Allied Bank Limited (ABL) has announced its highest-ever quarterly profit after tax, reaching Rs. 12.5 billion for the second quarter of the calendar year 2024 (2QCY24). This represents a significant 25 percent year-on-year (YoY) increase and a 7 percent quarter-on-quarter (QoQ) rise.
For the first half of the calendar year 2024 (1HCY24), ABL’s total earnings amounted to Rs. 24.1 billion, marking a 37 percent YoY growth. The increase in earnings is attributed to a rise in total income and provisioning reversals.
The bank has also declared a cash dividend of Rs. 4 per share for 2QCY24, bringing the total payout for 1HCY24 to Rs. 8 per share.
In terms of net interest income (NII), ABL recorded Rs. 29.4 billion for 2QCY24. While NII declined by 3 percent YoY, it showed a slight increase of 1 percent QoQ. The bank faced rising interest expenses, which increased by 6 percent YoY and 5 percent QoQ. However, interest income also grew by 3 percent YoY and 4 percent QoQ.
Non-Funded Income (NFI) surged by 59 percent YoY during 2QCY24, reaching Rs. 14.2 billion for 1HCY24. This increase was primarily driven by a gain from the sale of securities.
Fee and commission income rose by 33 percent YoY to Rs. 7.4 billion in 1HCY24, while foreign exchange income declined by 7 percent YoY to Rs. 4.1 billion.
Allied Bank’s earnings per share (EPS) for Q2 and H1 2024 stood at Rs. 10.89 and Rs. 21.03, respectively.
The bank’s share price closed at Rs. 112.62 on Wednesday, registering a slight increase of 0.46 percent.