Allied Bank declares dividend, bonus shares

Authorised capital to rise 50 per cent to Rs15 billion.

KARACHI: Allied Bank Limited on Friday announced an increase of 16 per cent in net profit coupled with a 20 per cent final cash dividend and 10 per cent bonus shares in its 2010 results.

The bank’s board of directors in its meeting also approved an increase of 50 per cent in authorised capital to Rs15 billion from the current Rs10 billion, according to a notice sent to the Karachi Stock Exchange.

Net profit of the bank rose to Rs8.2 billion in 2010 compared with Rs7.1 billion last year, full-year consolidated results showed. Interim dividend of Rs2 per share took the full-year payout to Rs4 for every share of Rs10 while one bonus share for every 10 shares was also declared.

Interest income rose 10 per cent to Rs45 billion against Rs41 billion posted last year while non interest income remained range-bound at Rs22.4 billion.

Published in The Express Tribune, February 12^th, 2011.