BAFL reports 47.4% YoY increase in quarterly profits

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By MG News | April 26, 2022 at 03:00 PM GMT+05:00

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April 26, 2022 (MLN): Bank Alfalah Limited (BAFL) has announced its financial results for the quarter ended on March 31, 2021, wherein the bank has posted a profit after tax of Rs5 billion (EPS: Rs2.83) i.e, 47.40% higher than net profits of Rs3.44bn (EPS: Rs1.92) reported in the corresponding period last year.

The profitability is mainly attributable to the increase in Net Interest Income (NII).

As per the financial statement issued by the bank to PSX, the bank’s NII jumped by 39.29% YoY to stand at Rs14.27bn, against Rs10.32bn in 1QCY22.

During the period under review, non-funded income (NFI) grew by 13.2% YoY to settle at Rs4.47bn on an account of a twofold jump in foreign exchange income, a substantial increase of 46.56% YoY in dividend income and a 3.056% YoY increase in fee and commission income.

On the taxation front, the bank paid Rs2.8bn, up by 40.74% YoY more taxes in 1QCY22, compared to Rs2bn in 1QCY21.

The major highlight is the massive increase in provisioning charges by 78.50% from Rs216mn to Rs385mn when compared to the same period last year.

 

Consolidated Financial Results for the quarter ended March 31, 2022 ('000 Rupees)

 

Mar-22

Mar-21

% Change

Mark-up/return/interest earned

35,952,161

21,389,307

68.08%

Mark-up/return/interest expensed

21,673,191

11,064,172

95.89%

Net mark-up/interest income

14,278,970

10,325,135

38.29%

Non mark-up/interest income

 

 

 

Fee and commission income

2,537,304

1,943,395

30.56%

Dividend income

 194,511

132,720

46.56%

Foreign exchange income

 1,430,821

 657,996

117.45%

Gain/(loss) from derivatives

 80,457

49,113

63.82%

Gain / (loss) on sale of securities

11,068

1,094,391

-

Share of profit from associates

61,268

38,345

59.78%

Other income

160,787

38,127

321.71%

Total non-mark-up/interest income

 4,476,216

3,954,087

13.20%

Total income

18,755,186

14,279,222

31.35%

Non mark-up/interest expenses

 

 

 

Operating expenses

10,341,028

8,509,541

21.52%

Workers welfare fund

160,162

109,584

46.15%

Other charges

1,803

6,535

-72.41%

Total non-mark-up/interest expenses

 10,502,993

8,625,660

21.76%

Profit before provisions

8,252,193

5,653,562

45.96%

Provisions and write offs - net

385,859

 216,168

78.50%

Extra-ordinary/ unusual items

  -  

 -  

 

Profit before taxation

7,866,334

5,437,394

44.67%

Taxation

2,836,174

2,015,158

40.74%

Profit after taxation

5,030,160

                                      3,422,236

46.98%

Earnings per share - basic (rupees) - Restated

2.83

1.92

47.40%

 

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