Allied Bank's profits jump 0.8% at Rs13 bln

By MG News | February 13, 2019 at 12:49 PM GMT+05:00

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February 13, 2019 (MLN): Allied Bank Limited’s consolidated profits for the year ended December 31, 2018 clocked in at Rs. 13 billion, higher by merely 0.82% over Rs. 12.9 billion last year.

This mere change in bottom-line emanated from a similar not-so-great change in the company’s net interest income.

Even though the bank witnessed a 7% positive change in its total income, the impact of it was nearly countered by an increase in the total interest expenses by 6.14%.

ABL stated its Earning per share at Rs 11.38 for the said period, 2.34% higher than that of previous year.

Moreover, it announced a cash dividend for the same period 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%.

Profit and loss account for the year ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Mark-up / return / interest earned	73,275,474	65,710,553	11.51%
Mark-up / return / interest expensed	41,157,150	34,129,289	20.59%
Net mark-up / interest income	32,118,324	31,581,264	1.70%
NON MARK-UP / INTEREST INCOME
Fee and commission income	4,981,220	4,558,429	9.27%
Dividend income	2,828,478	3,256,829	-13.15%
Foreign exchange income	1,504,189	762,059	97.38%
Income from derivatives
Gain on securities - net	2,319,341	611,369	279.37%
Other income	246,888	160,386	53.93%
Total non-markup / interest income	11,880,116	9,349,072	27.07%
Total income	43,998,440	40,930,336	7.50%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	24,719,299	21,793,123	13.43%
Workers welfare fund - net	-1,118,156	422,979	-364.35%
Other charges	81,963	96,856	-15.38%
Total non-markup / interest expenses	23,683,106	22,312,958	6.14%
Profit before provisions	20,315,334	18,617,378	9.12%
Net reversal against provisions and write offs	-1,089,688	-2,526,148	-56.86%
Extra-ordinary / unusual items	172,111
PROFIT BEFORE TAXATION	21,232,911	21,143,526	0.42%
Taxation	8,201,094	8,217,755	-0.20%
PROFIT AFTER TAXATION	13,031,817	12,925,771	0.82%
Basic Earnings per share	11.38	11.12	2.34%

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