Bank Alfalah Records over Rs.10 billion and a Positive Operating Leverage in 2018!
The Board of Directors of Bank Alfalah in their meeting held in Abu Dhabi on 21st February 2019, approved the Bank's audited financial statements for the year ended December 31st 2018.
The Bank recorded profit after taxation of Rs.10.625 billion, for the year ended December 31st 2018, higher by 27% in comparison to 2017.
The performance was largely driven by growth in its core business operations with revenue growth of 9.8% and operating expenses reduction by 2.4% versus last year. Net interest income grew by 9.0%, or Rs.2.615 billion, totaling Rs.31.591 billion, as a result of earning asset growth and better spreads. The Bank was able to overcome the pressure on net interest income (NII) due to the maturities of high yielding bonds and lagged re-pricing impact of asset book in rising interest rate scenario. The cost of deposits increased by 40 bps as compared to corresponding period last year, despite the policy rate increase of 425 bps over the course of the period.
Non Fund Based Income growth was supported by foreign exchange gains which increased significantly by Rs.726 million, or 50%, as a result of exchange rate volatility, over the period, which were capitalized by the Bank. Fees and commission income was reported at 6.292 billion, improving by 5 per cent year on year. Net gains on securities, mainly from government securities and equities, reported at Rs.993 million, declined by 13% mainly due to bearish capital market sentiments.
Despite taking an impact of branch expansion and investment in IT infrastructure, digital channels, deposit protection premium along with inflationary adjustments and PKR devaluation at the latter part of the year total operating expenses were reported at Rs.24.365 billion as against to Rs.24.964 billion last year, declining by 2.4%. This is reflective of a strict culture of cost discipline which has been enforced across the bank and payback of restructuring done. Excluding the one-offs in 2017 and 2018, the operating expenses remained flat.
The bank's profit from discontinuing operation has increased...
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