Allied Bank Posts Highest Ever Annual Profit of Rs. 41.3 Billion in 2023

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ABL announced earnings (PAT) today for the calendar year 2023 at Rs. 41.3 billion, depicting an increase of 94 percent YoY | 8 percent QoQ.

According to Arif Habib Limited, this jump in overall earnings was mainly on the back of growth in total income. Along with the result, ABL announced a final dividend of Rs. 4/share (CY23: Rs. 12/share).

Net Interest Income of the bank settled at Rs. 32.3 billion during 4QCY23, increasing 52 percent YoY and 7 percent QoQ. With this, the total NII for CY23 went up to Rs. 112.9 billion, marking a 69 percent YoY jump. Interest earned saw a jump of 66 percent during CY23 while interest expense was up by 64 percent.

NFI depicted an increase of 73 percent YoY | 47 percent QoQ during 4QCY23, taking CY23’s total to Rs. 25.6 billion (+19 percent YoY). This jump in CY23 is primarily due to higher fee, FX, and dividend income which were up 32 percent YoY, 15 percent YoY, and 15 percent YoY, respectively. However, the gain on securities declined by 40 percent YoY during the same period, clocking in at Rs. 845 million.

Provisioning for the bank clocked in at Rs. 445 million during 4QCY23 (4QCY22: Rs. 436 million) depicting an increase of 2 percent on a YoY basis. This takes total provisioning to Rs.~3 billion during CY23 (CY22 reversals: Rs. 261 million).

The bank’s OPEX increased 6 percent YoY in 4QCY23 clocking in at Rs. 12.4 billion (4QCY22: Rs. 11.7 billion). With this, Cost/Income stood at 30.8 percent in 4QCY23 against 45.3 percent same period last year.

The effective tax rate was set at 57 percent during 4QCY23 compared to 50 percent last quarter. With this, the effective tax for CY23 stood at 52 percent (CY22: 55 percent).



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