Bank Alfalah Achieves Remarkable Growth in Annual Performance

In a meeting on February 01, 2024, the Board of Directors of Bank Alfalah Limited (BAFL) approved the bank’s financial results for the fiscal year ending December 31, 2023.

Bank Alfalah exhibited outstanding performance in 2023, achieving significant milestones such as surpassing 1,000 branches and Rs. 2 Trillion in deposits, thereby enhancing its industry standing in terms of deposit base, total assets, and branch network.

The bank recorded a profit after tax of Rs. 36.456 billion, marking over a 100% growth compared to Rs. 18.206 billion the previous year, resulting in an earnings per share (EPS) of Rs. 23.12 (compared to Rs. 10.27 in 2022). This robust growth aligns with the bank’s strategic objectives. The Board of Directors declared a final cash dividend of Rs. 5.00 per share (50%), in addition to an interim cash dividend of Rs. 3.00 (30%). Deposits reached Rs. 2.085 trillion by December 31, 2023, indicating a 40.2% increase from the previous year.

This performance underscores the bank’s focus on enhancing its deposit base while prioritizing customer-centricity and offering a diverse product range to meet market demands.

Despite challenging market conditions, the bank maintained robust credit discipline with advances at Rs. 777.287 billion and sufficient provisions against non-performing loans, achieving coverage of 112.2%, including general provisions. With a capital adequacy ratio (CAR) of 16.74% as of December 31, 2023, well above regulatory requirements, the bank demonstrates sound capital management.

Bank Alfalah’s primary objective is to deliver exceptional services, expand market share, and broaden its reach, exemplified by the establishment of Pakistan’s first ‘Digital Lifestyle’ branch in 2023. Additionally, the bank is committed to making a positive impact on communities and ensuring sustainability, evident through its recognition with awards such as ‘Best Digital Banking’ by PBA and inclusion in the ‘Top 25 Companies’ by PSX.

Looking ahead, the bank aims to further enhance customer experience and capitalize on its core strengths, remaining adaptable, resilient, and committed to creating enduring shareholder value amidst evolving challenges, thereby ensuring sustained excellence.