Allied Bank's profits jump 0.8% at Rs13 bln
MG News | February 13, 2019 at 12:49 PM GMT+05:00
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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