Business

Allied Bank’s earnings up 2.6%

In the three-month period ending on September 30, the bank’s profit clocked up at Rs4.5 billion

Our Correspondent October 22, 2015

In the three-month period ending on September 30, the bank’s profit clocked up at Rs4.5 billion. PHOTO: MOHAMMAD NOMAN/EXPRESS

KARACHI:

In line with market expectations, Allied Bank’s unconsolidated earnings grew 2.6% to Rs11.9 billion in the first three quarters of the current year.

The seemingly low growth in the bottom line was recorded despite a substantial rise in the bank’s net interest income. It grew by 35% to Rs26.7 billion for January-September. According to BMA Capital, provisioning expenses, which clocked up at Rs474 million in Jan-Sept against reversals of Rs44 million last year, kept profitability growth in check.

In the three-month period ending on September 30, the bank’s profit clocked up at Rs4.5 billion, slightly up from Rs4.45 billion over the same quarter of the preceding year.

Allied Bank’s non-interest income decreased 22% on an annual basis over the nine-month period on the back of lower capital gains, which were only Rs602 million against Rs3.4 billion registered in the same period of 2014.

Published in The Express Tribune, October 23^rd, 2015.

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