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 30th 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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