Allied Bank Posts Rs. 44.4 Billion Profit for 2024

Allied Bank Limited (PSX: ABL) announced a profit-after-tax of Rs. 44.4 billion (PAT) for the calendar year 2024, depicting an increase of 7 percent YoY. ABL announced a final dividend of Rs. 4 share i.e. 40 percent. This is in addition to the interim dividend(s) already paid at Rs. 12 per share i.e., 120 percent. Net Interest Income of the bank settled at Rs. 115.4 billion during CY24, increasing 2 percent YoY compared to Rs. 112.9 billion in the same period last year. Interest earned saw a 5.5 percent increase during CY24 while interest expense was up by 7 percent. Fee and commission income depicted an increase of 37 percent YoY to Rs. 16.17 billion during CY24. FX and dividend income were down 27 percent YoY and 14.8 percent YoY, respectively. However, the gain on securities skyrocketed by 308 percent YoY during the same period, clocking in at Rs. 3.44 billion. Net provisions and write-offs for the bank clocked in at Rs. 2.71 billion during 2024, depicting a decrease of 9 percent on a YoY basis. ABL’s non-markup income came in at Rs. 30.3 billion in CY24 compared to Rs. 25.6 billion last year. Its non-interest expenses spiked to Rs. 59.5 billion during the period in review. The bank’s OPEX increased 21 percent YoY in CY24 clocking in at Rs. 57.7 billion. The effective tax rate was set at 51 percent during CY24 compared to 52.4 percent last year. The bank posted earnings per share (EPS) of Rs. 38.77 for 2024 compared to an EPS of Rs. 36.07 last year.