Allied Bank Reports Rs. 44.4 Billion Profit for 2024

Karachi, Pakistan –Allied Bank Limited (PSX: ABL)has reported a profit-after-tax (PAT) of Rs. 44.4 billion for the calendar year 2024, marking a 7 percent year-on-year (YoY) increase. The bank has declared a final dividend of Rs. 4 per share (40 percent), in addition to the interim dividend(s) already paid at Rs. 12 per share (120 percent), bringing the total payout to Rs. 16 per share. ABL’s Net Interest Income (NII) for CY24 stood at Rs. 115.4 billion, reflecting a 2 percent YoY increase from Rs. 112.9 billion recorded in the previous year. The bank’s interest earned rose by 5.5 percent, whereas interest expense increased by 7 percent. Fee and commission income witnessed a significant rise of 37 percent YoY, reaching Rs. 16.17 billion in CY24. However, foreign exchange (FX) and dividend income saw declines of 27 percent and 14.8 percent YoY, respectively. On the other hand, gain on securities surged by an impressive 308 percent YoY, totaling Rs. 3.44 billion. Thebank’s net provisions and write-offs were recordedat Rs. 2.71 billion in CY24, reflecting a 9 percent YoY decline. ABL’s non-markup income stood at Rs. 30.3 billion, up from Rs. 25.6 billion in the previous year. Non-interest expenses increased substantially to Rs. 59.5 billion during the year under review. Thebank’s operatingexpenses (OPEX) surged by 21 percent YoY to Rs. 57.7 billion in CY24. ABL maintained an effective taxrate of 51 percent in CY24, slightly lower than the 52.4 percent recorded in the prior year. The bank posted an earnings per share (EPS) of Rs. 38.77 for 2024, compared to an EPS of Rs. 36.07 in the previous year. With a consistent rise in profits and robust financial performance, ABL continues to strengthen its market position, delivering value to its shareholders.