Bank Alfalah delivers solid performance; PAT up by 36% and Equity crosses PKR 100 Billion

Dubai, February 2, 2022: Bank Alfalah Limited (BAFL) announced its financial result for the year ended December 31, 2021, where the Bank posted profit after tax of PKR 14.217 bn (EPS PKR 8.00) for the year compared to PKR 10.475 bn (EPS PKR 5.89) reported the last year, an improvement of 35.8% year on year (YoY). 




Revenue increased by 9%; YoY growth in net earning assets backed by solid deposit growth offset compression in spreads due to interest rate cuts last year. Increase in market share and robust growth in consumer portfolio, higher credit and debit card spend, phenomenal increase in home remittance and trade flows helped achieve better results. 


The Bank continues to keep a check on expenses and manage costs prudently while focusing on building revenue momentum through expansion and without compromising on investments in new ventures. During the year the bank added 60 new branches to the network.


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The exceptional efforts of the network, a diversified product suite and a well-executed strategic plan resulted in Bank Alfalah achieving an impressive deposit growth of 29.2% in 2021. The bank’s deposits closed at PKR 1.139 trillion at the end of the year. The increase is mainly due to the strong growth of 26.9% in current accounts, which stood at PKR 500.753 billion as of Dec 31, 2021. CA mix was recorded at 44.0%. 


The Bank’s advances book grew by 16.3% YoY compared to Dec 2021. Part of this growth is due to government-backed schemes for economic relief. At period end, the Bank’s gross advances to deposits ratio stood at 61.4%. The Bank’s non-performing loans ratio improved to 3.5% as compared to 4.3% as at last year end, while the non-performing loans remain fully covered through provisions. 


Bank Alfalah has persistently demonstrated its commitment to the construction and export segments of Pakistan in line with the Government's vision to improve business environments for these sectors respectively. The State Bank of Pakistan launched numerous schemes to support these efforts for economic development and prosperity, in collaboration with local banks and DFIs out of which Bank Alfalah's contributions have been acknowledged on multiple forums. Bank Alfalah disbursed PKR 3.369 billion in loans under the Mera Pakistan Mera Ghar scheme, the highest in the industry, and was awarded the Best Bank in the country for house loans under the Mera Pakistan Mera Ghar scheme. In a recent achievement, Bank Alfalah was named one of the top three banks in terms of Naya Pakistan Certificate investment, and was honored by Prime Minister of Pakistan for reaching the milestone of USD 2 billion in RDA deposits.


As at December 31, 2021, the Bank remains adequately capitalized with CAR at 14.43%. 

The Board of Directors have declared final cash dividend of PKR 2 per share. This is in addition to an interim cash dividend of PKR 2 declared in June 2021.

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