Islamabad: The Board of Directors of Bank Alfalah Limited (BAFL) approved the Bank’s financial results for the year ended December 31, 2024, during its meeting on January 30, 2025.
The financial results reflect the Bank’s resilience and strategic agility, allowing it to maintain a strong market position despite economic challenges. Bank Alfalah reported a profit after tax of PKR 38.318 billion, with an Earnings Per Share (EPS) of PKR 24.30. The Board declared a final cash dividend of PKR 2.50 per share (25%), bringing the total cash dividend for the year to PKR 8.50 per share (85%).
Growth in Deposits and Advances
At the close of 2024, the Bank’s deposits reached PKR 2.137 trillion, driven by a strategic approach to tax planning and a focus on building low-cost deposits and average balances. Additionally, the Bank’s advances grew to PKR 1.156 trillion, marking a remarkable year-on-year increase of 48.8%, showcasing the effectiveness of the team’s efforts in driving growth.
Capital Strength and Regulatory Compliance
Bank Alfalah maintained a strong capital position, with a Capital Adequacy Ratio (CAR) of 17.96% as of December 31, 2024, well above the minimum regulatory requirements. This reflects the Bank’s robust capital management strategy and its commitment to financial stability.
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Commitment to Digital Banking and Social Responsibility
Bank Alfalah continues to strive for leadership in the digital banking sector through product innovation and enhanced services. As a socially responsible institution, the Bank actively contributes to key areas such as health, education, and economic opportunities for underprivileged groups through sustainable Corporate Social Responsibility (CSR) initiatives.
Awards and Recognitions
The Bank’s strong performance has been recognized with multiple awards and accolades. PACRA upgraded its credit rating to ‘AAA’. The Pakistan Banking Association (PBA) honored Bank Alfalah with the titles of ‘Best Bank for Digital Excellence’ and ‘Best Bank for Customer Engagement.’ Additionally, the Bank was included in the ‘Top 25 Companies’ list by the Pakistan Stock Exchange (PSX). Several other awards were received in areas such as financial reporting, ESG, investor relations, HSE, Islamic banking innovation, and gender diversity.
Future Outlook
Looking ahead, Bank Alfalah is focused on enhancing customer experience while leveraging its core competencies. The Bank remains committed to adaptability, resilience, and sustained value creation, ensuring continued excellence and maximizing shareholder value amidst evolving market challenges.
