August 20, 2020 (MLN): Allied Bank Limited has announced its financial results for the 1HCY20. As per results, the bank has posted its net profits of Rs 8.47 billion (EPS: Rs 7.40), i.e. around 36% higher than the net profits of Rs 6.24 billion (EPS: Rs 5.45) of the corresponding period last year.
The increase in profitability of the bank was mainly attributable to increased Net interest income (NII).
During the period under review, the bank’s net interest income went up 33.5% YoY at Rs 25 billion.
The other major highlight from the results includes a 5.7 times increase in capital gains which supported the bank’s non-funded income (NFI). However, foreign exchange income decreased significantly by 45% YoY.
Meanwhile, the bank’s operating expenses surged by 11% YoY to stand at Rs 14.6 billion whereas tax expense increased 24.47% YoY in 1HCY20. Moreover, a hefty provisioning charge was witnessed during 1HCY20 worth Rs 2.21 billion.
|
Profit and Loss Account for the half-year ended on June 30th, 2020 (Rupees in '000) |
|||
|---|---|---|---|
|
|
Jun-20 |
Jun-19 |
% Change |
|
Mark-up/return/interest earned |
61,948,091 |
52,010,659 |
19.11% |
|
Mark-up/return/interest expensed |
36,941,902 |
33,278,971 |
11.01% |
|
Net mark-up/interest income |
25,006,189 |
18,731,688 |
33.50% |
|
NON-MARK-UP/INTEREST INCOME |
|
|
|
|
Fee and commission income |
3,147,425 |
2,807,363 |
12.11% |
|
Dividend income |
821,666 |
978,223 |
-16.00% |
|
Foreign exchange income |
687,208 |
1,256,990 |
-45.33% |
|
Income from derivatives |
– |
– |
– |
|
Gain on sale of securities – net |
2,253,350 |
394,952 |
470.54% |
|
Other income |
92,567 |
259,283 |
-64.30% |
|
Total non-mark-up/interest income |
7,002,216 |
5,696,811 |
22.91% |
|
Total Income |
32,008,405 |
24,428,499 |
31.03% |
|
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
|
Operating expenses |
14,610,440 |
13,194,878 |
10.73% |
|
Workers welfare fund |
346,064 |
228,344 |
51.55% |
|
Other charges |
89,781 |
10,087 |
790.07% |
|
Total non-mark-up/interest expenses |
15,046,285 |
13,433,309 |
12.01% |
|
Profit before provisions |
16,962,120 |
10,995,190 |
54.27% |
|
Provisions/(reversals) and write offs |
2,209,001 |
(289,133) |
– |
|
Extra ordinary / Unusual items |
– |
– |
– |
|
Profit before taxation |
14,753,119 |
11,284,323 |
30.74% |
|
Taxation |
6,275,753 |
5,042,072 |
24.47% |
|
Profit after taxation |
8,477,366 |
6,242,251 |
35.81% |
|
Earnings per share – Basic and Diluted (in Rupees) |
7.40 |
5.45 |
35.78% |
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