ABL reports 4.6% decline in net earnings

By MG News | October 17, 2019 at 01:27 PM GMT+05:00

0:00

October 17, 2019 (MLN): The Allied Bank Limited (ABL) has witnessed 4.6% decline in its profits after tax (PAT) for the nine months ended on September 30, 2019 which locked in at Rs 9.6 billion (EPS: Rs.8.42), compared to Rs 10.1 billion (EPS: Rs 8.83) reported in the same period last year.

The bank’s interest income surged by 21.82, due to the repricing of the bank’s asset base at higher rates.

However, interest expenses increased substantially by 96.71% on the account of higher deposit rates which led to an increase in volumetric deposits. Resultantly, Net Interest Income (NII) accelerated by 21.82%.

The decline in profits was attributable to the rise in operating expenses by 18% on the back of expansionary pressure, network expansion, and compliance costs.

The Board of Directors of the Bank also announced an Interim Cash Dividend for the quarter ended September 30, 2019, at Rs. 2 per share i.e. 20%. This is in addition to dividends already paid at Rs. 4 per share i.e. 40%.

Profit and Loss Account for the nine months ended on September 30th, 2019 (Rupees in '000)
	Sep-19	Sep-18	% Change
Mark-up/return/interest earned	86,985,661	53,214,126	63.46%
Mark-up/return/interest expensed	58,207,069	29,591,013	96.71%
Net mark-up/interest income	28,778,592	23,623,113	21.82%
NON MARK-UP/INTEREST INCOME
Fee, commission income	4,106,308	3,653,325	12.40%
Dividend income	1,405,198	2,117,335	-33.63%
Foreign exchange income	1,611,094	1,051,243	53.26%
Income from derivatives	-	-	-
Gain/(loss) on sale of securities - net	910,674	2,161,691	-57.87%
Other income	355,814	238,490	49.19%
Total non-mark-up/interest income	8,389,088	9,222,084	-9.03%
Total Income	37,167,680	32,845,197	13.16%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	20,228,505	17,135,555	18.05%
Workers welfare fund	344,944	344,173	0.22%
Other charges	104,123	77,885	33.69%
Total non-mark-up/interest expenses	20,677,572	17,557,613	17.77%
Profit before provisions	16,490,108	15,287,584	7.87%
Net reversal against provisions and write offs	356,364	1,316,172	-72.92%
Extra ordinary / Unusual items	-	-
Profit before taxation	16,846,472	16,603,756	1.46%
Taxation	7,209,386	6,495,580	10.99%
Profit after taxation	9,637,086	10,108,176	-4.66%
Earnings per share - Basic and Diluted (in Rupees)	8.42	8.83	-4.64%

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