Bank Al Falah announced a 27 percent increase in annual profit amid strong growth in foreign exchange earnings

Karachi: Bank Al Falah Limited (BAFL) On Thursday, it announced a 27 percent jump in annual profit for the period ending December 31, 2022, on the back of a massive increase in foreign exchange earnings.

According to the joint financial results with the Pakistan Stock Exchange (PSX), the bank announced PKR 18.4 billion for the year ended December 31, 2022 as against PKR 14.46 billion a year ago.

The bank announced PKR 10.38 as earnings per share for the year under review as against PKR 8.12 in the previous year.

The Board of Directors of Bank Al Falah Limited in its meeting held on February 02, 2023 in Abu Dhabi, UAE recommended a final cash dividend of Rs 2.5 per share or 25% for the year ending December 31, 2022. This is in addition to the interim cash dividend already paid of PKR 2.5 per share i.e. 25 percent.

The increase in bank profitability can be attributed to the sharp increase in foreign exchange earnings during this period. The bank’s foreign exchange earnings in the year 2022 reached Rs 9.22 billion as against Rs 4.13 billion in the previous year.

Net markup / return and interest income of the bank increased to Rs 77.27 billion during the year under review as against PKR 46.26 billion in the previous year.

The bank’s non-markup income rose to PKR 22.7 billion for 2022 from PKR 17.02 billion last year.

The bank’s total revenue stood at PKR 100 billion for the year ended 31 December 2022 from PKR 63.28 billion in the previous year.

During the year under review, the bank’s operating income reached Rs.50 billion as against Rs.36.54 billion.

The bank’s pre-tax profit for the year ended 31 December 2022 stood at PKR 36.67 billion as against PKR 23.9 billion in the previous year.

Tax payments by the bank also increased to PKR 18.28 billion in 2022 from PKR 9.45 billion in the previous year.