{"id":270,"date":"2024-04-24T13:14:24","date_gmt":"2024-04-24T13:14:24","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=270"},"modified":"2025-01-05T04:08:39","modified_gmt":"2025-01-05T04:08:39","slug":"allied-bank-limited-posts-rs-11-6-billion-profit-in-3-months","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=270","title":{"rendered":"Allied Bank Limited Posts Rs. 11.6 Billion Profit in 3 Months"},"content":{"rendered":"\r\n

Allied Bank Limited Reports 1QCY24 Earnings: Profit Up 51% YoY, Down 5% QoQ<\/strong><\/p>\r\n\r\n\r\n\r\n

Allied Bank Limited (PSX: ABL) unveiled its financial results for the first quarter of the calendar year 2024 (1QCY24) today, showcasing a robust performance with a Profit After Tax (PAT) of Rs. 11.6 billion. This figure represents a noteworthy increase of 51 percent Year-on-Year (YoY). However, the bank experienced a slight dip of 5 percent Quarter-on-Quarter (QoQ).<\/p>\r\n\r\n\r\n\r\n

The dip in earnings for the quarter, as analyzed by Arif Habib Limited (AHL), was primarily attributed to reduced markup and non-markup income. Conversely, on a YoY basis, higher income and provisioning reversals significantly contributed to the increase in overall profitability.<\/p>\r\n\r\n\r\n\r\n

Alongside the earnings announcement, ABL<\/a> declared a cash dividend of Rs. 4.0 per share.<\/p>\r\n\r\n\r\n\r\n

During 1QCY24, the bank reported a Net Interest Income (NII) of Rs. 29.2 billion, indicating a substantial 43 percent rise from the corresponding period last year. However, this figure represents a 10 percent decline from the preceding quarter.<\/p>\r\n\r\n\r\n\r\n

Interest earned witnessed a commendable surge of 28 percent compared to the previous year, with a modest 1 percent increase from the previous quarter. Conversely, interest expenses saw a 22 percent increase YoY and a 7 percent uptick QoQ.<\/p>\r\n\r\n\r\n\r\n

Non-markup income continued its downward trajectory, experiencing a 4 percent YoY decline and a more significant 16 percent QoQ decrease. This decline was chiefly driven by a substantial drop in FX income, which plummeted by 61 percent YoY and 62 percent QoQ.<\/p>\r\n\r\n\r\n\r\n

Moreover, gains on securities were down by 28 percent QoQ, totaling Rs. 303 million in 1QCY24. However, Fee Income displayed a robust growth<\/a> trend, surging by 45 percent YoY and 20 percent QoQ, reaching Rs. 4 billion in 1QCY24.<\/p>\r\n\r\n\r\n\r\n

In terms of provisioning, the bank reported a reversal of Rs. 163 million during 1QCY24, marking a significant turnaround from the provisioning charge of Rs. 2.3 billion recorded in the same period last year.<\/p>\r\n\r\n\r\n\r\n

Operating expenses of the bank stood at Rs. 13.6 billion in 1QCY24, up 16 percent YoY and 10 percent QoQ. Consequently, the Cost\/income ratio decreased to 39.9 percent for 1QCY24, down from 42.9 percent in the same period last year.<\/p>\r\n\r\n\r\n\r\n

The effective tax rate for the bank was set at 49 percent during 1QCY24, showing an increase from 43 percent in the same period last year.<\/p>\r\n\r\n\r\n\r\n

ABL reported an Earnings Per Share (EPS) of Rs. 4 for Q1 2024 compared to an EPS of Rs. 2.5 in the same period last year.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Allied Bank Limited Reports 1QCY24 Earnings: Profit Up 51% YoY, Down 5% QoQ Allied Bank Limited (PSX: ABL) unveiled its financial results for the first quarter of the calendar year 2024 (1QCY24) today, showcasing a robust performance with a Profit After Tax (PAT) of Rs. 11.6 billion. This figure represents a noteworthy increase of 51 […]<\/p>\n","protected":false},"author":1,"featured_media":271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[129,29,13,112],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t