BANK ALFALAH LIMITED ANNOUNCES PROFITS FOR 2010.
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 and 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.
ARIF HABIB INVESTMENTS ANNOUNCE MONTHLY DIVIDENDS
The Chief Executive on behalf of the Board of Directors of Arif Habib Investments Limited (AHI) - the Management Company, has announced monthly dividends for two of its funds. Pakistan Income Enhancement Fund (PIEF) has announced a bonus distribution of Re 0.51 per unit. An investor holding 100 units as of 25th March 2011 will get 0.9965 units on the ex-bonus price of Rs 51.18 per unit, the proportionate will apply to actual holdings. The highest rated Money Market Fund, Pakistan Cash Management Fund (PCF) has announced a bonus distribution of Re 0.42 per unit. An investor holding 100 units as of 25th March 2011 will get 0.8326 units on the ex-bonus price of Rs 50.4461 per unit, the proportionate will apply to actual holdings. The entitlements are paid to the Unit holders whose names appeared in the register of unit holders on 25th March 2011.
AL MEEZAN ANNOUNCES INTERIM DIVIDEND
Al Meezan Investment Management Limited (Al Meezan) has announced the third interim dividends for its three fixed income funds: Meezan Sovereign Fund (MSF) - Rs. 2.10 per unit, Meezan Islamic Income Fund (MIIF) - Rs. 1.75 per unit and Meezan Cash Fund (MCF) - Rs. 1.35 per unit. All the funds are Shariah compliant.
FUND###DIVIDEND (RS.) PER UNIT###% OF PAR VALUE OF RS. 50/-
Meezan Sovereign Fund (MSF)###2.10###4.20%
Meezan Islamic Income Fund (MIIF)###1.75###3.50%
Meezan Cash Fund (MCF)###1.35###2.70%
The payouts are in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders. A Growth Unit holder having 100 units of MSF as at March 28, 2011 will get 4.1992 additional units at the ex-div. NAV of Rs. 50.01 while an Income Unit holder will get Cash Dividend of Rs. 2.10 per unit. A Growth Unit holder having 100 units of MIIF as at March 28, 2011 will get 3.486 additional units at the ex-div. NAV of Rs. 50.20 while an Income Unit holder will get Cash Dividend of Rs. 1.75 per unit. A Growth Unit holder having 100 units of MCF as at March 28, 2011 will get 2.699 additional units at the ex-div. NAV of Rs. 50.02 while an Income Unit holder will get Cash Dividend of Rs. 1.35 per unit.
Meezan Sovereign Fund (MSF) is the first Shariah compliant open end government securities fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 11.77%. The current net assets of MSF are Rs. 10,159 million.
Meezan Islamic Income Fund (MIIF) is the first and the largest Shariah compliant open end income fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 13.69%. The current net assets of MIIF are Rs. 2,792 million.
Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 11.43%. The current net assets of MCF are Rs. 6,357 million.
Al Meezan is the largest private sector asset management company in Pakistan, with AM2 Management Quality Rating. It has Rs. 29 billion assets under management. Due to its prudent fund management, Al Meezan has not only been able to retain its existing investors but also managed to increase the investor base. This success is reflective of the confidence and trust of both individual and institutional investors.
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|Publication:||Pakistan & Gulf Economist|
|Article Type:||Financial report|
|Date:||Apr 10, 2011|
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