ABL announces 25% dividend after strong Q1 performance

By MG News | April 27, 2023 at 05:47 PM GMT+05:00

0:00

April 27, 2023 (MLN): The bottom line of Allied Bank Limited (PSX: ABL) has surged by 57.19% YoY in 1QCY23 ended March 31, 2023, to stand at Rs7.58 billion [EPS: Rs6.63], compared to Rs4.82bn [EPS: 4.22] in 1QCY22, bank’s filing on PSX revealed today.

Along with the result, the bank announced an interim cash dividend for the quarter of Rs 2.50/share i.e. 25%.

Going by the income statement sent to PSX, the bank’s net interest income (NII) increased by 63.56% YoY to stand at Rs20.51bn.

During the period under review, the bank’s non-funded income (NFI) jumped by 67.72% YoY to Rs6.84bn mainly due to higher FX income of Rs3.24bn up 4.3x YoY on the back of the Rupee devaluation. Moreover, fee and commission income increased by 20.09% YoY to Rs2.51bn during 1QCY23.

It is pertinent to mention that the bank posted a significant decline under its gain on securities head by 34% YoY to stand at Rs177.83 million in 1QCY23, compared to Rs269.53m in the same period last year.

The non-markup interest expense has jumped by 31.11% YoY to lock in at Rs11.62bn during 1QCY23.

On the tax front, the bank paid Rs5.83bn in 1QCY23, almost double the amount paid in 1QCY22.

Unconsolidated Profit and Loss Account for the quarter ended March 31, 2023 (Rupees in '000)
	Mar-23	Mar-22	% Change
Mark-up/return/interest earned	74,040,237	39,062,377	89.54%
Mark-up/return/interest expensed	53,527,186	26,520,704	101.83%
Net mark-up/interest income	20,513,051	12,541,673	63.56%
NON MARK-UP/INTEREST INCOME
Fee and commission income	2,517,989	2,096,713	20.09%
Dividend income	879,230	934,617	-5.93%
Foreign exchange income	3,242,600	752,062	331.16%
Income from derivatives
Gain on sale of securities - net	177,832	269,539	-34.02%
Other income	25,829	27,297	-5.38%
Total non mark-up/interest income	6,843,480	4,080,228	67.72%
Total Income	27,356,531	16,621,901	64.58%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	11,255,799	8,589,954	31.03%
Workers welfare fund	287,152	170,989	67.94%
Other charges	78,011	102,333	-23.77%
Total non mark-up/interest expenses	11,620,962	8,863,276	31.11%
Profit before provisions	15,735,569	7,758,625	102.81%
(reversals)/Provisions and write offs	2,309,777	(252,443)	-
Extra ordinary / Unusual items	-	-	-
Profit before taxation	13,425,792	8,011,068	67.59%
Taxation	5,836,975	3,183,194	83.37%
Profit after taxation	7,588,817	4,827,874	57.19%
Earnings per share - Basic and Diluted (in Rupees)	6.63	4.22	-

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