August 20, 2019 (MLN): The Allied Bank Limited (ABL) has observed 13.8% decline in its profits after tax (PAT) for the half year ended on June 30th 2019 which locked in at Rs 6.2 billion with an Earning per share (EPS) at Rs 5.45 compared to Rs 7.2 billion (EPS: Rs 6.33) reported in the same period last year.
The decline in profits were primarily attributable to 81.6% decline in gain on sale of securities and 90% increase in interest expenses. In addition, growth in operating expenses during the period also helped in dragging company’s bottom- line earnings down.
On the other hand, the bank observed 86% increase in income from dealing in foreign currencies which provided a cushion to the earnings.
Moreover, the bank also announced an interim Cash Dividend at Rs.2 per share, i.e. 20% in addition to an interim dividend already paid at Rs.2 per share or 20%.
Profit and Loss Account for the half year ended on June 30th 2019 (Rupees in '000) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change |
Mark-up/return/interest earned | 52,010,659 | 33,319,952 | 56.09% |
Mark-up/return/interest expensed | 33,278,971 | 17,507,395 | 90.09% |
Net mark-up/interest income | 18,731,688 | 15,812,557 | 18.46% |
NON-MARK-UP/INTEREST INCOME |
|
|
|
Fee, commission and brokerage income | 2,807,363 | 2,566,695 | 9.38% |
Dividend income | 978,223 | 1,442,874 | -32.20% |
Income from dealing in foreign currencies | 1,256,990 | 674,150 | 86.46% |
Gain/(loss) on sale of securities – net | 394,952 | 2,150,523 | -81.63% |
Other income | 259,283 | 53,534 | 384.33% |
Total non-mark-up/interest income | 5,696,811 | 6,887,776 | -17.29% |
Total Income | 24,428,499 | 22,700,333 | 7.61% |
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
Operating expenses | 13,194,878 | 11,419,265 | 15.55% |
Workers welfare fund | 228,344 | 249,367 | -8.43% |
Other charges | 10,087 | 97,236 | -89.63% |
Total non-mark-up/interest expenses | 13,433,309 | 11,765,868 | 14.17% |
Profit before provisions | 10,995,190 | 10,934,465 | 0.56% |
Net reversal against provisions and write offs | 289,133 | 1,009,096 | -71.35% |
Extra ordinary / Unusual items | – | – |
|
Profit before taxation | 11,284,323 | 11,943,561 | -5.52% |
Taxation | 5,042,072 | 4,698,396 | 7.31% |
Profit after taxation | 6,242,251 | 7,245,165 | -13.84% |
Earnings per share – Basic and Diluted (in Rupees) | 5.45 | 6.33 | -13.90% |
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