BAFL reports a 17% decline in earnings for CY20

MG News | February 03, 2021 at 04:20 PM GMT+05:00

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February 3, 2020 (MLN): Bank Alfalah has reported a 17% decline in its earnings for the year ended December 31, 2020, from Rs. 13.03 billion (EPS: 7.35) to Rs. 10.84 billion (EPS: 6.1).

The Bank also announced a final cash dividend for the year at Rs. 2/- per share i.e. 20%. This is in addition to the Interim Cash Dividend already paid at Rs. 2/- per share i.e. 20%.

According to the financial report issued by the Bank, the company saw almost no change in its interest income, whereas the non-interest income grew by nearly 23% on account of higher foreign exchange income and gain on securities.

On the contrary, the operating expenses increased by 8.3% whereas non-core charges declined by a whopping 65%. Moreover, the provision charge showed a growth of 150.6% over the year.

Consolidated Financial Results for the Year Ended December 31, 2020 (Rupees'000)
	2020	2019	% Change
Mark-up/Return/Interest Earned	92,623,231	92,528,026	0.1%
Mark-up/Return/Interest Expensed	(47,928,757)	(47,627,878)	0.6%
Net Mark-up/Interest Income	44,694,474	44,900,148	-0.5%
NON-MARK-UP/INTEREST INCOME
Fee and Commission Income	6,786,997	7,115,022	-4.6%
Dividend Income	313,526	339,149	-7.6%
Foreign Exchange Income	3,398,242	2,826,363	20.2%
Loss from derivatives	(21,366)	(68,293)	-68.7%
Gain on securities	2,285,043	65,461	3390.7%
Share of profit from associates	612,617	547,198	12.0%
Other income	170,731	199,359	-14.4%
Total non-markup/Interest Income	13,545,790	11,024,259	22.9%
Total Income	58,240,264	55,924,407	4.1%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	(31,618,668)	(29,203,218)	8.3%
Workers Welfare Fund	(494,432)	(507,668)	-2.6%
Other charges	(94,741)	(269,503)	-64.8%
Total non-markup/interest expenses	(32,207,841)	(29,980,389)	7.4%
Profit Before Provisions	26,032,423	25,944,018	0.3%
Provisions and write-offs-net	(7,589,269)	(3,028,585)	150.6%
Extra ordinary / unusual items
PROFIT BEFORE TAXATION	18,443,154	22,915,433	-19.5%
Taxation	(7,599,914)	(9,883,626)	-23.1%
PROFIT AFTER TAXATION	10,843,240	13,031,807	-16.8%
Basic and Diluted Earnings per share	6.1	7.35	-17.0%

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