April 20, 2022 (MLN): Allied Bank Limited announced its financial results today for the 1QCY22 where it reported net profits of Rs4.8 billion (EPS: Rs4.24), exhibiting an 18% jump compared to the net profits of Rs4.1bn (EPS: Rs3.59) in the corresponding period last year.
The financial result was accompanied by an interim cash dividend of Rs2 per share for the quarter ended March 31, 2022.
During the period under review, the bank’s interest expenses increased by 2x% YoY, while, income moved up by 1.64% YoY. As a result, the bank’s net interest income (NII) observed an up of 1.16% YoY to Rs12.54bn during 1QCY22. This is primarily due to an improvement in yield on earning assets led by the hike in interest rates during the quarter, a report by Sherman Securities noted.
On the other hand, non-funded income (NFI) of the bank witnessed an increase of around 13% YoY to clock in at Rs16.78bn due to a 24.61% increase in fee and commission income, 85.27 YoY upsurge in dividend income coupled with other income of Rs21mn, up by 4.4x YoY during the said period. Meanwhile, the foreign exchange income climbed up by 3x YoY to Rs752mn during 1QCY22.
Notably, the bank posted a net reversal of Rs252.44mn against Rs139mn in the corresponding period last year.
|
Mar-22 |
Mar-21 |
% Change |
|
|---|---|---|---|
|
Mark-up/return/interest earned |
39,064,838 |
23,774,192 |
64.32% |
|
Mark-up/return/interest expensed |
26,523,614 |
12,981,181 |
104.32% |
|
Net mark-up/interest income |
12,541,224 |
10,793,011 |
16.20% |
|
NON MARK-UP/INTEREST INCOME |
|||
|
Fee, commission income |
2,261,851 |
1,815,152 |
24.61% |
|
Dividend income |
952,991 |
514,386 |
85.27% |
|
Foreign exchange income |
752,062 |
245,859 |
205.89% |
|
Gain/(loss) on sale of securities – net |
258,701 |
1,487,764 |
-82.61% |
|
Other income |
21,115 |
4,704 |
348.87% |
|
Total non mark-up/interest income |
4,246,720 |
4,067,865 |
4.40% |
|
Total Income |
16,787,944 |
14,860,876 |
12.97% |
|
NON MARK-UP/INTEREST EXPENSES |
|||
|
Operating expenses |
8,724,684 |
8,000,219 |
9.06% |
|
Workers welfare fund |
171,615 |
145,463 |
17.98% |
|
Other charges |
102,333 |
39,574 |
158.59% |
|
Total non mark-up/interest expenses |
8,998,632 |
8,185,256 |
9.94% |
|
Profit before provisions |
7,789,312 |
6,675,620 |
16.68% |
|
Provisions / (reversals) and write offs – net |
(252,443) |
(139,001) |
81.61% |
|
Profit before taxation |
8,041,755 |
6,814,621 |
18.01% |
|
Taxation |
3,192,093 |
2,702,742 |
18.11% |
|
Profit after taxation |
4,849,662 |
4,111,879 |
17.94% |
|
Earnings per share – Basic and Diluted (in Rupees) |
4.24 |
3.59 |
18.11% |
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