Bank Alfalah's core fee, forex income move up in yoy in 3q19.

Byline: S. Kamal Hayder Kazmi

Presently, Bank Alfalah Limited in Pakistan holds dual regions of focus developing digital channels, payment products - migration of mothership customers to digital banking. Since the launch of digital banking in January 2019 greater than 30 new products and services have been introduced across all business verticals of digital lending, channels, payments products resulting in acquisition of 700 K+ new to bank customers. The company's statistics showed that Bank Alfalah is the fifth largest private bank in the country with a network of over 600 branches in greater than 200 cities across Pakistan with an international presence in Bangladesh, Afghanistan, Bahrain and a representative office in the UAE.

The Bank is owned and operated by the Abu Dhabi Group. The International Finance Corporation (IFC) of the World Bank partnered with the Bank in 2014, and holds a 15 percent stake in Bank Alfalah. The management of the Bank offers financial solutions to consumers, corporations, institutions and governments through a broad spectrum of products and services, counting corporate and investment banking, consumer banking and credit, securities brokerage, commercial, SME, agri-finance, Islamic and asset financing.

Sources mentioned that Bank Alfalah was first commercial bank to launch Open App based on global trends of open apps the likes of Ali Express, Amazon, Booking com Expedia, PAYTM etc. The Bank introduced the country's first bank agnostic cash deposit machine, which allows customers to deposit money into all bank accounts of Pakistan. It was introduced Pakistan's first digital overdraft facility along with other instant digital lending facilities like (Personal Loan, e- Commerce Loan Merchant Financing). In order to increase payments lifestyle App positioning of Alfa, various features are launched such as (Food ordering, movie travel tickets, hotel booking etc.

Bank Alfalah is the first bank in Pakistan to launch P2P Chat features in the Alfa App for customers. The management also focuses the financial performance of the Bank as the net interest income (NII) grew 48 percent YoY in 3Q19 because of higher NIMs and average earning assets. Non interest income declined YoY because of capital gains booked on PIBs previous year against. losses realized on equities in 3Q19. In the corporate briefing report by the Bank Alfalah, statistics showed that core fee income depicts growth of 12 percent YoY, while forex income is up...