Karachi, October 20, 2022 (PPI-OT): Commercial Banks – Allied Bank Limited

Earnings: Allied Bank Limited (ABL) announced its financial result for the third quarter of the year 2022. As per the financial result, the Bank reported earnings of PKR 5.7bn (PKR 5/share) during 3QCY22 compared to same period last year of PKR 4.3bn (PKR 3.8/share), an increase of +33%y/y. This brings 9mCY22 total earnings to PKR 12.6bn.

Dividends/Payouts: The bank announced an interim cash dividend of PKR 2/share this quarter. This brings total cash payout to PKR 6/share for 9MCY22.

Operating performance: During the period under review, the Bank reported net-interest income of PKR 17.9bn (up by +54%y/y) and non-interest income of PKR 5.6bn (up by +47%y/y). As a result, total revenue of the bank stood at PKR 23.5bn (up by +52%y/y). Moreover, ABL recorded operating expenses of PKR 10.6bn (up by +25%y/y) that improved bank’s cost/income ratio to 45% (last year: 55%). The Bank booked a provision charge of PKR 0.1bn this quarter. Tax charge for this quarter came at PKR 7.2bn (effective tax rate of 55%).