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

MG News | August 20, 2019 at 01:01 PM GMT+05:00

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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 30^th 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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