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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