Bank Alfalah announces Rs6b profit

KARACHI:

Bank Alfalah exceeded market expectations on Thursday by posting a consolidated profit of Rs6 billion in January-September, up 45.1% from Rs4.2 billion in the same three quarters of 2014.

The increase in profitability is mainly on account of a massive rise in net interest income, which shot up by 36% over the nine-month period. Earnings growth in the third quarter of 2015 was 58% largely on the back of a 23% increase in net interest income.

“We attribute this increase in net interest income to strong growth in earning assets and major investments in long-term, high-yielding Pakistan Investment Bonds,” Topline Securities said in its commentary on the financial results. It expects Bank Alfalah to enjoy higher credit growth compared to the industry during the nine-month period.

Published in The Express Tribune, October 23^rd, 2015.

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