Allied Bank Limited (ABL) Tuesday declared that its profit-after-tax (PAT) for 2014 increased by three percent to Rs 15.01 billion, year-on-year (YoY). The bank's earning per share is Rs 13.11, in line with the market expectation of Rs 13.18. Also, the bank announced a final cash dividend of Rs 2 per share, taking its cumulative dividend to Rs 6.50 for 2014.
The bank's Net Interest Income (NII) grew by 30 percent, YoY, to Rs 28.19 billion on the back of what analysts at JS Research viewed higher earnings assets. Similarly, ABL's provisions and write-offs also showed a surge of 2.85xYoY. This, analysts said, was due to Rs 1.65 billion Provisioning Expenses the bank booked in the fourth quarter of the year under review (4Q2014). However, 33 percent growth in Non Core Income and reversal under the operating expenses supported the bottom line growth, analysts said. Currently, the scrip is trading at 2015F PE and PBV of 7.99x and 1.57x, respectively.
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