Bank Alfalah pronounces 27% rise in annual profits

MG News | February 22, 2019 at 09:41 AM GMT+05:00

0:00

February 20, 2019 (MLN): Bank Alfalah Limited (BAFL) has reported its annual net income for the year 2018 at Rs.10.99 billion (EPS: Rs.5.93) marking a noticeable increment of 27.6% over the year.

The Bank has also announced a Final Cash Dividend at Rs.1.5 per share i.e. 15%, in addition to the Interim Cash Dividend already paid by the Bank at Rs.1 per share, i.e. 10% and Interim Bonus Shares already issued at 10%.

Consolidated Financial Results for the year ended December 2018 ('000 Rupees)
	Dec-18	Dec-17	% Change
Mark-up/return/interest earned	59,323,522	56,183,376	5.59%
Mark-up/return/interest expensed	27,732,785	27,199,914	1.96%
Net mark-up/interest income	31,590,737	28,983,462	9.00%
Non mark-up/interest income
Fee and commission income	6,795,955	6,543,078	3.86%
Dividend income	357,296	461,125	-22.52%
Foreign exchange income	2,168,533	1,442,886	50.29%
Income/(loss) from derivatives	(20,542)	(58,908)	-65.13%
Gain/ (loss) on securities - net	992,335	854,425	16.14%
Share of profit for associates	646,093	434,834	48.58%
Other income	194,143	84,647	129.36%
Total non-mark-up/interest income	11,133,813	9,762,087	14.05%
Total income	42,724,550	38,745,549	10.27%
Non mark-up/interest expenses
Operating expenses	24,372,994	24,994,550	-2.49%
Workers Welfare Fund	396,390	263,697	50.32%
Other charges	6,430	32,727	-80.35%
Total non-mark-up/interest expenses	24,775,814	25,290,974	-2.04%
Profit before provisions	17,948,736	13,454,575	33.40%
Provisions and write offs - net	545,334	(616,495)	-188.46%
Extra-ordinary/ unusual items	-	-
Profit before taxation from continuing operations	17,403,402	14,071,070	23.68%
Taxation	6,887,079	5,658,330	21.72%
Profit after taxation from continuing operations	10,516,323	8,412,740	25.00%
Discontinuing operations
Profit after tax from discontinued operations	474,952	201,064	136.22%
Profit for the year	10,991,275	8,613,804	27.60%
Earnings per share - basic (rupees)	5.93	4.76	24.58%

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