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The Bank Alfalah Limited (BAFL) demonstrated exceptional growth in 2024, strengthening its global presence and advancing its trade finance and digital banking capabilities, reports WealthPK. During CY24, BAFL expanded its international footprint by establishing new representative offices in Istanbul and Nairobi, complementing its existing presence in Dubai, Beijing, and Bahrain.

These strategic locations serve as key hubs for facilitating cross-border trade finance and investment, strengthening connections between Pakistani businesses and global markets.

During the review period, BAFL’s trade finance division handled transactions worth Rs3.3 trillion, underscoring the growing demand for its services. BAFL has positioned itself as a reliable partner for businesses navigating the complexities of international commerce through its expertise in supply chain finance and trade facilitation. The bank strengthened its supply chain financing capabilities, helping businesses optimize working capital and enhance cash flow management.

BAFL’s leadership in trade finance was recognized in 2024 when The Digital Banker named it the "Best Bank for Trade Finance in Pakistan." This prestigious award highlights the bank’s commitment to providing innovative financial solutions tailored to the needs of importers and exporters. BAFL’s expansion is driven by its digital transformation strategy, which has revolutionized customer experiences in both retail and corporate banking.

In 2024, the BAFL’s flagship digital platform, Alfa App, witnessed a surge in adoption, surpassing 3 million active users who conducted transactions worth Rs1 trillion. The introduction of advanced features such as biometric authentication, instant loan approvals, and personalized financial insights has enhanced accessibility and convenience for customers. Meanwhile, AlfaMall, Bank Alfalah’s dedicated e-commerce platform reported a 40% increase in sales volume, further cementing the bank’s leadership in digital banking.

BAFL reported strong financial performance for CY24, demonstrating resilience and sustained growth across all business segments. The bank's total assets surpassed Rs3.32 trillion, while deposits saw a year-on-year increase of 17.9%, reaching Rs2.28 trillion. Profitability remained robust, with profit before tax rising by 18% to Rs83.84 billion and net profit climbing to Rs39.86 billion in CY24. The earnings per share also improved, increasing from Rs31.78 in the previous year to Rs35.87.

These results highlight BAFL’s ability to navigate economic challenges while driving consistent expansion and financial stability. Bank Alfalah earned multiple prestigious accolades in 2024, including Euromoney’s "Best Investment Bank of the Year" in Pakistan and recognition among the "Top 25 Listed Companies" by the Pakistan Stock Exchange. The bank also received awards for investor relations and ESG reporting at the CFA Pakistan Excellence Awards, highlighting its commitment to excellence, governance, and sustainability.

BAFL is poised for continued growth in 2025, with plans to expand its global presence and advance digital transformation. The bank aims to introduce AI-driven financial tools for personalized insights and predictive analytics, enhancing customer engagement. Additionally, it is strengthening its commitment to sustainability by investing in renewable energy projects across Pakistan.

Therefore, BAFL is set to lead the industry into a new era, fostering sustainable growth and strengthening its impact both locally and internationally with a strong foundation in trade finance, digital banking, and customer-centric solutions.

Credit: INP-WealthPk