Bank Alfalah Limited (BAFL) notified its financial results for March-2021 Quarter where it reported higher than expected profit of PKR 3.47 Billion (Earning Per Share: PKR1.95), marking 23% YoY increase. The bank did not announce any interim dividends.

Net Interest Income (NII) declined by 12% on a YoY basis . NII was higher than expected on account of lower than expected mark up expense. Going forward, NIMs are expected to remain under duress at least in the short term until interest rates reverse however, balance sheet expansion will likely limit the overall decline.

Higher non-funded income aided the surge in earnings having increased by a sizable 41/38% YoY/QoQ respectively. The NFI jump is down to healthy fee income and robust capital gains.

Significant decline in provisioning charge provided support to the bottom. Total Provisioning for the Quarter reached PKR 216Mn, down 86YoY.

Bank Alfalah Ltd  
(PKR in Million)Mar’21Mar’20
Net Int. Inc.10,32711,781
Non-Int. Inc.3,8332,709
Fee income1,8611,652
FX income6581,056
Gain on securities1,144(46)
Non-Int. Exp8,5748,206
Profit Before Tax5,3704,757
Profit After Tax3,4712,821
Earning Per Share1.951.59
Dividend Per Share


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