February 17, 2021 (MLN): Allied Bank Limited has announced earnings of Rs. 18.3 billion (EPS: 16.05) for the year ended December 31, 2020, i.e. nearly 27% higher than the earnings recorded in the same period of last year.
The bank also announced a final Cash Dividend for the year at Rs. 6.00 per share i.e. 60%. This is in addition to interim dividends already paid at Rs. 2.00 per share i.e. 20%.
Despite a fall in its interest income by 10%, ABL was able to lift its net interest income by 15% owing to a 23% decline in interest expense. Further boost came from a 98% increase in gain on securities, which helped in raising the total income by 15.3%.
However, the bank also saw a rise of 9.3% in total expenses owing to payment of Rs. 626.5 million made in workers’ welfare fund.
The earnings took a slight hit from the rise in income tax expense by nearly 14%.
Consolidated Financial Results for the year ended December 31, 2020 (Rupees in '000) | |||
|---|---|---|---|
Dec-20 | Dec-19 | % Change | |
Mark-up/return/interest earned | 110,548,776 | 122,638,580 | -9.9% |
Mark-up/return/interest expensed | (62,153,107) | (80,760,742) | -23.0% |
Net mark-up and interest income | 48,395,669 | 41,877,838 | 15.6% |
NON-MARK-UP / INTEREST INCOME | |||
Fee and commission income | 6,184,600 | 5,703,136 | 8.4% |
Dividend income | 1,773,857 | 1,902,872 | -6.8% |
Foreign exchange income | 1,663,815 | 1,992,194 | -16.5% |
Income from derivatives | |||
Gain on securities – net | 3,487,325 | 1,763,512 | 97.7% |
Other income | 333,627 | 395,412 | -15.6% |
Total non-markup / interest income | 13,443,224 | 11,757,126 | 14.3% |
Total income | 61,838,893 | 53,634,964 | 15.3% |
NON-MARK-UP / INTEREST EXPENSES | |||
Operating expenses | (30,281,195) | (28,965,941) | 4.5% |
Workers welfare fund – net | (626,529) | 774,603 | |
Other charges | (112,682) | (195,045) | -42.2% |
Total non-markup / interest expenses | (31,020,406) | (28,386,383) | 9.3% |
Profit before provisions | 30,818,487 | 25,248,581 | 22.1% |
Provisions and write offs – net | (843,550) | (546,658) | 54.3% |
Extra-ordinary / unusual items | |||
PROFIT BEFORE TAXATION | 29,974,937 | 24,701,923 | 21.3% |
Taxation | (11,597,332) | (10,213,160) | 13.6% |
PROFIT AFTER TAXATION | 18,377,605 | 14,488,763 | 26.8% |
Basic and diluted earnings per share | 16.05 | 12.65 | 26.9% |
Copyright Mettis Link News
39759
