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Bank Alfalah’s bottom-line gains up by 21 percent

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October 26, 2018 (MLN): Bank Alfalah Limited (BAFL)’s cumulative consolidated profits by the third quarter ended September 30, 2018 have gone up by nearly 21% over the corresponding period of last year.

The company’s financial earnings report for the period shows that its net mark-up/interest income after provisions grew by 5% or Rs.1.2 billion over the 3 quarters.

Meanwhile, as income from dealing in foreign currencies rose by 70% (Rs.578 million) and Rs.269 million drop in administrative income weighed down total non-mark-up/interest further, BAFL’s overall profit for the period witnessed significant growth.

After accounting for the tax expenses, Bank Alfalah’s profits rose from Rs.7.4 billion to Rs.8.9 billion, up by Rs.1.5 billion.

Apart from this, the company’s basic earnings per share have increased from Rs.4.53 per share to Rs.5.49 per share.

Consolidated Financial Results for the nine months ended September 2018 ('000 Rupees)

 

Sep-18

Sep-17

% Change

Mark-up/return/interest earned

                                42,906,629

                               41,970,717

2.23%

Mark-up/return/interest expensed

                                19,665,874

                               19,808,266

-0.72%

Net mark-up/interest income

                                23,240,755

                               22,162,451

4.87%

(Reversal)/ provisions against non-performing loans and advances – net

                                   (549,999)

                                  (645,056)

-14.74%

Provision for diminution in value of investments – net

                                      (72,984)

                                     109,112

 

Bad debts written off directly

                                                 –  

                                                –  

 

Net mark-up/interest income after provisions

                                23,863,738

                               22,698,395

5.13%

Non mark-up/interest income

 

 

 

Fee, commission and brokerage income

                                  5,041,613

                                 4,877,992

3.35%

Dividend income

                                      246,292

                                     270,174

-8.84%

Income from dealing in foreign currencies

                                  1,403,093

                                     825,402

69.99%

Gain on sale of securities – net

                                  1,421,051

                                 1,510,216

-5.90%

Unrealized (loss)/gain on revaluation of investments classified as held for trading – net

                                      (54,032)

                                     (10,478)

415.67%

Share of profit for associates

                                      472,044

                                     388,497

21.51%

Other income

                                      367,572

                                     278,910

69.25%

Total non-mark-up/interest income

                                  8,897,633

                                 8,140,713

9.30%

Non mark-up/interest expenses

 

 

 

Administrative expenses

                                17,912,557

                               18,181,676

-1.48%

Provision /(reversal) against off-balance sheet obligations

                                          4,103

                                       (7,782)

 

Provision/(reversal) against other assets

                                   (182,115)

                                     (12,594)

1346.05%

Other charges

                                      302,050

                                     263,911

14.45%

Total non-mark-up/interest expenses

                                18,036,595

                               18,425,211

-2.11%

Extra-ordinary/ unusual items

                                                 –  

                                                –  

 

Profit before taxation

                                14,724,776

                               12,413,897

18.62%

Taxation

                                  5,812,749

                                 5,046,914

15.17%

Profit after taxation

                                  8,912,027

                                 7,366,983

20.97%

Earnings per share – basic (rupees)

                                             5.49

                                            4.53

21.19%

 

 

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Posted on: 2018-10-26T10:47:00+05:00

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