KARACHI - The 20th Annual General Meeting of Bank Alfalah Limited was held on Thursday, 29 March that revealed Bank has made a profit before provision and taxation of Rs 9,757.5 million for the year ended December 31, 2011, as compared to Rs 5,603.6 million in 2010, registering a significant improvement of 74 percent over the previous year, says a press release.

The meeting was chaired by Abdullah Khalil Ali Mutawa in the absence of Sheikh Hamdan Bin Mubarak Al Nahayan.  Other board members who graced the occasion were Khalid Mana Saeed Al Otaiba, Ikram ul Majeed Sehgal, Nadeem Iqbal Sheikh and Atif Bajwa (CEO Bank Alfalah).

The Directors at the AGM said that the Bank’s deposits grew by 13.34 percent to Rs. 401.248 billion as compared to last year. Total assets grew by 13.78 percent to Rs. 468.174 billion while gross loans and advances remained stable, marked by a nominal decline of Rs. 7 billion.

There was a significant increase of 46.82 percent in net investments complimenting the overall shift of focus of the banking industry towards investments particularly in government securities. The Islamic banking business recorded an increase of 47.48 percent in profit before tax to Rs. 1,430.5 million from Rs. 969.9 million in 2011 remaining the second largest Islamic Banking Network in Pakistan with 85 branches.

Bank Alfalah opened 20 new branches in 2011 taking the total number of branches to 406 spanning 158 cities, including 7 international branches in Afghanistan and Bangladesh and 1 off shore unit in Bahrain.

A 15.78 percent increase was recorded in shareholders’ equity which went up to Rs 22.84 billion from Rs 19.727 billion in 2010 and the Board of Directors have announced a cash dividend of 17.5 percent to all shareholders.

Atif Bajwa, Chief Executive Officer (CEO) of Bank Alfalah, said: “The performance indicators of the year 2011 are testimony of the Bank’s commitment to remain focused towards technological advancements, innovation and unparalleled customer experience to provide world class financial services and solutions to its customers while sustaining growth, profitability and greater value to the stakeholders of the bank.”

He continued, “We attach prime significance to ensuring satisfaction of our valued customers and taking care of their varying needs. To serve our customers more efficiently, we continue to streamline our processes, reduce turnaround times on transactions and offer specialised services and customised products. Our people continue to be our most valued asset, and have been instrumental in helping the Bank achieve this commendable progress. It is because of them that Bank Alfalah enjoys being one of the leading banks of Pakistan.”