ABL posts half-year profit higher by 37pc

KARACHI: Allied Bank Limited (ABL), on Wednesday, reported a 37 per cent increase in its half-year net profit due to increased interest earned income.

In a statement to the Pakistan Stock Exchange (PSX), the bank reported a net profit of Rs24.08 billion for the six-month period that ended June 30, up from Rs17.64 billion during the same period the previous year.

The bank also announced an interim cash dividend of Rs4 a share, which is in addition to the interim dividend already paid at Rs4 per share.Earnings per share came in at Rs21.03, compared with Rs15.4 last year.

The bank said its interest earned income for the six months rose to Rs192.41 billion, compared with Rs133.89 billion during the same period a year earlier. Interest expensed income also remained higher at Rs133.89 billion from Rs118.25 billion a year ago.

For the quarter that ended June 30, the bank announced a net profit of Rs12.47 billion, up from Rs9.95 billion.EPS for the quarter was recorded at Rs10.89 against Rs8.69 during the same quarter last year.