ABL profit soars by 2.58x to Rs17.64bn in 1HCY23, announces Rs2.5 DPS

August 17, 2023 (MLN):Allied Bank Limited (PSX: ABL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs17.64 billion [EPS: Rs15.40], depicting a surge of 2.58x YoY, compared to Rs6.83bn [EPS: Rs5.96] in the same period last year (SPLY), bank’s filing on PSX showed today.

Along with the 1HCY23 financial results, the board of directors of UBL has also announced an interim cash dividend for the period ended June 30, 2022, at Rs2.50 per share i.e. 25%.

It is worth noting that this was the highest dividend payout and PAT ever recorded.

Going by the income statement, the bank witnessed an increase of 84.12% in its net interest income (NII) to stand at Rs50.65bn, compared to SPLY. The surge in NII is due to a jump in interest-earning (Rs168.90bn), up by 92.87% YoY.

During the period under review, the bank’s Non-Markup Income (NMI) also rose by 10.88% YoY to Rs12.19bn with a significant increase in Fee and commission to clock in at Rs5.54bn as compared to Rs4.26bn in SPLY. Similarly, dividend income also rose by 24.01% to Rs1.72bn in 1HCY23.

On the expense side, the total noninterest expenses rose to Rs23.68bn in 1HCY23 as compared to Rs18.51bn SPLY, depicting an increase of 28.31%. The bank incurred higher expenses as the operating costs rose by 27.89% to Rs23.68bn in the respective period.

In addition, the bank incurred a provision reversal of Rs2.74bn during the review period compared to the provisioning expense of Rs749.19m in the corresponding period last year.

On the tax front, the bank paid Rs17.64bn, 2.58x higher than the amount paid in 1HCY22.

CopyrightMettis Link News