Bank Al Falah Limited (BAFL): 4QCY24 EPS arrives at PKR 2.9; PAT down 46%YoY/65%QoQ - By Taurus Research
Jan 30 2025
Taurus Securities
- 4QCY24 EPS: PKR 2.9. 4QCY24 PAT down 46%YoY. CY24 EPS: PKR 25.3. CY24 PAT up 10%YoY – below expectations. BAFL also announced a final DPS of PKR 2.50, taking the full year payout to PKR 8.5/sh.
- Net Interest Income (NII): Down 10%YoY/6%QoQ amid falling net spread due to re-pricing of the asset side in response to the aggressive cut in the benchmark policy rate by the SBP; offset by falling cost of funds to an extent.
- Non-Markup Income (NMI): Up 17%YoY/Down 11%QoQ, driven by 7% QoQ growth in fee and commissions. However, the highlight was the booking of hefty capital gains as anticipated amounting to PKR 5.3Bn in 4QCY24 (PKR 15.4Bn in CY24).
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