Bank Alfalah achieves 10.47% profit growth in 2024

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MG News | January 30, 2025 at 02:14 PM GMT+05:00

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January 30, 2025 (MLN): Bank Alfalah Limited (PSX: BAFL) has posted earnings for the year ended December 31, 2024, with a profit after tax of Rs39.86 billion (EPS: Rs24.30), representing a 10.47% increase compared to last year's profit of Rs36.09bn (EPS: Rs23.12).

The company has declared a final cash dividend of Rs2.5 per share, representing 25%, for the year ended December 31, 2024.

This is in addition to the three interim cash dividends of 20% each, bringing the total dividend payout to 85% for the year.

The increase in profit is largely attributed to a rise in the bank's Net Mark-up/Interest Income (NII), which grew by 0.66% to Rs126.78bn from Rs125.95bn in 2023.

This marginal increase in NII was driven by an increase in interest-earning assets, with mark-up/return/interest earned rising by 23.09% to Rs507.12bn, compared to Rs412.01bn in the previous year.

In terms of Non-Mark-up/Interest Income (NMI), the bank saw a remarkable 48.71% YoY increase, reaching Rs45.78bn, up from Rs30.78bn in 2023.

This growth was primarily driven by a substantial rise in Fee and Commission Income (up 9.15% to Rs17.96bn), Dividend Income (up 29.83% to Rs1.33bn), and an extraordinary gain of 4640.99% in Securities (Rs14.02bn).

However, the Share of Profit from Associates saw a decline of 27.07% to Rs1.23bn compared to the previous year.

On the expense side, Total Non-Mark-up/Interest Expenses increased by 28.62% to Rs87.04bn, up from Rs67.67bn in the previous year.

The increase was largely attributed to a 29.60% rise in Operating Expenses, which stood at Rs85.12bn, compared to Rs65.68bn in 2023.

The bank also incurred a provision expense of Rs271.23mn during the review period, in stark contrast to Rs10.32bn in provisions last year.

On the taxation front, Bank Alfalah paid Rs45.38bn in taxes, which is a 6.41% increase compared to the Rs42.65bn paid last year.

Consolidated Financial Results for the year ended December 31, 2024 ('000 Rupees)
  Dec-24 Dec-23 % Change
Mark-up/return/interest earned 507,120,276 412,005,030 23.09%
Mark-up/return/interest expensed 380,338,339 286,053,140 32.96%
Net mark-up/interest income 126,781,937 125,951,890 0.66%
Non mark-up/interest income      
Fee and commission income 17,959,812 16,454,744 9.15%
Dividend income 1,328,035 1,022,878 29.83%
Foreign exchange income 9,545,077 9,222,689 3.50%
Gain/(loss) from derivatives 1,368,096 1,760,669  
Gain on sale of securities 14,021,158 295,743 4640.99%
Share of profit from associates 1,232,883 1,690,573 -27.07%
Other income 320,195 333,846 -4.09%
Total non-mark-up/interest income 45,775,256 30,781,142 48.71%
Total income 172,557,193 156,733,032 10.10%
Non mark-up/interest expenses      
Operating expenses 85,119,044 65,676,322 29.60%
Workers welfare fund 1,697,014 1,714,807 -1.04%
Other charges 222,567 279,412 -20.34%
Total non-mark-up/interest expenses 87,038,625 67,670,541 28.62%
Profit before provisions 85,518,568 89,062,491 -3.98%
Provisions and write offs - net 271,228 10,324,754  
Extra-ordinary/ unusual items                        -                                   -    
Profit before taxation 85,247,340 78,737,737 8.27%
Taxation 45,384,044 42,651,377 6.41%
Profit after taxation 39,863,296 36,086,360 10.47%
Earnings per share - basic (rupees) - Restated 24.30 23.12 5.10%

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