Corporate Corner: Bank Alfalah posts Rs6.266b profit

KARACHI: Bank Alfalah posted profit-after-tax of Rs6.266 billion for the nine-month period ended September 30, 2016, up 4% against the corresponding period last year. The Bank’s earnings per share were reported at Rs3.93 as against Rs3.80 for the corresponding prior period. The bank’s net mark-up income after provisions was reported at Rs21.352 billion, up 7% over the corresponding period of last year. Profit before taxation was reported at 10.621 Billion, improving by 3%. The bank’s YoY net interest income levels increased 2% while operating expenses saw a growth of 7%. In line with the Bank’s strategy to focus on reducing its cost of funds, the Bank has taken steps to reduce high cost deposits, and at the same time improve the composition of CASA deposits in its deposit base.

Published in The Express Tribune, October 30^th, 2016.

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