Earnings Report /
Pakistan

Bank Alfalah: 3QCY21 review – in-line result reinforces our liking

  • BAFL has posted 3QCY21 consolidated EPS of PKR2.09, up 29% yoy and 4% qoq – in line with estimates

  • Key takeaways include, significantly lower provisions and strong fx income which offset muted growth in NII

  • Today’s result reinforces our liking . BAFL trades at very cheap valuations (CY22f P/B is 0.6x and P/E is 4.3x)

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
25 October 2021