Allied Bank exhibits growth of 2.18% for 3QFY18

By MG News | October 24, 2018 at 01:12 PM GMT+05:00

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October 24, 2018 (MLN): The profits for Allied Bank Limited (ABL) have shown a moderate improvement of 2.18% for the nine months period ended 30^th September 2018, as compared to the corresponding period last year.

The net mark-up income after reversal of provisions for the company fell by 0.04%, hardly showing any change.

The total non-mark-up income however improved by 37.78%, mainly due to increase in gain in sale of securities by a massive 419.57% i.e. approx. Rs1.7 billion as compared to last year.

On the other hand, the total non-markup expense grew by 14.51%, with Administrative expenses taking the lead with an increase of 11.71% i.e. approx. Rs1.7 billion.

The combined impact of these factors on the Profit before tax was a mere increase of 0.64% as compared to the corresponding period last year.

With taxation reporting a decrease of 1.66%, the overall Profits after taxation for the company reported an improvement of Rs215 million.

The Earnings per share also exhibited an increase of 2.2%.

The company announced an interim Cash Dividend for the quarter ended September 30, 2018 at Rs. 2 per share i.e. 20%. This is in addition to interim dividends of Rs. 4 per share i.e. 40% already paid for the year ending December 31, 2018.

Profit and loss account for the nine months ended September 30th 2018 (Rupees’000)
	Sep-18	Sep-17	% Change
Mark-up / return / interest earned	53,213,106	48,175,916	10.46%
Mark-up / return / interest expensed	29,591,013	24,623,558	20.17%
Net mark-up / interest income	23,622,093	23,552,358	0.30%
Net reversal of provision against non-performing loans and advances	-1,166,226	-1,227,905	-5.02%
Provision / (reversal) for diminution in the value of investments	9,745	-8,061
Net mark-up / interest income after reversal of provisions	24,778,574	24,788,324	-0.04%

Fee, commission and brokerage income	3654344	3,548,701	2.98%
Dividend income	2117335	2054293.00	3.07%
Income from dealing in foreign currencies	1051243	524478	100.44%
Gain on sale of securities - net	2187927	421101	419.57%
Unrealized gain / (loss) on revaluation of investments classified as 'held-for-trading' - net	-26235	-17018	54.16%
Other income	388572	271360	43.19%
Total non-mark-up / interest income	9373186	6802915	37.78%

Administrative expenses	16870328	15102273	11.71%
Reversal against other assets	-9609	-168858	-94.31%
Provision / (reversal) against off-balance sheet obligations - net	-	-257845
Other charges	422059	417353	1.13%
Total non-mark-up / interest expenses	17282778	15092923	14.51%

Extra-ordinary / unusual item	265226
PROFIT BEFORE TAXATION	16603756	16498316	0.64%
Taxation	6495580	6605452	-1.66%
PROFIT AFTER TAXATION	10108176	9892864	2.18%
Earnings per share - Basic and Diluted (in Rupees)	8.83	8.64	2.20%

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