Allied Bank earns half-year profit of Rs8.88 billion

KARACHI: The Allied Bank Limited on Tuesday announced Rs8.88 billion as profit-after-tax for the half-year ended June 30, 2021, a bourse filing said.

The bank witnessed a growth of 5 per cent, compared with the net profit of Rs8.48 billion in the same half of the last year.

The bank declared earnings per share (EPS) of Rs7.75 for the half-year under review, compared with the EPS of Rs7.4.

The board of directors of the Allied Bank on August 17, 2021 approved financial results for the period January-June 2021. The board approved an interim cash dividend for the quarter ended June 30, 2021 at Rs2/share, i.e., 20 per cent. This is in addition to the interim dividend already paid at Rs2/share.

The total income of the bank registered a decline of Rs31.37 billion for the half-year ended June 30, 2021, compared with Rs32.18 billion during the same half of the last year.

The net markup/interest income of the bank fell to Rs23 billion for the half-year under review as against Rs25.18 billion in the corresponding period of the last year.

However, the non-markup/interest income increased to Rs8.36 billion from Rs7 billion.

The bank posted the profit, despite a decline in income due to provisioning of write-off, which was negative Rs309 million as against the last year’s Rs2.29 billion.

The operating expenses of the bank also witnessed an increase of Rs16.40 billion, compared with Rs14.78 billion.

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