Allied Bank Limited (ABL) on Tuesday announced its 3Q2013 results posting a PAT of Rs 2.8bn (EPS: Rs 2.70), up 2 percent YoY and 4 percent QoQ, analysts at JS Global said. The results came above our EPS expectation of Rs 2.50 on account of better Net Interest Income (NII). Consequently, 9M2013 earnings clocked in at Rs 8.3bn (EPS: Rs 8.01), down 11pc YoY.
The bank also announced a third interim cash dividend of Rs 1.25 per share taking the cumulative 9M2013 dividend to Rs 3.75 per share, they said. On a surprising note, ABL's 3Q NII grew by 35pc YoY and 11pc QoQ to Rs 6.0bn, on the back of higher earnings assets. The bank's bottom line was further supported by 43pc YoY lower cumulative provisions in 3Q2013. That said 38pc YoY and 1pc QoQ lower non-interest income (due to lower capital gains during the period) suppressed the bottom line growth, they said.
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