Commercial & Islamic Banking

Bank Alfalah Financials — Results & Ratio Analysis

Part of PakFinHub's Bank Alfalah coverage — see the full bank overview.

H1 2026 Latest
Audited FY2025
PSX: BAFL

Written & reviewed by Dildar Hussain — 10+ years in Pakistani banking, BS Banking & Finance (NUML University)

Quick answer: Bank Alfalah's audited FY2025 results — including ROE, ROA, and NPL ratios — are summarized below, sourced directly from the bank's financial statements and its disclosures filed with the Pakistan Stock Exchange.

Bank Alfalah financials tell a fuller story than any single headline number — the bank's most recent disclosure is its half-year report for the period ended 30 June 2026 (unaudited, reviewed): profit after tax of PKR 21.33 billion, up 39.6% year-on-year, deposits of PKR 2.66 trillion, and Return on Equity of 26.7%. That sits on top of an audited FY2025 (Annual Report 2025, approved 13 February 2026) that came bundled with a 2-for-1 stock split. Below is the full trail, sourced directly from Bank Alfalah's audited Annual Report 2025 and its Half Yearly Report for June 30, 2026 — not press-release headline figures alone — including ratios most comparison sites skip entirely: ROE, ROA, Cost-to-Income, NPL ratio, and CASA mix.

Bank Alfalah Financials — Latest Reported Period (H1 2026, Unaudited)

Deposits
PKR 2.66 trillion
Gross Advances
PKR 1.16 trillion
Profit After Tax
PKR 21.33 billion
EPS (post-split)
PKR 6.76
Dividend Per Share
PKR 3.00 (60%)
Capital Adequacy Ratio
17.41%
Return on Equity
26.7%
Return on Assets
1.2%

Source: Bank Alfalah's official Half Yearly Report, June 30, 2026 (Un-audited), key-figures summary on its inside cover. Debt/Equity ratio for the same period was 16.5%. EPS is stated post the March 2026 2-for-1 share split.

Bank Alfalah Ratio Analysis — Six-Year Trend (Audited, FY2020-FY2025)

This is the section most comparison pages skip: profitability and efficiency ratios exactly as disclosed in Bank Alfalah's own audited "Financial and Non-Financial Ratios" statement, not estimates.

Ratio	2025	2024	2023	2022	2021	2020
Return on Equity (ROE)	15.17%	24.83%	31.67%	19.23%	15.30%	11.55%
Return on Average Assets (ROA)	0.81%	1.15%	1.36%	1.06%	0.92%	0.87%
Capital Adequacy Ratio (CAR)	15.87%	17.96%	16.74%	13.83%	14.43%	16.53%
Cost-to-Income Ratio	63.40%	49.27%	42.11%	50.00%	58.09%	54.68%
Gross Advances-to-Deposits Ratio	46.21%	54.11%	37.28%	51.50%	61.37%	68.15%
CASA to Total Deposits	69.50%	77.10%	69.28%	71.68%	76.91%	77.91%
NPL to Shareholders' Equity	24.07%	23.78%	27.29%	30.97%	24.71%	28.41%
Total Shareholder Return	43.47%	89.30%	87.49%	1.56%	9.26%	-13.94%

Sourced directly and verbatim from Bank Alfalah's audited "Financial and Non-Financial Ratios" statement in its Annual Report 2025. Total Shareholder Return = change in share price + dividend per share, divided by opening share price. NPL to Shareholders' Equity, not NPL to Gross Advances, is the ratio the bank itself discloses in this statement — a lower number is better (less non-performing exposure relative to the capital base).

What the Ratio Trend Actually Shows

ROE peaked at 31.67% in 2023 — the bank's own DuPont analysis attributes this to a historical peak in interest rates that widened margins industry-wide, not a Bank Alfalah-specific gain. As SBP cut policy rates through 2024-2025, ROE fell to 24.83% then 15.17%, even as the balance sheet kept growing — a pattern common across Pakistani banks in a falling-rate cycle, not unique to Bank Alfalah. The Cost-to-Income ratio jumping from 49.27% (2024) to 63.40% (2025) is the more bank-specific story: falling interest income (down from PKR 506.9 billion to PKR 356.9 billion year-on-year, per the audited P&L) combined with continued investment in digital infrastructure and branch expansion pushed the expense ratio up sharply — worth watching in FY2026 to see if it normalizes as rates stabilize.

These Bank Alfalah financials also include asset-quality detail most comparison pages skip entirely.

Non-Performing Loans (NPL)

Period	Gross NPLs	Gross Advances	NPL / Gross Advances
FY2025	PKR 47.54 billion	PKR 1.153 trillion	4.12%
FY2024	PKR 42.36 billion	PKR 1.156 trillion	3.66%
FY2023	PKR 37.63 billion	PKR 0.777 trillion	4.84%

Gross NPL and Gross Advances figures sourced directly from Bank Alfalah's audited Six Years Financial Summary. NPL/Gross Advances is a PakFinHub-calculated ratio using these two disclosed figures (the bank's own published NPL ratio is expressed against shareholders' equity — see the table above — rather than against gross advances).

Quarter-by-Quarter — Q1 2025 Through H1 2026

Period	Profit After Tax	EPS (as reported)	Cumulative Dividend	CAR
Q1 2025 (ended 31 Mar 2025)	PKR 7.04 billion	PKR 4.46	PKR 2.50/share (25%)	17.64%
H1 2025 (ended 30 Jun 2025)	PKR 15.27 billion	PKR 9.68	PKR 5.00/share (50%)	17.67%
9M 2025 (ended 30 Sep 2025)	PKR 21.44 billion	PKR 13.59	—	—
FY2025 (ended 31 Dec 2025, audited)	PKR 28.34 billion	PKR 17.97	PKR 10.50/share (105%)	15.87%
Q1 2026 (ended 31 Mar 2026)	PKR 11.13 billion (+58% YoY)	PKR 3.53 (post-split)	PKR 1.50/share (30%)	16.22%
H1 2026 (ended 30 Jun 2026, unaudited)	PKR 21.33 billion (+39.6% YoY)	PKR 6.76 (post-split)	PKR 3.00/share (60%, 6M cumulative)	17.41%

Compiled from Bank Alfalah's own quarterly results press releases, its audited Annual Report 2025, and its Half Yearly Report June 30, 2026. Bank Alfalah executed a 2-for-1 share split approved at its AGM on 26 March 2026 (paid-up capital increased to 3,154,330,238 shares of PKR 5 face value each). EPS and per-share dividend figures for periods before the split are shown as originally reported — Bank Alfalah's own Q1 2026 release restates Q1 2025 EPS as PKR 2.23 (from the original PKR 4.46) on a post-split basis for like-for-like comparison.

FY2025 Full-Year Results — Audited P&L

Line Item (PKR million)	2024	2025
Mark-up / Interest Earned	506,898	356,932 (-30%)
Mark-up / Interest Expensed	380,081	221,082 (-42%)
Net Mark-up / Interest Income	126,818	135,850 (+7%)
Non Mark-up / Interest Income	44,414	47,513 (+7%)
Total Income	171,232	183,362 (+7%)
Non Mark-up / Interest Expenses	86,288	117,717 (+36%)
Profit Before Tax & Provisions	84,944	65,646 (-23%)
Credit Loss Allowance / Provisions	1,849	3,310 (+79%)
Profit Before Taxation	83,095	62,336 (-25%)
Profit After Taxation	38,318	28,337 (-26%)

Sourced directly, line-by-line, from Bank Alfalah's audited Six Years Financial and Non-Financial Summary in its official Annual Report 2025 — unconsolidated (standalone bank) figures. The sharp 30% fall in interest income and 42% fall in interest expense both reflect the SBP policy-rate cycle turning down through 2025, not a shrinking balance sheet — deposits and net interest income both grew over the same period.

Balance Sheet Scale — FY2024 vs FY2025 (Audited)

Metric	FY2024	FY2025
Total Assets	PKR 3.71 trillion	PKR 3.83 trillion
Deposits	PKR 2.137 trillion	PKR 2.496 trillion
Gross Advances	PKR 1.156 trillion	PKR 1.153 trillion
Shareholders' Equity	PKR 178.11 billion	PKR 197.51 billion
Number of Branches (audited, year-end)	1,153	1,186
Permanent Employees	16,334	17,326

Sourced directly from Bank Alfalah's audited Six Years Financial and Non-Financial Summary, Annual Report 2025. Note the audited FY2025 year-end branch count (1,186, as at 31 December 2025) is lower than the 1,200+ figure the bank announced in a separate July 2026 press release marking its "1,200th branch" — both are accurate for their respective dates, just seven months apart. Similarly, the 17,326 permanent-employee figure is the audited FY2025 count, which will have grown somewhat by mid-2026.

Bank Alfalah Financials — Credit Rating

Bank Alfalah holds a Long-term Rating of AAA and a Short-term Rating of A1+, with a Stable outlook, per its Annual Report 2025 — the highest rating tier on both scales, confirming the bank's own investor-facing disclosure of an AAA upgrade during the year.

The 2-for-1 Stock Split

What happened
Recommended alongside the FY2025 results (13 February 2026) and formally approved by shareholders at the 34th Annual General Meeting on 26 March 2026 — existing shareholders received two shares for every one held.
New share count
Issued and paid-up capital increased to 3,154,330,238 shares at a face value of PKR 5 each, per the bank's Q1 2026 results disclosure.
Why it matters
Bank Alfalah stated the move is intended to enhance share liquidity and accessibility for investors — a common move after a stock's per-share price has climbed significantly.

Bank Alfalah Financial Reports and Disclosures — PSX Corporate Actions (2024-2026)

Date	Disclosure
29 Mar 2024	Bank Alfalah notified PSX of a non-binding indicative offer to Saudi National Bank (SNB) to acquire SNB's entire stake in Samba Bank Limited — approximately 84.51% of Samba's shares.
9 Apr 2024	Public announcement of intention (PAI) filed via Arif Habib Limited to formally acquire up to 84.51% of Samba Bank, per the Securities Act 2015 and Takeover Regulations 2017.
17 Apr 2024	Bank Alfalah disclosed it would seek SBP approval for Bank Asia Limited (Dhaka) to commence due diligence on Bank Alfalah's own Bangladesh operations — the first public step toward what became the 2026 sale agreement.
17-20 May 2024	State Bank of Pakistan granted in-principle approval for Bank Alfalah to commence due diligence on Samba Bank (for the proposed acquisition, separately) and on its Bangladesh entity.
15 Nov 2024	Bank Alfalah formally withdrew its public announcement of intention to acquire Samba Bank, after Saudi National Bank terminated its own process to divest the stake.
29 May 2025	Bank Asia Limited signed a Memorandum of Understanding (MoU) with Bank Alfalah to acquire the latter's Bangladesh operations, subject to regulatory approval.
2 May 2025	Completion of divestiture of Bank Alfalah's shareholding in Alfalah Securities (Private) Limited — the bank exited its brokerage subsidiary, first incorporated in 2003.
13 Feb 2026	FY2025 annual results approved, alongside the 2-for-1 stock split announcement.
26 Mar 2026	34th AGM: shareholders approve (i) the 2-for-1 share split, and (ii) the sale of Bank Alfalah's Bangladesh operations to Bank Asia Limited for ~BDT 5.8 billion (~USD 47.5 million), by 96.5% approval — both filed with PSX as minutes of the same meeting.
23 Apr 2026	Q1 2026 results approved by the Board.
Late Jul 2026	H1 2026 results approved by the Board — PKR 21.33 billion profit after tax, +39.6% YoY.

Compiled from Bank Alfalah's own Annual Report 2025 (Financial Calendar section, confirming the 34th AGM date and quarterly approval dates), its Half Yearly Report June 30, 2026, and contemporaneous PSX-sourced news coverage (Business Recorder, ProPakistani, The Daily Star, Financial Express). Note: the Samba Bank acquisition did not go through — Bank Alfalah does not currently own or control Samba Bank Limited. The Bangladesh sale remains contingent on State Bank of Pakistan, Bangladesh Bank, and Bank Asia shareholder approval, and is not yet complete as of this writing.

Bank Alfalah trades on the PSX under ticker BAFL (ISIN: PK0078701015). Share price moves daily and is not something this page tracks live — check PSX's own site or dps.psx.com.pk/company/BAFL for the current price. Bank Alfalah's own disclosed Total Shareholder Return (share price appreciation plus dividends, against the opening price) was 43.47% for FY2025 and 89.30% for FY2024 — among the strongest in the sector for those years — though the bank's share price history reflects multiple prior stock splits, not just the 2026 2-for-1 split, so long-run price comparisons should be split-adjusted.

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