ABL announces 25% dividend after strong Q1 performance

April 27, 2023 (MLN):  The bottom line of Allied Bank Limited (PSX: ABL) has surged by 57.19% YoY in 1QCY23 ended March 31, 2023, to stand at Rs7.58 billion [EPS: Rs6.63], compared to Rs4.82bn [EPS: 4.22] in 1QCY22, bank’s filing on PSX revealed today.
Along with the result, the bank announced an interim cash dividend for the quarter of Rs 2.50/share i.e. 25%.
Going by the income statement sent to PSX, the bank’s net interest income (NII) increased by 63.56% YoY to stand at Rs20.51bn.
During the period under review, the bank’s non-funded income (NFI) jumped by 67.72% YoY to Rs6.84bn mainly due to higher FX income of Rs3.24bn up 4.3x YoY on the back of the Rupee devaluation. Moreover, fee and commission income increased by 20.09% YoY to Rs2.51bn during 1QCY23.
It is pertinent to mention that the bank posted a significant decline under its gain on securities head by 34% YoY to stand at Rs177.83 million in 1QCY23, compared to Rs269.53m in the same period last year.
The non-markup interest expense has jumped by 31.11% YoY to lock in at Rs11.62bn during 1QCY23.
On the tax front, the bank paid Rs5.83bn in 1QCY23, almost double the amount paid in 1QCY22.




Unconsolidated Profit and Loss Account for the quarter ended March 31, 2023 (Rupees in '000)


 


 


 






 


Mar-23


Mar-22


% Change




Mark-up/return/interest earned


     74,040,237


     39,062,377


89.54%




Mark-up/return/interest expensed


     53,527,186


     26,520,704


101.83%




Net mark-up/interest income


     20,513,051


     12,541,673


63.56%




NON MARK-UP/INTEREST INCOME


 


 


 




Fee and commission income


       2,517,989


       2,096,713


20.09%




Dividend income


           879,230


           934,617


-5.93%




Foreign exchange income


       3,242,600


           752,062


331.16%




Income from derivatives


 


 


 




Gain on sale of securities – net


           177,832


           269,539


-34.02%




Other income


             25,829


             27,297


-5.38%




Total non mark-up/interest income


       6,843,480


       4,080,228


67.72%




Total Income


     27,356,531


     16,621,901


64.58%




NON MARK-UP/INTEREST EXPENSES


 


 


 




Operating expenses


     11,255,799


       8,589,954


31.03%




Workers welfare fund


           287,152


           170,989


67.94%




Other charges


             78,011


           102,333


-23.77%




Total non mark-up/interest expenses


     11,620,962


       8,863,276


31.11%




Profit before provisions


     15,735,569


       7,758,625


102.81%




(reversals)/Provisions and write offs


       2,309,777


         (252,443)


–




Extra ordinary / Unusual items


                       –  


                       –  


–




Profit before taxation


     13,425,792


       8,011,068


67.59%




Taxation


       5,836,975


       3,183,194


83.37%




Profit after taxation


       7,588,817


       4,827,874


57.19%




Earnings per share – Basic and Diluted (in Rupees)


                  6.63


                  4.22


–




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Posted on: 2023-04-27T17:47:28+05:00
The post ABL announces 25% dividend after strong Q1 performance appeared first on Mettis Global Link .