ABL’s Half yearly profits rise by 10%

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%

Posted on: 2018-08-09T12:09:00+05:00

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