Allied Bank posts Rs44.4bn profit, up 7.5% in 2024

MG News | February 04, 2025 at 01:35 PM GMT+05:00

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February 04, 2025 (MLN): Allied Bank Limited (ABL) has posted a robust profit after taxation of Rs44.4 billion for the year ended December 31, 2024, reflecting a 7.5% increase compared to Rs41.3bn in 2023.

The bank has declared a final cash dividend of Rs4 per share (40%), in addition to the Rs12 per share (120%) interim dividends already disbursed.

The bank’s total income grew 5.2% year-over-year, reaching Rs145.7bn, driven by an increase in net markup and interest income, which stood at Rs115.36bn up 2.17% from last year.

Non-markup income surged 18.51% to Rs30.33bn, fueled by strong fee and commission income (Rs16.2bn, up 36.61%) and a 403.53% jump in other income.

Despite the positive revenue growth, operating expenses rose 21.13% to Rs57.75bn, while provisions and write-offs saw a notable reversal, contributing Rs2.71bn back into profits.

The profit before taxation increased 3.35% to Rs89.71bn, with taxation at Rs45.32bn.

ABL’s earnings per share (EPS) improved to Rs38.77, compared to Rs36.07 last year.

Consolidated profit and loss account for the year ended December 31, 2024 (Rupees in '000)	31-Dec-24	31-Dec-23	%Change
Mark-up / return / interest earned	376,907,387	357,008,968	5.57%
Mark-up / return / interest expensed	261,543,253	244,096,459	7.15%
Net mark-up and interest income	115,364,134	112,912,509	2.17%
Fee and commission income	16,177,781	11,842,546	36.61%
Dividend income	3,017,787	3,543,033	-14.82%
Foreign exchange income	6,689,514	9,167,089	-27.03%
Gain on securities - net	3,444,359	844,772	307.73%
Other income	1,005,291	199,649	403.53%
Total non-markup / interest income	30,334,732	25,597,089	18.51%
Total income	145,698,866	138,509,598	5.2%
Operating expenses	57,754,498	47,680,724	21.13%
Workers welfare fund - net	1,447,221	1,773,735	-18.41%
Other charges	319,114	235,113	35.73%
Total non-markup / interest expenses	59,520,833	49,689,572	19.8%
Share of profit of associates	825,699	965,906	-14.52%
Profit before provisions	87,003,732	89,785,932	-3.10%
Credit loss allowance / Provisions and write-offs - net	(2,710,139)	2,976,973
Profit before taxation	89,713,871	86,808,959	3.35%
Taxation	45,324,650	45,507,595	-0.4%
Profit after taxation	44,389,221	41,301,364	7.5%
Basic & diluted earnings per share	38.77	36.07

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