Allied Bank Limited’s financial results for the half year ended June 30, 2011

Allied Bank Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform that the Board of Directors of Allied Bank Limited (ABL) in its meeting held today at Lahore approved Half Yearly Financial Statements of the Bank for the period ended June 30, 2011 and has declared 25% Interim Cash Dividend (i.e. Rs. 2.50 per share), for the year ending December 31, 2011.

Copies of Unconsolidated and Consolidated Profit and Loss Accounts showing earning per share and comparative figures of immediately preceding corresponding period are attached as Annexure-A and Annexure-B respectively.

The above entitlement will be paid to the shareholders, whose names will appear in the Register of Members at the close of business on Saturday, August 13, 2011.

The Share Transfer Books of the Company will be closed from August 15, 2011 to August 21, 2011 (both days inclusive). Transfer requests received at M/s. Technology Trade (Pvt.) Ltd. Dagia House, 241-C, Block-2, P.E.C.H.S., Karachi at the close of business on August 13, 2011 will be treated in time for the purpose of above entitlement to the transferees.

As required, we will transmit the complete financial statement to the Exchange duly approved by the Board of Directors, through email (using digital signature), within 48 hours.

The requirement of SECP Letter No. MISC/MSW/SMD/1(5) 2004 dated March 20, 2009, regarding parameters used by ABL in determination of the value of its investment, has been fully complied with as at December 31, 2009, therefore, no charge on account of impairment is required.

Unconsolidated Condensed Interim Profit and Loss Account (Un-Audited) for the Half Year Ended June 30, 2011

 

Half Year Ended

Quarter ended

June 30,

June 30,

June 30,

June 30,

Note

2011

2010

2011

2010

Rupees in ‘000′

Mark-up/return/interest earned 13 24,572,858 21,846,266 12,280,188 10,912,399
Mark-up/return/interest expensed 14 12,196,500 11,267,343 6,102,637 5,701,446
———- ———- ——— ———-
Net mark-up / interest income 12,376,358 10,578,923 6,177,551 5,210,953
Provision against non-performing loans and advances – and general provision-net 1 ,039,519 1,806,332 649,909 1,022,567
(Reversal)/ Provision for diminution in the value of investments-net (47,038) 601,753 30,921 123,954
Reversal of provision against lending to financial institution. (280,195) (280,195)
Bad debts written off directly
———- ———- ——— ———-
992,481 2,127,890 680,830 866,326
Net mark-up/interest, income after provisions 11,383,877 8,451,033 5,496,721 4,344,627
Non Mark-Up/ Interest Income
Fee, commission and brokerage income 1,487,856 1,357,574 739,414 528,547
Dividend income 758,690 536,611 431,873 181,835
Income from dealing in foreign currencies 370,514 99,702 270,504 (27,481)
Gain from sale and purchase of other securities 369,385 597,954 101,311 359,354
Unrealised (Loss)/gain on revolution of investments
Classified as held for trading – net (797) (8,176) (797) (8,677)
Other income  22,596 38,120 12,997 16,083
———- ———- ——— ———-
Total non-mark-up/interest income 3,008,244 2,621,485 1,555,302 1,049,661
———- ———- ——— ———-
14,392,121 11,072,518 7,052,023 5,394,288
Non mark-up/ Interest expenses
Administrative expenses 6,372,690 5,461,784 3,079,768 2,650,707
Provision against other assets- net 156,871 12,000 144,871 12,000
Reversal of provision against off-balances obligation-net (24,866) (103,178) (1,750) (161,532)
Workers welfare Fund 168,832 120,190 81,924 49,299
Other charges 154,827 63,564 34,132 8,745
———- ———- ——— ———-
Total non-mark up / interest expenses 6,828,354 5,554,360 3,338,945 2,559,219
———- ———- ——— ———-
7,563,767 5,518,158 3,713,078 2,835,069
Extra ordinary/unusual income
———- ———- ——— ———-
Profit Before Taxation 7,563,767 5,518,158 3,713,078 2,835,069
Taxation
– Current 2,788,618 1,969,165 1,360,719 640,599
– Prior years 373,941
– Deferred (257,739) (445,159) (169,561) 351,672
———- ———- ——— ———-
2,530,879 1,897,947 1,191,163 992,271
———- ———- ——— ———-
Profit After Taxation 5,032,888 3,620,211 2,521,915 1,842,798
———- ———- ——— ———-
Earning per share – Basic and Diluted (in Rupees) 15 5.85 4.21 2.93 2.14

 

The annexed notes 1 to 19 form integral part of these unconsolidated condensed interim financial statements.

Consolidated Condensed Interim Profit and Loss Account (Un-Audited) for the Half Year Ended June 30, 2011

 

Half Year Ended

Quarter ended

June 30,

June 30,

June 30,

June 30,

Note

2011

2010

2011

2010

Rupees in ‘000′

Mark-up/return/interest earned 13 24,580,069 21,856,255 12,283,856 10,917,069
Mark-up/return/interest expensed 14 12,188,836 11,267,106 6,083,200 5,701,335
———- ———- ———- ———-
Net mark-up / interest income 12,391,233 10,589,149 6,200,656 5,215,734
Provision against non-performing loans and advances – and general provision-net 1,039,519 1,806,332 649,909 1,022,567
(Reversal)/ Provision for diminution in the value of investments-net (47,038) 601,753 30,921 123,954
Reversal of provision against lending to financial institution. (280,195) (280,195)
Bad debts written off directly  –
———- ———- ———- ———-
992,481 2,127,890 680,830 866,326
———- ———- ———- ———-
Net mark-up/interest, income after provisions 11,398,752 8,461,259 5,519,826 4,349,408
Non Mark-Up/ Interest Income
Fee, commission and brokerage income 1,590,757 1,436,502 792,852 572,401
Dividend income 758,690 536,611 431,873 181,835
Income from dealing in foreign currencies 370,514 99,702 270,504 (27,481)
Gain from sale and purchase of other securities 372,915 601,796 103,005 362,920
Unrealised (Loss)/gain on revolution of investments
Classified as held for trading – net 20,009 1,910 8,852 (15,165)
Other income 22,594 38,127 12,995 16,083
———- ———- ———- ———-
Total non-mark-up/interest income 3,135,479 2,714,648 1,620,081 1,090,593
———- ———-  ———- ———-
14,534,231 11,175,907 7,139,907 5,440,001
Non mark-up/ Interest expenses
Administrative expenses 6,465,057 5,531,366 3,143,697 2,686,261
Provision against other assets- net 156,871 12,000 144,871 12,000
Reversal of provision against off-balances sheet obligation-net (24,866) (103,178) (1,750) (161,532)
Workers welfare Fund 169,827 120,741 82,403 49,464
Other charges 154,827 63,564 34,132 8,745
———- ———- ———-  ———-
Total non-mark up / interest expenses 6,921,716 5,624,493 3,403,353 2,594,938
———- ———- ———- ———-
7,612,515 5,551,414 3,736,554 2,845,063
Extra ordinary/unusual income
 ———- ———- ———- ———-
Profit Before Taxation 7,612,515 5,551,414 3,736,554 2,845,063
Taxation
– Current 2,798,287 1,975,844 1,365,319 645,103
– Prior years  – 374,465
– Deferred (257,900) (445,645) (169,717) 351,698
———- ———- ———- ———-
2,540,387 1,904,664 1,195,602 996,801
Profit After Taxation 5,072,128 3,646,750 2,540,952 1,848,262
———- ———- ———- ———-
Earning per share – Basic and Diluted (in Rupees) 15 5.90  4.24 2.95 2.15

The annexed notes 1 to 19 form integral part of these unconsolidated condensed interim financial statements.

For more information, contact:
Muhammad Raffat
Company Secretary
Allied Bank Limited
Kashmir/Egerton Road,
Lahore-54000, Pakistan.
Website: www.abl.com.pk

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