Bank Alfalah Releases Financial Results for HY 2022

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Bank AlFalah

The Bank’s deposit base stood at Rs. 1.318 trillion at the end of Q2’22, with YoY growth of 28.6%. The Bank continues to outpace the industry in deposit growth driven by a strong momentum in its current deposits which showed market leading growth of 25.7% YoY. Moreover, BAFL’s CA mix at 45.5%, remains one of the strongest in the industry which has been a result of the bank’s continued focus on market penetration serving more and more customer segments and effective branch expansion strategy.

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Furthermore, despite challenging market fundamentals, the Bank’s credit performance was strong in the first half of 2022 with Gross Advances reaching Rs. 755.340 billion, showing a growth of 18.3% YoY. In anticipation of expected credit headwinds caused by the current economic stress, the Bank has taken an additional general provision of Rs. 2.750 billion during the quarter and subjectively downgraded a few customers showing credit weakening. Accordingly, the coverage ratio stands at 109.8% while the infection ratio remained stable at 3.5%.

The Bank remains adequately capitalized, and CAR was well above the regulatory requirement with 14.64% as at June 30, 2022.

This momentum will continue, despite the prevailing uncertainty, since the Bank is committed to its strategy of growth, customer centric approach and innovation

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