Allied Bank’s profit declines in 9MCY22 as tax payment surges by 129%

Allied Bank’s profit declines in 9MCY22 as tax payment surges by 129%

KARACHI: Allied Bank of Pakistan (ABL) has declared fall in net profit to Rs12.63 billion during nine months period ended September 30, 2022 as tax payment of the bank surged by 129 per cent.

According to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday, the bank declared Rs12.63 billion profit after tax during January – September 2022 as compared with Rs13.07 billion in the same period of the last year.

The fall in profit may be attributed to massive increase in tax liability during the period. Allied Bank paid an amount of Rs20.39 billion as income tax for the nine months period ended September 30, 2022 as compared with Rs8.90 billion in the corresponding months of the last year.

As per the unconsolidated results, the bank announced earnings per share at Rs11.03 for the nine months period ended September 30, 2022 as compared with Rs11.41 in the same period of the last year.

The board of directors of Allied Bank Limited met on October 20, 2022 and approved an interim cash dividend for the quarter ended September 30, 2022 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs4 per share i.e. 40 per cent.

The net mark-up/interest income of the bank rose to Rs45.44 billion during January – September 2022 as compared with Rs34.68 billion in the same period of the last year.

Total non mark-up/interest income grew to Rs16.33 billion for the period under review as compared with Rs11.73 billion in the corresponding period of the last year. Out of this, the foreign exchange income massively increased to Rs7.14 billion as compared with Rs1.11 billion.

Operating expenses of the bank grew to Rs28.47 billion during first nine months of the current year as compared with Rs24.42 billion in the same period of the last year.

The bank declared Rs33 billion as profit before tax for nine months ended September 30, 2022 as compared with Rs21.97 billion in the corresponding months of the last year.

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