In a Board of Directors meeting held on Thursday, August 9th 2018, Allied Bank finalized its financial earning for the half year period ended on June 30th 2018.
The report issued to PSX revealed that as compared to the half year period ending on June 30th 2017, ABL’s Net mark-up/interest income decreased by 3% but Net reversal against non-performing loans and advances increased by 28%.
Net mark-up/interest income after provisions dipped by 1.8%
Furthermore, ABL’s Income from dealing in foreign currencies witnessed a significant increase of 112%, while Net Gain on sale of securities went up remarkably by 542%, thus the Total non mark-up/interest income increased by 47%.
ABL’s provision against other assets also reduced by 95%.
The overall profit for the period increased by almost 10%, and the Earnings per share were reported to have increased to Rs.6.33 per share as compared to Rs.5.76 per share last year.
Profit and Loss Account for the Half Year Ended on June 30th 2018 (Rupees in '000) | |||
|---|---|---|---|
| Jun-18 | Jun-17 | % Change |
Mark-up/return/interest earned | 33,319,952 | 32,363,511 | 2.96% |
Mark-up/return/interest expensed | 17,507,395 | 16,067,479 | 8.96% |
Net mark-up/interest income | 15,812,557 | 16,296,032 | -2.97% |
(Reversal)/provision against non-performing loans and advances – net | (892,329) | (695,907) | 28.23% |
(Reversal)/provision for diminution in the value of investments – net | 11,376 | (8,061) |
|
Bad debts written off directly | – | – |
|
| (880,953) | (703,968) |
|
Net mark-up/interest income after provisions | 16,693,510 | 17,000,000 | -1.80% |
NON MARK-UP/INTEREST INCOME |
|
|
|
Fee, commission and brokerage income | 2,566,693 | 2,407,157 | 6.63% |
Dividend income | 1,442,874 | 1,556,095 | -7.28% |
Income from dealing in foreign currencies | 674,150 | 317,585 | 112.27% |
Gain/(loss) on sale of securities – net | 2,140,642 | 332,964 | 542.90% |
Unrealized gain/(loss) or revaluation of investments classified as “held-for-trading” – net | 9,882 | (24,259) |
|
Other income | 202,803 | 176,541 | 14.88% |
Total non-mark-up/interest income | 7,037,044 | 4,766,083 | 47.65% |
| 23,730,554 | 21,766,083 | 9.03% |
NON MARK-UP/INTEREST EXPENSES |
|
|
|
Administrative expenses | 11,154,040 | 9,982,440 | 11.74% |
Provision against other assets | 1,125 | 24,000 | -95.31% |
(Reversal)/provision against off-balance sheet obligations – net | 20,000 | (2,698) |
|
Other charges | 346,602 | 313,104 | 10.70% |
Total non-mark-up/interest expenses | 11,521,767 | 10,316,846 | 11.68% |
Extra-ordinary / unusual items | 265,226 | – |
|
Profit before taxation | 11,943,561 | 11,449,237 | 4.32% |
Taxation | 4,698,396 | 4,854,139 | -3.21% |
Profit after taxation | 7,245,165 | 6,595,098 | 9.86% |
Earnings per share – Basic and Diluted (in Rupees) | 6.33 | 5.76 | 9.90% |
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