Bank Alfalah Limited (hereinafter referred to as “BAFL” or the "Bank”) was incorporated as a public limited company in 1992 and is listed on the Pakistan Stock Exchange (PSX).

Bank Alfalah Limited, established in 1992, has experienced remarkable growth to become a prominent private commercial bank in Pakistan. The Bank holds a significant position in credit card issuance and acquisition, SME, digital banking, and remittances, and is recognized as one of the major players in Islamic Banking in the country.

The Bank provides financial solutions to consumers, corporations, institutions, and governments through a broad spectrum of products and services, including corporate and investment banking, consumer banking and credit, commercial, SME, agri-finance, Islamic, and asset financing. At Dec24, the Bank has a network of 1,141 domestic branches (Dec23: 1,009 branches). Out of these, 707 are conventional (Dec23: 650), and 423 are Islamic (Dec23: 348). The Bank also operates 10 overseas branches (Dec23: 10), along with 1 offshore banking unit (same as Dec23).

BAFL is majority-owned by the Abu Dhabi Group (The Group – sponsors of the Bank based in Abu Dhabi, UAE), with a stake of 56.06%. Other stakeholders include Mutual Funds, NBFCs, FIs, DFIs, individuals (43.82%), and executives (0.12%). The Bank's Board has approved the sale of its Bangladesh operations to Bank Asia Limited, subject to regulatory approvals and final agreements (Ref: LDN/CA/124/25 dated May 29, 2025).

The Group has retained the majority shareholding, for the last many years and is expected to remain the same in the foreseeable future. Bank Alfalah Limited, as a holding company, maintains strategic investments in subsidiaries and associates across diverse sectors, including asset management, insurance, foreign exchange, and energy. Alfalah Currency Exchange is the subsidiary of the Bank, while associated companies comprise Alfalah Asset Management, Alfalah Insurance, and Sapphire Wind Power. The Bank also operates internationally in Afghanistan, Bangladesh, Bahrain, and UAE.

The Group comprises prominent members of the UAE’s ruling family and leading businessmen of the UAE. Its investment portfolio spans multiple countries, including Pakistan, Bangladesh, the Middle East, Europe, and the United States.

Sponsors, having close ties with the ruling family of UAE, possess strong financial ability to support BAFL in case of need.

BAFL's Board consists of nine members, including the President & CEO and eight Non-Executive Directors. Out of the eight Non-Executive Directors, four represent the Abu Dhabi Group, while the remaining three members serve as Independent Directors, including one female Director.

The Chairman of the Board of Directors, His Highness Sheikh Nahayan Mabarak Al Nahayan is a prominent member of the ruling family of Abu Dhabi, United Arab Emirates. Currently, His Highness is UAE Cabinet Member and Minister of Tolerance and Coexistence. Mr. Abdulla Nasser Hawaileel Al Mansoori is a prominent businessman of Abu Dhabi, UAE. Presently, he is the Chairman of the Board of Al Nasser Holdings and Group Companies which have diversified activities ranging from Oilfield Services, Retailing, Investments, Manufacturing Industries, Real Estate and Food & Beverage. He has served on the Board since 1997. Mr. Abdulla Khalil Al Mutawa is serving in the position of H.E. Sheikh Suroor Bin Mohammad Al Nahyan Private Office Advisor. He has been associated with the Bank for over 27 years. Mr. Khalid Mana Saeed Al Otaiba is the office Manager of His Excellency Dr. Mana Saeed Al Otaiba (Personal Advisor to His Highness, the President of UAE). He has served on the Board since 2003. Dr. Ayesha Khan is an expert in the field of corporate strategy and institutional growth in emerging markets. She is currently the CEO and Regional Managing Director at Acumen. Dr. Gyorgy Tamas Ladics, CEO of Silverlake Symmetri, has over 30 years of international banking and technology leadership. Mr. Khalid Qurashi, a retired banker, has held various international roles at Citibank and currently serves on the Board of HBL UK. Mr. Efstratios Georgios Arapoglou, a corporate advisor and Chairman of Bank of Cyprus, joined the Board in 2024 with broad experience in finance and shipping.

To ensure effective and independent oversight of the Bank’s overall operations, the Bank has constituted seven committees namely, i) Audit Committee, ii) Human Resource, Remuneration & Nomination Committee, iii) Risk Management Committee, iv) IT Committee, v) Strategy and Finance Committee, vi) Real Estate Committee, and vii) Crisis Management Committee.

The external auditors of the Bank, A.F Ferguson, and Co., Chartered Accountants, have issued an unqualified audit opinion pertaining to financial statements for CY24.

BAFL has a lean organizational structure that clearly defines responsibilities, authority, and reporting lines with proper monitoring and compliance mechanism.

The Bank’s senior management team comprises experienced bankers having national and international exposure. Mr. Atif Bajwa joined Bank Alfalah as President & CEO in 2020. Mr. Bajwa started his professional journey with Citibank in 1982, and has since held numerous senior positions in large local and multinational banks, including President & CEO of MCB Bank and Soneri Bank. Ms. Anjum Hai is currently working as the CFO of the Bank. She joined Bank Alfalah as Chief Financial Officer in November 2017. She has over 28 years of work experience across financial institutions like Soneri Bank Limited, Citibank N. A. Pakistan, Faysal Bank Limited, and A. F. Ferguson & Company. She is a Fellow Member of the Institute of Chartered Accountants of Pakistan as well as a Fellow Member of the Associated Chartered Certified Accountants. Mr. Faisal Rabbani joined Bank Alfalah in November 2018. He has been heading Credits, Risk Management, Commercial Banking, Trade Finance, and Cash Management products. He has over 29 years of extensive banking experience with renowned financial institutions like Dhabi Islamic Bank (UAE), Noor Bank (UAE), Commercial Banking Group (UAE), and Citibank Pakistan. He holds a Master’s degree in Business Administration from the IBA, Karachi.  

Bank Alfalah Limited has three main management committees for the purpose of strategic planning and decision-making under the Chairmanship of the CEO: (a) Central Management Committee; (b) Central Credit Committee, and (c) Digital Council.

The Bank uses Temenos (T-24) as its core banking software across all branches and head office operations.

The Bank’s risk management framework has a well-defined organisational structure for effective management of credit risk, market risk, liquidity risk, operational risk, information security risk, trade pricing, environment and social risk. The Board Risk Management Committee is appointed and authorized by the Board of Directors to assist in the design, regular evaluation, and timely updating of the risk management framework of the Bank, and the Board Information Technology Committee plays a supervisory and advisory role for IT, Information Security and Digital Banking functions within the Bank.

During CY24, Pakistan's Banking sector's total assets posted growth of ~15.81% YoY whilst investments surged by ~14.50% to PKR ~29.79trln (Dec23: PKR ~26trln). Gross Advances of the sector recorded growth of ~29.11% to stand at PKR ~16.914trln (Dec23: PKR ~13.101trln). Non-performing loans witnessed an increase of 7.34% YoY to PKR ~1,068bln (Dec23: ~995bln). The CAR averaged at 20.6% (Dec23: 19.7%). Looking ahead, given the expected monetary rate cut and high cost environment, Banks are likely to sustain some dilution in profitability by CY25. (Source: SBP Compendium)

BAFL is ranked among the large Banks in the country. At Dec24, BAFL recorded the growth in total deposits clocking in at 2.5%, which led to a slight decrease in its industry-wide system share to 7.0% (Dec23: 7.3%). Among the large Banks,  BAFL holds 9% market share.

During CY24, BAFL’s net markup-income stood at PKR 126.7bln (CY23: PKR 126.1bln) attributable to increased markup earned amounting to PKR 506.8bln (CY23: PKR 411.9bln). The increase in markup earned was primarily driven by higher income from investments, debt instruments, and other earning assets. The Bank’s asset yield stood at 16.5% (CY23: 16.8%). 

During CY24, non-markup income increased by 54.8% to stand at PKR 44.5bln (CY23: PKR 28.8bln) with a major contribution from fee & commission income clocking in at PKR 17.6bln (CY23: PKR 15.8bln) followed by foreign exchange income at PKR 9.5bln (CY23: PKR 9.2bln). The non-markup income to total income was recorded at 25.9% (CY23: 18.5%). The non-markup expense increased to PKR 86.3bln (CY23: PKR 67.2bln). The provisioning charges declined to PKR 1.8bln (CY23: PKR 9.4bln). The net profitability increased to PKR 38.3bln (CY23: PKR 36.5bln).  Consequently, the Bank’s spread slightly decreased to 4.5% (CY23: 5.5%). Similarly, the cost of funds also increased to 12.1% (CY23: 11.4%).

Moving forward, BAFL is well-positioned for sustainable growth and building long-term shareholder value. The Bank will continue to invest in Digital Banking, technology infrastructure, human capital, and in strengthening compliance and controls environment. At the same time, the Bank will continue to focus on building a low-cost deposit base, improving the return on capital on risk assets, optimizing returns from the banking book, and enforcing a strong cost discipline across the Bank. The decline in interest rates and inflation has contributed in restoring market confidence and enhancing financial stability, creating a favourable environment for the banking sector. However, ongoing geopolitical developments, including tariff escalations, continue to pose risks, with potentially significant implications for the global economy, including Pakistan.

At Dec24, the gross performing advances of the Bank were reported at PKR 1,113.9bln (Dec23: PKR 739.6bln). The NPLs of the Bank increased to PKR 42.4bln (Dec23: PKR 37.6bln). Consequently, the infection ratio decreased to ~3.7% (Dec23: 4.8%). The net advances to deposits ratio (ADR) of the Bank were reported at 51.9% (Dec23: 35.3%).

At Dec24, the investment portfolio of the Bank has declined by 3.7% to stand at PKR 1,991.2bln (Dec23: PKR 2,067.3bln).  The investments in government securities portfolio comprised 5.3% T-Bills (Dec’23: 25.2%), 78.0% PIBs (Dec’23: 60.6%) reflecting a significant increase, and 16.8% in other government securities and investments (Dec’23: 14.2%). Government securities constitute 91.9% of total investments (Dec23: 93.9%).

At Dec24, the deposit base of the Bank posted a growth of 2.5% to stand at PKR 2,136.9bln (Dec23: PKR 2,084.9bln). The advances to deposits ratio was reported at 51.9% (Dec23: 35.3%). CA and SA proportions were reported at 38.2% (Dec23: 37.9%) and 38.9% (Dec23: 31%) respectively.  The Bank’s liquidity, in terms of Liquid Assets-to-Deposits and borrowing ratio, declined to 49.1% (Dec23: 63.6%).

At Dec24, the Bank’s equity base strengthened to PKR 178.1bln (Dec23: PKR 137.9bln). Subsequently, the CAR improved to 17.96% (Dec23: 16.74%) comprising Tier I CAR 12.83% (Dec23: 11.64%), remaining compliant with the minimum requirement by SBP.