Karachi, April 20, 2018 (PPI-OT): Commercial Banks – BAFL: 2018 starts of on impressive earning of PKR 2.0/share; up by +17%YoY
Bank Al-falah Limited (BAFL) reported unconsolidated earnings of PKR 2.0/share or PKR 3.3bn for the 1QCY18, compared to PKR 1.7/share or PKR 2.8bn last year showing a growth of +17%YoY. On a quarterly basis, earnings are up 2.7x.
On a yearly basis, bank’s total revenue increased by +6%, led by +4% growth in interest income and an impressive +12% growth in non-interest income.
Moreover, bank’s opex showed a meagre increase of PKR 24mn YoY (cost-income ratio dropped a by a good 300bpsYoY to 54%, which helped the bank lift its pre-provisioning profits by +14%.
For the quarter the bank booked in a provisioning reversal of PKR 200mn against loan book.
The bank also notified to convene an Extra Ordinary General Meeting (EOGM) of the shareholders on 27th May 2018 for the purposes of election of directors.