Bank Alfalah Profits Grow 14% for Q1 2017
Bank Alfalah has posted a profit growth of 14.6 percent in the first quarter of 2017, which surged to Rs 2.89 billion from Rs 2.52 billion last year.
The growth in profits has been attributed to both interest income and non-interest income alike, an exception in the banking sector.
Among big and mid-tier banks which so far announced their financial results, a majority of them showed a variable trend between the two major sources of revenues (interest-based and non-interest-based). These banks witnessed growth in non-interest based income. However, they faced a challenge in growing their interest-based income due to the prevailing low interest rate regime.
The bank is considered a leader in the credit cards business segment which drives healthy margins to the company under the head of interest-based income.
Bank Afalah, like many other banks, is eyeing every possible growth opportunity from the regional biggest mega project of CPEC.