Allied Bank sees a 27% improvement in earnings despite lower interest income

News Image

MG News | February 17, 2021 at 01:23 PM GMT+05:00

0:00

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

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 120,520.00 123,615.00
118,675.00
1990.00
1.68%
BRENT CRUDE 69.11 71.53
69.05
-1.25
-1.78%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 106.50 106.60
106.50
-2.20
-2.02%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.87 69.65
66.80
-1.58
-2.31%
SUGAR #11 WORLD 16.31 16.67
16.27
-0.26
-1.57%

Chart of the Day


Latest News
July 14, 2025 at 05:26 PM GMT+05:00

Gold price in Pakistan rises Rs1,600 per tola


July 14, 2025 at 04:59 PM GMT+05:00

Tax reforms focus on public ease, transparency


July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High


July 14, 2025 at 04:06 PM GMT+05:00

PKR falls 25 paisa per USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg