Bank Alfalah registers a 9% YoY fall in profits during 9MCY20

MG News | October 21, 2020 at 02:55 PM GMT+05:00

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October 21, 2020 (MLN): Bank Alfalah Limited (BAFL) has announced its financial results for the nine months ended on September 30, 2020 wherein the bank has posted a profit after tax of Rs 8.66 billion (EPS: Rs 4.87) i.e. around 9 % lower than net profits of Rs 9.48 billion (EPS: Rs 5.35) reported in the corresponding period last year.

Alongside financial results, the Board of Directors of the bank announced an interim cash dividend for the 3^rd quarter and Nine months period ended September 30, 2020 at Rs 2 per share i.e. 20%.

As per the financial statement issued by the bank to PSX, the bank’s net interest income went up by 3.38% YoY which is slightly lesser than expected as interest expenses increased by 12.53% YoY.

During the period under review, despite a reduction in fee income, non-funded income (NFI) showed a remarkable growth of 41% YoY on an account of a substantial increase of 41% YoY in FX income, capital gains of Rs 2.18 billion in 9MCY20 along with a 34% YoY increase in the share of profits from associates.

The major highlight is massive provisioning charges which showed a three-fold increase from Rs 2.012 billion to Rs 6.278 billion when compared to the same period last year, denting the financial health of the bank.

Consolidated Financial Results for the nine months ended September 30, 2020 ('000 Rupees)
	Sep-20	Sep-19	% Change
Mark-up/return/interest earned	71,741,314	66,464,738	7.94%
Mark-up/return/interest expensed	37,280,646	33,129,999	12.53%
Net mark-up/interest income	34,460,668	33,334,739	3.38%
Non-mark-up/interest income
Fee and commission income	4,948,377	5,291,578	-6.49%
Dividend income	209,193	250,645	-16.54%
Foreign exchange income	2,762,357	1,955,256	41.28%
Gain/(loss) from derivatives	(59,636)	(62,305)	-4.28%
Gain / (loss) on sale of securities	2,185,561	(436,665)	-
Share of profit from associates	527,075	391,955	34.47%
Other income	91,128	157,426	-42.11%
Total non-mark-up/interest income	10,664,055	7,547,890	41.29%
Total income	45,124,723	40,882,629	10.38%
Non-mark-up/interest expenses
Operating expenses	23,509,281	21,444,894	9.63%
Workers welfare fund	406,124	379,847	6.92%
Other charges	87,667	171,644	-48.93%
Total non-mark-up/interest expenses	24,003,072	21,996,385	9.12%
Profit before provisions	21,121,651	18,886,244	11.84%
Provisions and write offs - net	6,278,815	2,012,435	212.00%
Extra-ordinary/ unusual items	-	-
Profit before taxation	14,842,836	16,873,809	-12.04%
Taxation	6,180,146	7,392,594	-16.40%
Profit after taxation	8,662,690	9,481,215	-8.63%
Earnings per share - basic (rupees) - Restated	4.87	5.35	-8.97%

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