Allied Bank’s financial performance surpasses market expectation

By MG News | February 07, 2020 at 12:53 PM GMT+05:00

0:00

February 7, 2020 (MLN): Allied Bank Limited has posted earnings of Rs. 14.4 billion (EPS: Rs. 12.65) for the year ended December 31, 2019, showing an increment of nearly 11% over the last year.

The Board of Directors of the Bank also announced a Final Cash Dividend for the year at Rs. 2 per share, i.e. 20%. This is in addition to interim dividends already paid at Rs. 6 per share i.e. 60%.

The bottom-line income of the Bank was mainly boosted by a rise in the Fee, commission income and Forex income by 14% and 32% respectively. Moreover, a 29% increase in the non-markup income further pushed the profits higher.

It is pertinent to mention that the above mentioned results exceeded the market expectations, as majority of the brokerage houses keeping a check on the bank’s performance expected a rise in net income by 6% only.

Profit and Loss Account for the year ended on December 30, 2019 (Rupees in '000)
	Dec-19	Dec-18	% Change
Mark-up/return/interest earned	122,638,580	73,275,474	67.37%
Mark-up/return/interest expensed	81,132,992	41,157,150	97.13%
Net mark-up/interest income	41,505,588	32,118,324	29.23%
NON MARK-UP/INTEREST INCOME
Fee, commission income	5,703,136	4,981,220	14.49%
Dividend income	1,902,872	2,828,478	-32.72%
Foreign exchange income	1,992,194	1,504,189	32.44%
Income from derivatives	-	-
Gain/(loss) on sale of securities - net	1,763,512	2,319,341	-23.96%
Other income	395,412	246,888	60.16%
Total non-mark-up/interest income	11,757,126	11,880,116	-1.04%
Total Income	53,262,714	43,998,440	21.06%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	28,593,691	24,891,410	14.87%
Workers welfare fund	(774,603)	(1,118,156)	-30.72%
Other charges	195,045	81,963	137.97%
Total non-mark-up/interest expenses	28,014,133	23,855,217	17.43%
Profit before provisions	25,248,581	20,143,223	25.35%
Provisions / (reversals) and write offs - net	546,658	(1,089,688)	-150.17%
Extra ordinary / Unusual items	-	-
Profit before taxation	24,701,923	21,232,911	16.34%
Taxation	10,213,160	8,201,094	24.53%
Profit after taxation	14,488,763	13,031,817	11.18%
Earnings per share - Basic and Diluted (in Rupees)	12.65	11.38	11.16%

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