The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on January 30, 2025, approved the Bank’s financial results for the year ended December 31, 2024.
The results for 2024 are a testament of financial resilience and strategic agility, as the Bank was able to withstand challenges and maintain its market position. The Bank reported a profit after tax of PKR 38.318 billion, translating to an Earning Per Share (EPS) of PKR 24.30. The Board of Directors declared a final cash dividend of PKR 2.50 per share (25%), cumulatively bringing the cash dividend for the year to PKR 8.50 per share (85%).
The bank’s deposits reached PKR 2.137 trillion at the end of the year. This was driven by the bank’s strategic repositioning for tax planning and focus on building low-cost deposits and average balances. The Bank’s advances grew to PKR 1.156 trillion with a robust YoY increase of 48.8% on the back of the exceptional efforts of the team.
The Bank exercises strong capital management with a Capital Adequacy Ratio of 17.96% as at December 31, 2024, which is well above the minimum regulatory requirement.
Bank Alfalah aims to be the leader in the digital banking landscape by consistently innovating products and enhancing services. The Bank, as a socially responsible institution, continues to demonstrate its commitment to the community through sustainable CSR initiatives, positively contributing to society to maximise impact and outreach in key areas within health, education, and economic opportunities for underprivileged groups.
As a testament to its performance, the Bank received many awards and accolades during the year. The Bank’s credit rating was upgraded to ‘AAA’ by PACRA. It was awarded the ‘Best Bank for Digital Excellence’ and ‘Best Bank for Customer Engagement’ by PBA. The Bank was also included in the ‘Top 25 Companies’ by PSX. There are a host of other accolades that acknowledge the Bank’s excellence in financial reporting, ESG, investor relations, HSE, innovation in Islamic banking, gender diversity, and others.
Moving forward, the Bank is looking to further enhance customer experience while leveraging its core competencies. It remains poised for adaptability, resilience, and sustained value creation, ensuring shareholder value is upheld and continued excellence is achieved in the face of evolving challenges.
