Allied Bank posts Rs 3.394 billion pre-tax profit

The pre-tax profit of the Allied Bank Limited (ABL) has jumped by 20 times to Rs 3.394 billion during the third quarter ended September 30, 2005. According to an announcement here on Monday, ABL board of directors has approved the accounts.
The major contributor was the substantial increase in the net mark-up income which surged by 281 percent to Rs 3.516 billion on September 30, 2005, compared to Rs 3.109 billion in the same period last year.
The pre-tax profit during the same period last year was estimated at Rs 163 million only.
The after-tax profit escalated to Rs 2.209 billion in the third quarter compared to a loss of Rs 33 million in the same period last year.
The gross advances of the ABL rose to Rs 102 billion in September 2005 against Rs 51 billion in the same period last year, showing a rise of 101 percent, while net non-performance loans to net advances ratio declined from 17 percent on September 2004 to 6 percent in the third quarter of 2005. Bank's deposits grew by 20 percent to Rs 149 billion and foreign trade volume increased from Rs 57 billion to Rs 75 billion in September 2005.