Karachi, August 19, 2019: Bank Alfalah Limited (BAFL) announced earnings
According to Arif Habib Research on a sequential basis (EPS: PKR 1.84) the bank posted a
Net Interest Income of the bank settled at PKR 21.7 billion, improving 41 percent YoY while settling at PKR 10.5 billion during 2Q, posting a 6 percent QoQ decline, which is primarily owing to a one-off spike in
NFI of the bank declined 9percent YoY during 1HCY19 due to loss on the sale of securities worth PKR 63 million vis-à-vis gains of PKR 1.2 billion SPLY. Ex-capital gains, NFI is up 14 percent YoY. On a sequential basis, NFI jumped up 27 percent led by primarily by higher income from FX operations and derivatives (+60 percent QoQ). The fee income of the bank has shown an improvement of 10 percent YoY / 8 percent QoQ.
Provisioning expenses for the bank increased 20 percent QoQ, settling at PKR 534 million led by impairment charge on equity portfolio, as per management.
OPEX portrayed a jump of 20 percent YoY / 8percent QoQ which is owing to ongoing digital initiatives undertaken by the bank as per management.
Effective tax rate clocked in at 45percent for 1HCY19