Allied Bank posts Rs44.4bn profit in 2024

Allied Bank (ABL) posted a profit-after-tax of Rs44.4 billion ($159.4 million) in 2024, a growth of over 7% more than earnings recorded in the preceding year, according to a stock notice on Tuesday.

As per ABL’s consolidated financial results, the bank’s earnings per share clocked in at Rs38.77 as opposed to Rs36.07 in 2023.

ABL’s board of directors in its meeting also announced a final cash dividend of Rs4 per share i.e. 40%, which is in addition to the interim dividends already paid at Rs12 per share i.e. 120%.

As per the income statement provided to the Pakistan Stock Exchange (PSX), the net interest income of ABL amounted to Rs115.4 billion in 2024, up over 2%, as compared to Rs112.9 billion registered in the previous year.

During the period under review, the bank’s fee and commission income jumped nearly 37% YoY to Rs16.2 billion, from Rs11.8 billion.

The bank posted massive gains on securities, which stood at Rs3.4 billion in 2024, as compared to a meagre Rs844 million in 2023, an increase of 308%.

Allied Bank’s profit jumps 25% in 2QCY24

Consequently, ABL’s non-markup income stood at Rs30.3 billion in 2024, in comparison to Rs25.6 billion, an increase of nearly 19% on a yearly basis.

Meanwhile, ABL saw its non-interest expenses balloon to Rs59.5 billion in 2024, compared to Rs49.7 billion in the preceding year.

The bank posted a profit before tax of Rs89.7 in 2024, up by 3%.

On the tax front, the bank paid Rs45.3 billion in 2024, lower than the Rs45.5 billion paid in 2023.