ABL posts profit of Rs2.87 billion

Allied Bank Limited (ABL) has announced profit of Rs2.87 billion for the quarter ended June 30, 2017, which is 24.6 percent lower than the profit of Rs3.813 billion during the same period of the last year.

The earnings per share (EPS) for the quarter stood at Rs2.51 as compared to EPS of Rs3.33 during the corresponding period of the last year. The bank also announced an interim cash dividend of Rs1.75/share, which is in addition to the interim dividend of Rs1.75/share already paid to the shareholders.

Net interest income for the quarter stood at Rs8.295 billion, down 9.9 percent as compared to the income of Rs9.21 billion during the same quarter of the last year. Non-interest income also declined 24.4 percent to Rs2.518 billion as against Rs3.324 billion last year.

For the half year ended June 30, 2017, ABL posted a profit of Rs6.595 billion, translating into EPS of Rs5.76 as against profit of Rs8.678 billion and EPS of Rs7.58 during the corresponding period of the last year. “Earnings came higher-than-expectations on the back of continuation of reversals under provisioning expenses,” said Amreen Soorani at JS Global Capital.