Allied Bank’s profit jumps 25% in 2QCY24

Despite marginally lower net income, Allied Bank (ABL) posted a profit-after-tax of Rs12.47 billion in quarter ended June 30 2024, a growth of over 25% than earnings recorded in the preceding year, according to a stock notice on Wednesday.

As per ABL’s consolidated financial results, the bank’s earnings per share clocked in at Rs10.89 as opposed to Rs8.69 in the same period of the previous year.

ABL’s board of directors in its meeting also announced an interim cash dividend of Rs4 per share i.e. 40%, which is in addition to the interim dividend already paid at Rs4 per share i.e. 40%.

As per the income statement provided to the Pakistan Stock Exchange (PSX), the net interest income of ABL amounted to Rs29.37 billion in 2QCY24, down nearly 3%, as compared to Rs30.21 billion registered in SPLY.

Allied Bank’s profit jumps 95% in 2023

During the period under review, the bank’s fee and commission income jumped nearly 21% YoY to Rs3.36 billion, from Rs2.78 billion.

The bank posted a significant increase of 151% under its income generated from foreign exchange, which stood at Rs2.8 billion, as compared to Rs1.1 billion.

Consequently, ABL’s non-markup income stood at Rs7.45 billion in 2QCY24, in comparison to Rs4.69 billion, an increase of nearly 59% on a yearly basis.

Meanwhile, ABL saw its non-interest expenses balloon to Rs15.3 billion in 2QCY24, compared to Rs12.81 billion in the preceding year.

On the tax front, the bank paid Rs12.15 billion in 2QCY24 slightly higher than Rs11.98 billion the amount paid in 2QCY23.