ABL’s net profit withers by 4% YoY in 9MCY22

October 20, 2022 (MLN): Allied Bank Limited (PSX: ABL) on Thursday unveiled its financial results for the 9MCY22 where it reported net profits of Rs12.64 billion (EPS: Rs11.04), exhibiting a 4.23% YoY decline compared to the net profits of Rs13.2bn (EPS: Rs11.53) in the corresponding period last year.

The financial result was accompanied by an interim cash dividend of Rs2 per share for the quarter that ended September 30, 2022. This is in addition to the interim dividend already paid at Rs4 per share i.e 40%.

During the period under review, the bank’s interest expenses increased by 2x% YoY, while, income moved up by 74% YoY. As a result, the bank’s net interest income (NII) observed an up of 31% YoY to Rs45.43bn during 9MCY22. This is primarily due to an improvement in yield on earning assets led by the hike in interest rates.

On the other hand, the non-funded income (NFI) of the bank witnessed an increase of around 36.31% YoY to clock in at Rs16.83bn due to a 6x YoY increase in foreign exchange income, and a 16.86% YoY jump in fee and commission income.

Meanwhile, the gain on securities moved down by 70% YoY to Rs1bn during 9MCY22.

Notably, the bank posted a net reversal of Rs696.58mn against 561.25mn in the corresponding period last year.

Copyright Mettis Link News