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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