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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