-224.36%
Gain / (loss) on sale of securities	2,224,795	2,185,561	-
Share of profit from associates	531,162	527,075	0.78%
Other income	104,274	91,128	14.43%
Total non-mark-up/interest income	12,308,043	10,664,055	15.42%
Total income	46,194,854	45,124,723	2.37%
Non mark-up/interest expenses
Operating expenses	26,745,856	23,509,281	13.77%
Workers welfare fund	353,349	406,124	-12.99%
Other charges	24,024	87,667	-72.60%
Total non-mark-up/interest expenses	27,123,229	24,003,072	13.00%
Profit before provisions	19,071,625	21,121,651	-9.71%
Provisions and write offs - net	1,419,163	6,278,815	-77.40%
Extra-ordinary/ unusual items	-	-
Profit before taxation	17,652,462	14,842,836	18.93%
Taxation	6,906,231	6,180,146	11.75%
Profit after taxation	10,746,231	8,662,690	24.05%
Earnings per share - basic (rupees) - Restated	6.03	4.87	23.82%

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