Bank Alfalah gross profit rises by 25pc

KARACHI: Bank Alfalah on Friday said its full year gross profit has increased by 25 percent to Rs8.514 billion during 2014 against Rs6.807 billion in 2013.
Earnings/share remained at Rs4.09 as compared to Rs3.41 during the same period last year.
In a statement Bank Alfalah said its deposits witnessed an increase of 15.3 percent to Rs606 billion duing the year.
Gross advances increased to Rs305 billion from Rs274 billion at the end of December 2014, reflecting a year on year growth of 11.3 percent.
The bank registered a balance sheet growth of 22 percent, with net investments increasing by 48 percent during 2014.
The bank’s current capital adequacy ratio stands at 12.75 percent, as per Basel III standards.
The bank’s Islamic banking business continues to serve as one of the largest Islamic banking window operations in Pakistan and generated a profit before tax of Rs1.142 billion for the year 2014.