corporate results: Allied Bank posts Rs8.6b profit

KARACHI: Allied Bank (ABL) posted unconsolidated profit of Rs8.6 billion for Jan-Jun, up 19.69% from the first six months of 2015.

According to a stock notice on Wednesday, ABL also declared an interim cash dividend of Rs1.75 per share, which takes the cumulative pay-out for the six-month period to Rs3.50 per share.

The result exceeded analysts’ expectations mainly because of higher capital gains and provision reversals during the period. According to Elixir Securities, non-funded income of the bank expanded by 21% year on year led by sizable capital gains booked during the last quarter. The bank also booked provision reversals of Rs95 million, which was partially offset by higher impairment charges on investments (Rs62.7 million).

The stock price of ABL gained 0.4% on the stock exchange to close at Rs92.98 per share on Wednesday.

Published in The Express Tribune, August 11^th, 2016.

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