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ABL declares Rs4 DPS as earnings spike to Rs11.61bn in 3QFY24

ABL expands its money market offerings with two new PSX-listed funds
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April 24, 2024 (MLN): Allied Bank Limited (PSX: ABL) experienced a rise of over 51% YoY in its profitability in 3QFY24, clocking in its profit after tax at Rs11.61 billion [EPS: Rs10.14], compared to a profit of Rs7.68bn [EPS: Rs6.71] in 3QFY23.

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

Going by the income statement, the bank witnessed an increase of 42.63% YoY in its net interest income (NII) to stand at Rs29.15bn, compared to Rs20.44bn in the previous year.

The surge in NII is due to a jump in interest-earning (Rs94.33bn), up by 27.52% YoY.

On the other hand, the bank’s total non-markup income recorded a drop of 4.31% YoY to Rs6.77bn.

The decline is attributed to a major drop in foreign exchange income that clocked in at Rs1.27bn in 3QFY24, down 60.78% YoY compared to 3QFY23.

ABL’s dividend income andfee and commission income went up by 11.05% and 44.89% YoY, respectively.

On the expense side, the total non-markup expenses increased by 16.01% YoY to Rs13.65bn in 3QFY24 compared to Rs7.07bn in 3QFY23.

The increase was attributed to a 14.64% YoY jump in operating expenses, rising from Rs11.4bn in 3QFY23to Rs13.07bn in the review quarter.

Additionally, the bank’s expenses related to the Workers' Welfare Fund and other charges also went up during the review period.

Moving forward, the profit and loss statement shows that a provision expense of Rs162.76m was incurred during 3QFY24, against a provision reversal of Rs2.31bn in 3QFY23.

On the tax front, the bank paid Rs10.99bn, 86.44% YoY higher than the amount paid in the previous year.

Consolidated Profit and Loss Account for the quarter ended on March 31 2024 (Rupees in '000)
  Mar-24 Mar-23 % Change
Mark-up/return/interest earned 94,326,891 73,971,224 27.52%
Mark-up/return/interest expensed 65,176,657 53,533,610 21.75%
Net mark-up/interest income 29,150,234 20,437,614 42.63%
NON MARK-UP/INTEREST INCOME      
Fee and commision income 3,992,545 2,755,544 44.89%
Dividend income 976,341 879,230 11.05%
Foreign exchange income 1,271,878 3,242,600 -60.78%
Income from derivatives
Gain on sale of securities – net 302,802 177,832 70.27%
Other income 224,728 17,804 1162.23%
Total non mark-up/interest income 6,768,294 7,073,010 -4.31%
Total Income 35,918,528 27,510,624 30.56%
NON MARK-UP/INTEREST EXPENSES      
Operating expenses 13,065,304 11,396,366 14.64%
Workers welfare fund 473,200 290,265 63.02%
Other charges 109,873 78,011 40.84%
Total non mark-up/interest expenses 13,648,377 11,764,642 16.01%
Share of profit of associates 162,993 142,144  
Profit before provisions 22,433,144 15,888,126 41.19%
Credit loss allowance and write offs – net (162,755) 2,309,777
Extra ordinary / Unusual items
Profit before taxation 22,595,899 13,578,349 66.41%
Taxation 10,988,971 5,894,122 86.44%
Profit after taxation 11,606,928 7,684,227 51.05%
Earnings per share – Basic and Diluted (in Rupees) 10.14 6.71

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Posted on: 2024-04-24T13:03:14+05:00