Allied Bank reports 26% growth in net earnings during 1QCY20

April 22, 2020 (MNL): Allied Bank Limited has announced the financial results for the quarter ended March 31, 2020, as per which, the company has made profits of Rs. 3.89 billion (EPS: Rs. 3.4), i.e. 26% higher than the figures reported in same period last year.

The Bank also paid a Cash Dividend for the quarter at Rs. 2 per share i.e. 20%.

According to the Financial Report released by the Bank, the Net Interest Income grew by 21%, while Non-Interest Income increased by merely 1.3%. Al on all, the total income of the bank grew by nearly 1%.

On the other hand, the total expenses surged by 18.4%, on the back of higher operating expenses and non-core charges,

The decline in income tax expense by 22.7% also helped significantly in lifting the profits of the bank during the period under review.

Profit and Loss Account for the quarter ended March 31, 2020 (Rupees in '000)

 

Mar-20

Mar-19

% Change

Mark-up/return/interest earned

32,071,244

24,344,612

31.74%

Mark-up/return/interest expensed

20,455,226

14,758,771

38.60%

Net mark-up/interest income

11,616,018

9,585,841

21.18%

NON-MARK-UP/INTEREST INCOME

   

Fee, commission income

1,718,614

1,532,528

12.14%

Dividend income

387,673

429,389

-9.72%

Foreign exchange income

(188,408)

630,434

-129.89%

Income from derivatives

 

Gain/(loss) on sale of securities – net

869,469

77,373

1023.74%

Other income

14,076

94,046

-85.03%

Total non-mark-up/interest income

2,801,424

2,763,770

1.36%

Total Income

14,417,442

12,349,611

16.74%

NON-MARK-UP/INTEREST EXPENSES

   

Operating expenses

7,118,552

6,007,698

18.49%

Workers welfare fund

144,313

134,726

7.12%

Other charges

45,394

30,044

51.09%

Total non-mark-up/interest expenses

7,308,259

6,172,468

18.40%

Profit before provisions

7,109,183

6,177,143

15.09%

Provisions / (reversals) and write offs – net

680,931

(203,754)

-434.19%

Extra ordinary / Unusual items

 

Profit before taxation

6,428,252

6,380,897

0.74%

Taxation

2,538,031

3,286,923

-22.78%

Profit after taxation

3,890,221

3,093,974

25.74%

Earnings per share – Basic and Diluted (in Rupees)

3.40

2.70

25.93%

 

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Posted on: 2020-04-22T12:39:00+05:00

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