Allied Bank declares 10% growth in annual net profit

KARACHI: Allied Bank Limited has declared 10 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

According to financial results for calendar year 2019 released on Friday, the bank declared Rs14.11 billion after tax profit as compared with Rs12.88 billion profit in the preceding year.

The bank also announced Rs12.32 as earning per share for the year as compared with EPS of 11.25 declared in the last year.

The net interest income of the bank registered 29.24 percent increase to Rs41.5 billion in calendar year 2019 as compared with Rs32.11 billion in the preceding year.

However, total non-markup income slightly fell to Rs10.89 billion in 2019 as compared with Rs11.29 billion in the last year.

Therefore, the total income of the bank rose to Rs53.4billion in 2019 as compared with Rs43.4 billion in the preceding year.

Operating expenses of the bank were increased at Rs28.18 billion in 2019 as compared with Rs24.52 billion in preceding year.

The bank contributed income tax to the tune of Rs10.13 billion in the calendar year 2019 as compared with Rs8.13 billion in the preceding year, posting a significant increase of 25 percent.

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