Bank Alfalah's bottom-line gains slip by 3%

By MG News | April 26, 2019 at 11:58 AM GMT+05:00

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April 26, 2019 (MLN): Bank Alfalah Limited has reported its quarterly consolidated profit at a worth of Rs.3.2 billion (EPS: RS.1.79) which when compared to the same period last year, is a comparatively small slip of Rs.94 million.

The bank’s total income (Rs.13.6 billion) expanded by over 29% over the year, mostly on the back of 47% higher net interest income (Rs.11.2 billion, higher by Rs.3.6 billion).

According to JS Global Capital Limited’s result review written by Ms. Amreen Soorani, the overall non-interest income (Rs.2.5 billion) declined by 17% due to higher capital gains booked during last year’s first quarter (1QCY18).

BAFL’s total non-interest expenses (Rs.6.9 billion) grew by nearly 16% over the year, on account of substantial rise is operating expenses (Rs.6.8 billion, up by Rs.900 million), which JS Global believes the bank observed on account of new initiatives

Financial Results for the quarter ended March 31, 2019 ('000 Rupees)
	Mar-19	Mar-18	% Change
Mark-up/return/interest earned	20,757,222	14,268,670	45.47%
Mark-up/return/interest expensed	9,596,662	6,715,726	42.90%
Net mark-up/interest income	11,160,560	7,552,944	47.76%
Non mark-up/interest income
Fee and commission income	1,793,211	1,657,696	8.17%
Dividend income	75,786	87,937	-13.82%
Foreign exchange income	477,970	412,926	15.75%
Gain from derivatives	3,403	19,553	-82.60%
Gain / (loss) on sale of securities	(25,384)	750,444
Share of profit for associates	58,585	7,725	658.38%
Other income	77,107	24,919	209.43%
Total non-mark-up/interest income	2,460,678	2,961,200	-16.90%
Total income	13,621,238	10,514,144	29.55%
Non mark-up/interest expenses
Operating expenses	6,802,888	5,902,539	15.25%
Workers welfare fund	131,952	80,057	64.82%
Other charges	1,427	871	63.83%
Total non-mark-up/interest expenses	6,936,267	5,983,467	15.92%
Profit before provisions	6,684,971	4,530,677	47.55%
Provisions and write offs - net	446,076	(599,998)
Extra-ordinary/ unusual items	-	-
Profit before taxation	6,238,895	5,130,675	21.60%
Taxation	3,038,893	1,836,596	65.46%
Profit after taxation	3,200,002	3,294,079	-2.86%
Earnings per share - basic (rupees)	1.79	1.85	-3.24%

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