Karachi - 28th March, 2011: Bank Alfalah Limited has posted a profit before provision and taxation of PKR 5.604 Bn. This announcement was made at the 19th AGM (Annual General Meeting) of the bank held at PC Hotel, Karachi.

The meeting was chaired by Mr. Abdullah Khalil Al Mutawa in the absence of H.E. Sheikh Hamdan Bin Mubarak Al Nahayan. Other Board members who graced the occasion were Mr. Khalid Mana Saeed Al Otaiba, Mr. Ikram Ul Majeed Sehgal, Mr. Nadeem Iqbal Sheikh, and Mr. Sirajuddin Aziz (C.E.O). Amongst the Executive staff of the bank, Mr. Hamid Ashraf - Company Secretary and Mr. Zahid Ali H. Jamall - Chief Financial Officer marked the occasion with their presence.

The deposit base grew by 9.01% to PKR 354.015 Bn as compared to the previous year. The gross advances figure stood at PKR 218.432 Bn. The foreign trade figures stood at PKR 254.705 Bn for imports and PKR132.277 Bn for exports as of December 31st 2010.

Bank Alfalah opened 65 new branches, including 14 sub-branches, in 2010 taking the total network to 386 branches including 18 sub-branches. Besides Pakistan, bank has branches in Afghanistan, Bangladesh, a WBU in Bahrain and a Representative Office in UAE. Bank's ATM network includes 315 state-of-the-art ATMs across the network. The Islamic Banking business recorded an increase of 38.26% per cent in profit before tax to PKR 969.953 Mn from PKR 701.548 Mn in 2009. Currently, there are 17 players in the market including dedicated Islamic Banks and Islamic Banking windows of Commercial Banks. The Islamic Banking operation of Bank Alfalah Ltd is now the second largest in Pakistan. Bank Alfalah has also launched Bancassurance Services at selected branches in Karachi, Lahore, Rawalpindi, Islamabad, Peshawar, Abbottabad & Sargodha.

During 2011, the bank plans to open more branches and ATMs including several Islamic Banking Branches at major locations across Pakistan. The bank is also investing heavily in training and skill development of its staff and is upgrading its information technology, quality assurance and complaint management processes to provide better services to its customers. Bank Alfalah aims to continuously improve its standard and variety of services to deliver an unmatched customer experience while enhancing profitability and at the same time provide greater value to the stakeholders of the bank.

"Since its inception in Pakistan, Bank Alfalah has made tremendous progress. We strongly believe that our success is closely linked with the success of this country. We have complete faith in the future of our country and the potential of its wonderful people. At the heart of Bank Alfalah lies the concept of constant evolution to add greater value to our services and to provide new opportunities to Pakistani masses. Bank Alfalah is geared to enter those areas of Pakistan which are unbanked and untapped. We want to lower the cost of the resources and make our products and services available to customers and clients from a larger segment of society." said Sirajuddin Aziz, Chief Executive Officer (CEO) of Bank Alfalah.

Going forward Bank Alfalah intends to remain fiercely committed to offering innovative and tailor made products to its customers at competitive rates and living up to its title of the 'Caring Bank' by giving back to the society where it operates.

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For further information please contact:
Syed Meraj Alam: 0321-2211106
Danish Hassan : 0322-8288093

© Press Release 2011