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ABL’s bottom-line earnigns down by 14% owing to lower capital gain

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%

 

Copyright Mettis Link News

Posted on: 2019-08-20T13:01:00+05:00

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