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Allied Bank declares 28pc growth in annual profit

KARACHI: Allied Bank Limited on Wednesday announced 28 percent growth in net profit for the year ended December 31, 2020.

The bank recorded after tax profit of Rs18.03 billion for the year 2020 as compared with Rs14.11 billion in the preceding year.

The healthy annual profit can be attributed to gain on securities of Rs3.42 billion in the year 2020 as compared with Rs1.58 billion in the preceding year.

Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.

According to the financial results the net mark-up and interest income of the banks increased to Rs48.42 billion during the year under review as compared with Rs42 billion in the preceding year.

Total income of the banks increased to Rs61 billion for the year 2020 as compared with Rs52.7 billion in the preceding year.

Operating expenses of the banks was at Rs29.87 billion for the year 2020 as compared with Rs28.55 billion in the preceding year.

The bank declared earnings per share increased to Rs15.75 for the year 2020 as compared with Rs12.32 in the preceding year.

A final cash dividend for the year ended December 31, 2020 at Rs6 per share i.e. 60 percent. This is in addition to interim dividends already paid at Rs2 per share i.e. 20 percent.