Bank Alfalah to Open Branch in Dubai
In a recent notice to the PSX, Bank Alfalah announced that the Central Bank of UAE has granted a license to it to open a Wholesale Banking Branch and conduct business in Dubai, UAE. The Branch will open in due course after the completion of formalities.
The bank currently is offering services through a network of 6-7 branches in different countries as well. It has an international presence in Afghanistan, Bangladesh, Bahrain and Sylhet and a representative office in the UAE
BAFL does business through a network of over 500 branches in more than 170 cities in Pakistan.
Bank Alfalah Limited (BAFL) announced its first half 2017 financial results last week, and the profit and loss statement appears upbeat. The bank seems to have yielded good results on both these counts, as despite a dip in mark-up earned, the net mark-up income still managed to record growth, no matter, how small it was. BAFL has been working relentlessly to improve its deposit mix, and the results how in the improved net mark-up income
BAFL boasts of one of the cleanest books amongst peers, with an infection ratio of under 5 percent, which is more than adequately provided for at over 88 percent. BAFL looks in much better shape to pounce on any opportunity should the private sector credit demand pick up. With low infection, the bank could also venture into the riskier, but high rewarding, SME and consumer portfolio, more aggressively.
Majority of the bank is owned by the Abu Dhabi Group (ADG), comprising some of the prominent members of UAE’s ruling family and leading businessmen. Bank Alfalah is the fifth largest private sector bank in the country.
JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned initial entity ratings of ‘AA+/A-1+’ (Double A Plus/A-One Plus) to Bank Alfalah Limited (BAFL). It has been rated stable.