Allied Bank earnings decline 18 percent

KARACHI: The Allied Bank Limited on Friday reported 18 percent decline in its third quarter net profit, as its interests fell.

In its consolidated condensed interim profit and loss statement issued to the Pakistan Stock Exchange, the bank reported a net profit of Rs3.69 billion for the quarter ended September 30, down to Rs4.52 billion during the same period of the last year.

The company also announced an interim cash dividend of Rs2/share for the year ending December 31, 2016, which is an addition to the already paid cash dividend of Rs3.50/share. Earnings per share (EPS) came down at Rs3.23 as compared to Rs3.95 last year. The results remained lower than market expectations.

The bank said its total interest earned revenue fell 13 percent to Rs15.39 billion as compared to Rs17.64 billion. Interests paid also remained down to Rs7.15 billion as compared to Rs8.25 billion.

Thus, the net interest income was recorded at Rs8.23 billion as against Rs9.38 billion. Total non-markup income of the bank also fell to Rs2.01 billion as compared to Rs2.22 billion in the same quarter of the last year. ABL posted net profits of Rs12.37 billion for the nine-month period ended September 30, higher than the last year’s profits of Rs12.02 billion.