Bank Alfalah saw its consolidated profit jump to Rs13.3 billion during the quarter ended September 30, 2024, which is over 50% higher than its earnings in the same period of the previous year.
The increase in profit-after-tax (PAT) is attributed to much higher non-markup income amid a jump in commission income and massive gains on securities.
As per the financial statements shared with the Pakistan Stock Exchange (PSX) on Thursday, the bank reported earnings per share (EPS) of Rs8.43 compared to Rs5.61 in the same period last year.
The Board of Directors (BoD) of the bank announced the third interim cash dividend for the quarter ended 30th September 2024 at the rate of Rs2 per share i.e. 20%. This is in addition to the two interim cash dividends already paid at Rs2 per share i.e. 20%, cumulative 60%, for the month period ended 30th September 2024.
The net interest income of Bank Alfalah increased marginally to Rs33.82 billion in 3QCY24, a gain of 6% from a year ago, as compared to Rs31.77 billion registered in SPLY.
On the other hand, the non-interest income of the bank registered a growth of over 120% on a year-on-year basis. Non-interest income amounted to Rs13.45 billion, as compared to Rs6.11 billion registered in SPLY.
Bank Alfalah’s profit jumps 53% in 2QCY24, clocks in at Rs12bn
In 3QCY24, BAFL generated Rs4.06 billion in fee and commission income, up 2% compared to last year. Meanwhile, the bank registered massive gains to the tune of Rs6.23 billion compared to the loss of Rs1.55 billion in the July-September quarter of 2023.
During the quarter, Bank Alfalah made a total income of Rs47.27 billion, translating into a 25% increase over the earnings recorded in SPLY.
Bank Alfalah’s saw its non-mark-up expenses rise to Rs20.74 billion in 3QCY24, as compared to Rs16.39 billion in SPLY, a jump of 27% YoY. Its operating expenses, which jumped from Rs16 billion to Rs20.3 billion, were a major reason behind the higher non-markup expenses going up.
The bank’s profit before tax clocked in at Rs26.1 billion in 3QCY24, an increase of over 50%.
The tax expense of Bank Alfalah increased 51% year-on-year to Rs12.8 billion in 3QCY24, in comparison to Rs8.5 billion in SPLY.
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