Bank Alfalah posts PBT Rs 9.757 billion in 2011
KARACHI: Bank Alfalah Limited posted a profit before tax (PBT) of Rs 9.757 billion for the year ended December 31, 2011, as compared to Rs 5.603 billion in 2010, registering a significant improvement of 74 percent over the previous year.
The 20th Annual General Meeting of Bank chaired by Abdullah Khalil Ali Mutawa. He said Bank’s deposits grew by 13.34 percent to Rs 401.248 billion as compared to last year.
Total assets grew by 13.78 percent to Rs 468.174 billion while gross loans and advances remained stable, marked by a nominal decline of Rs 7 billion. There was a significant increase of 46.82 percent in net investments complimenting the overall shift of focus of the banking industry towards investments particularly in government securities.
The Islamic banking business recorded an increase of 47.48 percent in profit before tax to Rs 1,430.5 million from Rs 969.9 million in 2011 remaining the second largest Islamic Banking Network in Pakistan with 85 branches.
Bank Alfalah opened 20 new branches in 2011 taking the total number of branches to 406 spanning 158 cities, including 7 international branches in Afghanistan and Bangladesh and one off shore unit in Bahrain.
A 15.78 percent increase was recorded in shareholders’ equity which went up to Rs 22.84 billion from Rs 19.727 billion in 2010 and the Board of Directors have announced a cash dividend of 17.5 percent to all shareholders.
Atif Bajwa, Chief Executive Officer (CEO) of Bank Alfalah said, “ We attach prime significance to ensuring satisfaction of customers and taking care of their varying needs”.