Karachi, August 17, 2023 – In a remarkable display of financial prowess, Allied Bank Limited (ABL) has reported an astounding 158 percent increase in profit after tax for the first half of the year ending June 30, 2023.
The bank’s after-tax profit soared to an impressive Rs 17.64 billion for the period spanning January to June 2023, marking a substantial surge from the Rs 6.83 billion recorded during the same timeframe in the previous fiscal year.
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This remarkable growth also contributed to a substantial rise in the bank’s earnings per share, reaching Rs 15.40 for the half-year period ending June 30, 2023. This is a significant increase from the Rs 5.96 earnings per share reported in the corresponding period of the previous year.
The bank’s board of directors convened on Thursday, August 17, 2023, where they proposed an interim cash dividend of Rs 2.50 per share, amounting to 25 percent, for the quarter ending June 30, 2023. This dividend is in addition to the previously disbursed interim dividends of Rs 2.50 per share, also at 25 percent.
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Demonstrating the bank’s strong financial performance, the net mark-up/interest income surged to Rs 50.90 billion for the first half of the year ending June 30, 2023. This is a substantial increase from the Rs 27.515 billion recorded during the same period in the preceding year. Simultaneously, the total non-mark-up/interest income reached Rs 11.31 billion, showing a slight growth from the Rs 10.74 billion achieved in the comparable period.
Overall, the bank’s total income for the first half of the calendar year 2023 reached an impressive Rs 62.21 billion, a significant uptick from the Rs 38.25 billion recorded in the corresponding period of the previous year.
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However, the bank’s operating expenses also witnessed a rise, increasing to Rs 23.37 billion from Rs 18.25 billion in the previous year. Despite this, the bank’s remarkable growth in profit clearly highlights its effective financial management and strategic decisions.
This exceptional financial performance underscores Allied Bank’s resilience and strength in navigating the dynamic economic landscape, positioning it as a leading player in the banking sector.
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