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HomeEquityAllied Bank’s financial performance surpasses market expectation

Allied Bank’s financial performance surpasses market expectation

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%

Copyright Mettis Link News

Posted on: 2020-02-07T12:53:00+05:00

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