The Bank Alfalah Limited (ABL) posted a cumulative profit before tax of Rs 8.3 billion for its conventional and Shariah-compliant banking in the calendar year 2012. This was observed during the bank’s 21st Annual General Meeting (AGM) held here Friday. Chaired by Abdullah Khalil Al Mutawa, the meeting was attended by other board members including Khalid Mana Saeed Al Otaiba, Ikram Ul Majeed Sehgal, Nadeem Iqbal Sheikh and Atif Bajwa, CEO ABL, as well as the bank’s shareholders. The shareholders were informed that the bank earned a profit before taxation of Rs 6.783 billion for the year 2012, as compared to Rs 5.434 billion in 2011, registering a significant rise of 24.8 percent. The bank’s deposits grew from last year by 14 percent to Rs 457.119 billion. Total gross advances increased from Rs 211.397 billion to Rs 248.346 billion reflecting a year-on-year growth of 18 percent. The net investments increased by 13.8 percent during the period under review. The overall balance sheet growth has been 14.6 percent in 2012. The current Capital Adequacy Ratio is 12.67 percent for the year 2012. The bank’s Islamic banking group has made strides right from inception and in 2012 generated a profit before tax of Rs 1.517 billion for the year. “I am pleased that our key performance indicators for 2012 indicate promising results and growth in an increasingly difficult environment,” CEO ABL Atif Bajwa told the AGM.
