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

MG News | April 22, 2020 at 12:39 PM GMT+05:00

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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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