Bank Alfalah achieves 10.47% profit growth in 2024

By MG News | January 30, 2025 at 02:14 PM GMT+05:00
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% |
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 133,792.52 172.35M |
1.40% 1843.45 |
ALLSHR | 83,084.86 423.90M |
1.24% 1015.60 |
KSE30 | 40,876.98 50.91M |
1.21% 489.22 |
KMI30 | 192,376.22 56.33M |
0.52% 999.40 |
KMIALLSHR | 55,726.10 222.24M |
0.96% 532.13 |
BKTi | 36,888.69 23.81M |
2.96% 1060.45 |
OGTi | 28,419.49 2.05M |
-0.09% -26.86 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 109,610.00 | 110,525.00 107,865.00 |
-805.00 -0.73% |
BRENT CRUDE | 68.04 | 68.12 67.22 |
-0.26 -0.38% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
0.75 0.78% |
ROTTERDAM COAL MONTHLY | 106.00 | 106.00 105.85 |
-2.20 -2.03% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 66.29 | 67.18 65.40 |
-0.71 -1.06% |
SUGAR #11 WORLD | 16.37 | 16.40 15.44 |
0.79 5.07% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|