Bank Alfalah Ltd earns Pkr3.7 billions for July-September, up 29% from a year ago, a stock notice said yesterday.
“Massive reductions in provisioning and a quarterly rise in interest earned contributed to the profitability during the quarter,” said Arif Habib Ltd in a note to investors.
For the first 9 months of 2021 Bank Alfalah earns Pkr10.7 billions, up 24% year-on-year. Net interest income of the bank totalled Pkr33.9 billion, down 2% in the 9-month period.
Provisioning expenses clocked in at Pkr269 million in the quarter under review, taking the total provisioning expenses in the first three quarters of 2021 to Pkr 1.4 billion.
“There has been a 77% year-on-year reduction in provisioning in the nine months, which could be due to an improved outlook on the asset quality following the rebound in economic activity across the country, leading to a reversal in general provisioning,” it said.
The company’s share price increased 0.7% to Pkr36.70 a piece on Monday.
