ABL declares Rs4 DPS as earnings rise 9% in Q3 CY24

By MG News | Category Q32024 | October 30, 2024 at 12:58 PM GMT+05:00

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October 30, 2024 (MLN): Allied Bank Limited (PSX: ABL) experienced a rise of around 9% in its earnings in Q3 CY24, clocking in its profit after tax at Rs12.42 billion [EPS: Rs10.84], compared to a profit of Rs11.4bn [EPS: Rs9.95] in the same period last year.

Along with the results, the Board of Directors (BoD) of ABL recommended an interim cash dividend of Rs4 per share.

The income statement displays that the bank's net interest income (NII) increased 5.71% to Rs31.73bn, compared to Rs30.01bn in the previous year.

Likewise, the bank’s profit this quarter was mainly supported by higher non-markup income which clocked in at Rs7.24bn in Q3 CY24, up by nearly 40%.

The increase is primarily attributed to a significant improvement in fee and commission income and higher net gains on the sale of securities.

On the expense side, the total non-markup expenses increased by 18.09% to Rs15bn in Q3 CY24 compared to Rs12.71bn in Q3 CY23.

Moving forward, the profit and loss statement shows that a provision reversal of Rs82.61m was incurred during Q3 CY24, against a provision expense of Rs211.38m in Q3 CY23.

On the tax front, the bank paid Rs11.63bn, just 0.71% YoY higher than the amount paid in the previous year.

Consolidated Profit and Loss Account for the quarter ended on June 30, 2024 (Rupees in '000)
	Jun-24	Jun-23	% Change
Mark-up/return/interest earned	98,908,407	95,143,550	3.96%
Mark-up/return/interest expensed	67,182,111	65,130,248	3.15%
Net mark-up/interest income	31,726,296	30,013,302	5.71%
NON MARK-UP/INTEREST INCOME
Fee and commision income	4,157,806	2,979,184	39.56%
Dividend income	635,218	940,240	-32.44%
Foreign exchange income	1,377,264	1,420,976	-3.08%
Income from derivatives	-	-	-
Gain on sale of securities - net	514,403	(201,379)	-355.44%
Other income	550,383	35,089	1468.53%
Total non mark-up/interest income	7,235,074	5,174,110	39.83%
Total Income	38,961,370	35,187,412	10.73%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	14,532,963	12,129,606	19.81%
Workers welfare fund	482,001	468,157	2.96%
Other charges	(10,383)	108,781	-109.54%
Total non mark-up/interest expenses	15,004,581	12,706,544	18.09%
Share of profit of associates	172,083	251,189	-31.49%
Profit before provisions	24,128,872	22,732,057	6.14%
Credit loss allowance and write offs - net	82,609	(211,384)	-
Extra ordinary / Unusual items	-	-	-
Profit before taxation	24,046,263	22,943,441	4.81%
Taxation	11,630,952	11,548,417	0.71%
Profit after taxation	12,415,311	11,395,024	8.95%
Earnings per share - Basic and Diluted (in Rupees)	10.84	9.95	-

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