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 | – |
Copyright Mettis Link News
Posted on: 2024-10-30T12:58:45+05:00
