Bank Alfalah deposits register 14 percent growth

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Bank Alfalah has announced strong financial results for the year 2012, demonstrating growth in earnings, as well as the Bank's balance sheet base.

The Bank's asset base rose to Rs 536.467 billion in 2012, from Rs 468.174 billion at year-end 2011, further solidifying the Bank's financial position. The Bank's deposits registered a growth of 14 percent, ending up at Rs 457.119 billion at the year end.

A consistent growth of over 30 percent was reflected in the profit after taxation figure, which was posted at Rs 4,556.121 million for the year 2012, compared to Rs 3,503.130 million earned during the year 2011. Profit before taxation was reported at Rs 6,783.202 million for the year 2012, exceeding profit before taxation earned for the full year 2011 by 25%. Growth in revenue of 7 percent was reported with revenue standing at Rs 53,361 million for the year 2012 and non-fund based income registering a year on year growth of 36 percent.

The Bank's NPLs to gross loans ratio stands at 9 percent, reflecting a better position vis-a-vis that of peer banks as well as the industry infection ratio. Whilst maintaining a low NPL ratio compared to the industry average, adequate provisioning has been maintained against the classified portfolio.

Atif Bajwa, Bank Alfalah's Chief Executive Officer, said, "2012 was a year when the Bank achieved growth amidst a challenging economic environment and whilst undergoing a period of transformation. With a consistent performance over the year 2012, the Bank reported earnings per share of Rs 3.38 for the full year 2012, improving from Rs 2.60 reported for the full year 2011. The Board of Directors in their meeting held on March 03rd, 2013 recommended a cash dividend of 20 percent, subject to approval of shareholders in the forthcoming AGM.

Courtesy: Business Recorder

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