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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