Bank Alfalah Kept Up Its Growth Trajectory in 2022 - Press Release issued by Bank Alfalah Limited.

Karachi -- February 03, 2023 (PPI-OT)

Following is the text of press release issued by Bank Alfalah Limited

Quote

The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on February 2, 2023, approved the Bank's financial results for the year ended December 31, 2022. The Bank posted a profit after-tax growth of 28.1% compared to last year, standing at Rs. 18.206 billion. This translates into earnings per share (EPS) of Rs. 10.27 (2021: Rs. 8.00).

The exceptional performance of our team in executing the strategy and diversified product suite, resulted in Bank Alfalah achieving an impressive deposit growth of 30.5% in 2022 which brought the deposit base to Rs. 1.487 trillion. The Bank's gross advances reached Rs. 765.693 billion, showing a growth of 9.5%. Despite challenging market fundamentals, the bank's credit performance was strong across all segments and products.

BAFL's non-performing loans ratio stood at 4.0% due to some prudent classifications whereas non-performing loans remain fully covered with coverage at 107.6%, including general provisions. Moreover, the Bank, in light of uncertain economic conditions, has taken a general provision against the high-risk and flood-impacted credit portfolio, which is economically vulnerable.

The Bank remains adequately capitalized with CAR at 13.83%, well above the regulatory requirement as of December 31, 2022. The Board of Directors has declared a final cash dividend of Rs. 2.5 per share (25%). This is in addition to an interim cash dividend of Rs. 2.5 (25%). Bank Alfalah has also been leading the way on the Corporate Social Responsibility front by embarking on a comprehensive program aimed at giving...