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% |
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