Karachi, Bank Alfalah Limited announced a significant increase in its first-quarter profit, reaching Rs. 9.912 billion, as it continues to expand its market presence and innovate across its service offerings.

According to Bank Alfalah, the results approved by its Board of Directors on April 24 reflect a strong start to the year, with earnings per share at Rs. 6.28 and an interim cash dividend of Rs. 2.00 per share declared. The bank's deposit base witnessed a substantial year-on-year increase of 31.5% to Rs. 2.043 trillion as of March 31, 2024, marking one of the strongest growths in the banking sector.

Bank Alfalah's commitment to becoming a leading transactional bank is evidenced by significant increases in market share in trade business, remittances, consumer products, and deposit volumes. The bank reported advances of Rs. 754.298 billion, maintaining robust credit discipline in challenging market conditions, with a non-performing loans coverage of 124.5%.

With a capital adequacy ratio (CAR) of 17.00%, Bank Alfalah remains well above regulatory requirements, underscoring its financial stability. The bank is also advancing its digital banking capabilities, introducing innovative products and enhancing its mobile application to increase transaction throughput and customer satisfaction.

As part of its corporate social responsibility, Bank Alfalah continues to partner with various development sectors for community outreach programs, focusing on strategic initiatives that enhance social, economic, and environmental capital.