Bank Alfalah has posted a healthy profit before tax of Rs. 1.527 billion for the first quarter ended March 31, 2013, a commendable achievement considering the challenging macro-economic landscape and the declining interest rates environment. Profit after tax for the first quarter was recorded at Rs 1.011 billion and earnings per share were reported at Rs 0.75. The bank has managed to increase its non mark-up income by 27% to Rs 1.864 billion in the first quarter ended March 31, 2013 compared to the corresponding period last year. Revenue for the first quarter was reported at Rs 5.688 billion, a decline from Rs 6.108 billion reported in the corresponding period last year mainly attributable to pressure on net interest income due to lower interest rates in the current quarter. Total assets increased to Rs 544.724 billion at March 31, 2013 as compared to Rs 536.467 billion at year end 2012, further strengthening the bank’s financial position. Bank Alfalah’s NPLs to gross loans ratio remains below the industry infection ratio, and the bank continues to maintain adequate provisioning against the classified portfolio.
