BAFL sees 29% decline in quarterly profit after tax
MG News | April 17, 2025 at 02:29 PM GMT+05:00
April 17, 2025 (MLN): Bank Alfalah Limited (PSX: BAFL) has reported its financial results for the quarter ended March 31, 2025, reporting a Profit After Tax (PAT) of Rs7.07 billion (EPS: Rs4.49), reflecting a decline of 28.70% compared to Rs9.92bn (EPS: Rs6.31) in the same period last year.
The bank has declared an interim cash dividend at the rate of Rs. 2.5 per share, i.e., 25%.
The drop in profit is primarily due to a significant increase in non-mark-up/interest expenses, which rose 37.97% YoY to Rs27.57bn from Rs19.98bn in Q1 2025.
This increase was largely driven by a 40.39% jump in operating expenses, which stood at Rs27.16bn, up from Rs19.35bn.
On the income side, the bank’s Net Mark-up/Interest Income (NII) grew modestly by 6.34% to Rs33.24bn, compared to Rs31.26bn in Q1 2025.
This was supported by a 26.78% decrease in interest earned, which was offset by a sharper 37.28% reduction in interest expenses.
In terms of Non-Mark-up/Interest Income (NMI), the bank recorded a healthy 13.83% YoY growth, reaching Rs9.46bn, up from Rs8.31bn in the same period last year.
This was mainly driven by strong gains in Other Income (up 1104.12%), Income from Derivatives (up 102.51%), and Dividend Income (up 195.83%).
Additionally, the bank saw a notable 845.71% increase in Gain on Securities.
However, Fee and Commission Income declined by 23.60% to Rs3.66bn, and Foreign Exchange Income fell by 5.52% to Rs2.14bn.
The Share of Profit from Associates also registered a minor dip of 7.18%.
The bank booked a provision expense of Rs467.75m compared to Rs206.79m last year, representing a 126.19% increase.
Taxation decreased by 13.63% YoY to Rs8.53bn from Rs9.88bn in Q1 2025.
| Consolidated Condensed Interim Statement of Profit and Loss (Un-audited) (Rupees in '000) | |||
| Description | Mar-25 | Mar-24 | %Change |
| Mark-up / return / interest earned | 95,123,561 | 129,922,478 | -26.78% |
| Mark-up / return / interest expensed | (61,882,118) | (98,663,719) | -37.28% |
| Net mark-up / return / interest income | 33,241,443 | 31,258,759 | 6.34% |
| Non Mark-Up / Interest Income | |||
| Fee and commission income | 3,664,470 | 4,796,181 | -23.60% |
| Dividend income | 880,222 | 297,545 | 195.83% |
| Foreign exchange income | 2,143,675 | 2,268,840 | -5.52% |
| Income from derivatives | 1,102,480 | 544,412 | 102.51% |
| Gain on securities | 621,549 | 65,723 | 845.71% |
| Net gains / (loss) on derecognition of financial assets | |||
| Share of profit from associates | 255,144 | 274,893 | -7.18% |
| Other income | 795,536 | 66,068 | 1104.12% |
| Total non mark-up / interest income | 9,463,076 | 8,313,642 | 13.83% |
| Total Income | 42,704,519 | 39,572,401 | 7.91% |
| Non Mark-Up / Interest Expenses | |||
| Operating expenses | 27,161,486 | 19,346,678 | 40.39% |
| Workers’ welfare fund | 400,108 | 425,656 | -6.00% |
| Other charges | 5,901 | 208,643 | -97.17% |
| Total non mark-up / interest expenses | 27,567,495 | 19,980,977 | 37.97% |
| Profit before credit loss allowance / provisions | 15,137,024 | 19,591,424 | -22.74% |
| Reversal of credit loss allowance / provisions – net | (467,750) | (206,794) | 126.19% |
| Extraordinary / unusual items | |||
| Profit before taxation | 15,604,774 | 19,798,218 | -21.18% |
| Taxation | 8,532,085 | 9,878,731 | -13.63% |
| Profit after taxation | 7,072,689 | 9,919,487 | -28.70% |
| Profit / (Loss) Attributable To | |||
| Equity holders of the Holding Company | 7,075,644 | 9,945,989 | -28.86% |
| Basic and Diluted Earnings Per Share | 4.49 | 6.31 | -28.84% |
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