Tuesday, April 24, 2012
This translated into an earning per share of 89 paisas against 69 paisas in 2011, according to the profit and loss accounts of the bank available with theKarachi
“Though bank’s net interest income grew by four percent to Rs4.64 billion, as the major thrust to earning growth came from higher non-interest income and lower provisioning,” said Farhan Mahmood, an analyst at the Topline Securities.
The conservative approach of the bank on account of lending has culminated into 20 percent decline in its provisioning with 44 percent reduction witnessed in provision against loans and advances, he said.
Bank
Alfalah Limited reported a profit-after-tax of Rs1.20 billion for the
three-month period ended on March 31, which was 29 percent higher than Rs929.67
million earned in the corresponding period last year, according to the official
data on Monday.
This translated into an earning per share of 89 paisas against 69 paisas in 2011, according to the profit and loss accounts of the bank available with the
“Though bank’s net interest income grew by four percent to Rs4.64 billion, as the major thrust to earning growth came from higher non-interest income and lower provisioning,” said Farhan Mahmood, an analyst at the Topline Securities.
The conservative approach of the bank on account of lending has culminated into 20 percent decline in its provisioning with 44 percent reduction witnessed in provision against loans and advances, he said.
The bank’s other income grew by 17 percent to Rs1.46 billion against Rs1.24
billion recorded in the same period last year, as it benefited from higher
income from dealing in foreign currencies.
On a
quarter-to-quarter basis, however, the bank’s earnings improved significantly
by 140 percent, primarily due to lower provisioning on investment as in
preceding quarter the bank incurred heavy provisioning of around Rs1 billion on
Warid Telecom and Agritech Limited and 71 percent decline in provisions on
advances, he added.
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