February 16, 2023 (MLN): Allied Bank Limited (ABL) on Thursday disclosed its financial results for the year ending December 31, 2022, with a consolidated profit after tax of Rs21.25 billion (EPS: Rs18.56), increasing by 21.39% YoY when compared to the net profit of Rs17.50bn (EPS: Rs15.29) earned in the CY21.
The board of directors also declared a final cash dividend of Rs2.50 per share i.e., 25%.
Going by the company’s financial statement sent to PSX today, the increase in the bottom line was mainly due to a surge in net mark-up income by 46.42% YoY to Rs66.71bn in CY22.
Furthermore, the bank’s total non-markup income climbed up by 27.69% YoY to Rs21.40bn owing to the massive surge in foreign exchange income by 302.80% YoY to clock in at Rs7.95bn. In addition, the dividend income and commission income are also up by 37.15% YoY, and 17.86% YoY in CY22.
On the other hand, gains on securities and other income went down by 70.82% YoY, 88.99% YoY to Rs1.26bn, and Rs62.28 million.
In CY22, ABL recorded over Rs46.78bn profit-before-taxation, a growth of 63.09% YoY as compared to Rs28.68bn in the same period last year.
Moreover, aggregate non-mark-up expenses increased by 20.73% YoY mainly due to an increase in other charges by 110.25% YoY, workers’ welfare fund by 63.31% YoY, and operating expenses by 19.52% YoY.
The bank also paid taxes of Rs25.53bn during the period against Rs11.18n in CY21.
At the time of writing, the scrip of the ABL is being traded at Rs64.50, down by 46 paisa.
|
Consolidated Profit and Loss Account for the year ended December 31, 2022 (Rupees in '000) |
|||
|---|---|---|---|
|
|
CY22 |
CY21 |
Change % |
|
Mark-up/return/interest earned |
215,477,711 |
118,654,233 |
81.60% |
|
Mark-up/return/interest expensed |
148,768,136 |
73,092,393 |
103.53% |
|
Net mark-up and interest income |
66,709,575 |
45,561,840 |
46.42% |
|
NON-MARK-UP/INTEREST INCOME |
|
|
|
|
Fee and commission income |
8,953,314 |
7,596,474 |
17.86% |
|
Dividend income |
3,182,436 |
2,320,427 |
37.15% |
|
Foreign exchange income |
7,948,096 |
1,973,233 |
302.80% |
|
Income from derivatives |
– |
– |
– |
|
Gain on securities – net |
1,256,570 |
4,306,138 |
-70.82% |
|
Other income |
62,281 |
565,442 |
-88.99% |
|
Total non-mark-up/interest income |
21,402,697 |
16,761,714 |
27.69% |
|
Total Income |
88,112,272 |
62,323,554 |
41.38% |
|
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
|
Operating expenses |
-40,254,537 |
-33,680,176 |
19.52% |
|
Worker’s welfare fund- net |
-978,733 |
-599,306 |
63.31% |
|
Other charges |
-358,006 |
-170,275 |
110.25% |
|
Total non-mark-up/interest expenses |
-41,591,276 |
-34,449,757 |
20.73% |
|
Profit before provisions |
46,520,996 |
27,873,797 |
66.90% |
|
Provisions and write-offs – net |
-260,893 |
-811,100 |
-67.83% |
|
Extraordinary / Unusual items |
– |
– |
– |
|
Profit before taxation |
46,781,889 |
28,684,897 |
63.09% |
|
Taxation |
25,534,404 |
11,181,669 |
128.36% |
|
Profit after taxation |
21,247,485 |
17,503,228 |
21.39% |
|
Earnings per share – Basic and Diluted (in Rupees) |
18.56 |
15.29 |
21.39% |
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Posted on: 2023-02-16T15:26:30+05:00
