Allied Bank Reports Rs. 44.4 Billion Profit for 2024

Islamabad, Feb 4: Allied Bank Limited (ABL) has reported a profit-after-tax (PAT) of Rs. 44.4 billion for the calendar year 2024, reflecting a 7 percent increase compared to the previous year.

Key highlights from ABL’s financial performance:

1. Final Dividend: ABL announced a final dividend of Rs. 4 per share (40%), in addition to interim dividends of Rs. 12 per share (120%).
2. Net Interest Income: The bank’s Net Interest Income (NII) for CY24 stood at Rs. 115.4 billion, a 2 percent increase YoY from Rs. 112.9 billion. The increase in interest earned was 5.5 percent, while interest expense grew by 7 percent.
3. Fee and Commission Income: ABL’s fee and commission income surged by 37 percent YoY, reaching Rs. 16.17 billion in CY24.
4. Foreign Exchange (FX) and Dividend Income: Both FX and dividend income witnessed a decline, with a 27 percent YoY drop in FX income and a 14.8 percent YoY decrease in dividend income.
5. Gain on Securities: The bank saw a significant 308 percent YoY increase in gain on securities, totaling Rs. 3.44 billion.
6. Net Provisions and Write-offs: ABL’s net provisions and write-offs were Rs. 2.71 billion, reflecting a 9 percent YoY decrease.
7. Non-Markup Income: Non-markup income reached Rs. 30.3 billion, compared to Rs. 25.6 billion last year.
8. Non-Interest Expenses: The bank’s non-interest expenses rose to Rs. 59.5 billion, marking a significant increase of 21 percent YoY. The OPEX stood at Rs. 57.7 billion.
9. Tax Rate: The effective tax rate for CY24 was 51 percent, slightly lower than the 52.4 percent rate in the previous year.
10. Earnings Per Share (EPS): The EPS for 2024 came in at Rs. 38.77, compared to Rs. 36.07 in 2023, reflecting a growth in profitability.

These results demonstrate ABL’s strong performance in the face of growing expenses, with particular improvements in fee income, securities gains, and overall profitability.