The consolidated profit of Bank Alfalah increased by more than 50% to Rs13.3 billion in the quarter that ended on September 30, 2024, compared to the same period the year before.
In addition to a spike in commission revenue and significant profits on securities, the increase in profit-after-tax (PAT) is ascribed to much greater non-markup income.
According to the bank’s financial results released to the Pakistan Stock Exchange (PSX) on Thursday, its earnings per share (EPS) for the same time last year were Rs8.43 as opposed to Rs5.61.
For the quarter ending September 30, 2024, the bank’s Board of Directors (BoD) declared the third interim cash dividend at a rate of Rs2 per share, or 20%.
This is on top of the two interim cash dividends that were already paid out at Rs2 per share, or 20% and 60%, respectively, for the nine months that concluded on September 30, 2024.
In comparison to the Rs31.77 billion recorded in SPLY, Bank Alfalah’s net interest income climbed slightly to Rs33.82 billion in 3QCY24, a rise of 6% from the previous year.
However, on an annual basis, the bank’s non-interest revenue increased by more than 120 percent. Compared to the Rs6.11 billion reported in SPLY, the non-interest revenue was Rs13.45 billion.
BAFL’s fee and commission income in 3QCY24 was Rs4.06 billion, a 2% increase over the previous year. In the meantime, the bank saw enormous profits of Rs6.23 billion as opposed to a loss of Rs1.55 billion during the July–September quarter of 2023.
Bank Alfalah’s overall revenue for the quarter was Rs47.27 billion, which is a 25% increase over SPLY’s earnings.
