KARACHI: The Allied Bank Limited witnessed 13 percent growth in its first quarter net profit, as its interest expenses fell along with lower provisions.
In its consolidated condensed interim profit and loss statement for the quarter ended March 31, 2016, issued to the Pakistan Stock Exchange, the company reported a net profit of Rs4.81 billion as compared to Rs4.26 billion during the same period of the last year.
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The company also announced first interim cash dividend of Rs1.75/share. Earnings per share (EPS) came in at Rs4.21 as compared to Rs3.72 last year. The net profit figures are higher than the market expectations.
The company said its total interest earned revenue slightly fell to Rs17.10 billion as compared to Rs18.49 billion. However, interests paid remained down by 14 percent to Rs8.60 billion as compared to Rs10.01 billion that increased the profit margins. Thus, the net interest income was recorded at Rs8.50 billion as against Rs8.47 billion.
Total non-mark-up income of the bank also increased to Rs3.91 billion as compared to Rs3.18 million in the same quarter of the last year.
