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

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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Posted on: 2021-10-25T11:11:55+05:00

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