ABL reg­is­ters record Rs 11bn profit in 2012

The Pak Banker - - COMPANIES/BOSS -

Staff Re­porter

Al­lied Bank Lim­ited ( ABL) has earned Rs 11.676 bil­lion profit af­ter tax ( PAT) dur­ing 2012, which is 15 per cent higher than the pre­vi­ous year’s PAT of Rs 10.140 bil­lion.

The re­sults were de­clared at the 67th An­nual Gen­eral Meet­ing (AGM) of Al­lied Bank Lim­ited (ABL) on Wed­nes­day here.

The meet­ing was chaired by Naeem Mukhtar, Chair­man Board of Direc­tors and was at­tended by the Direc­tors, SBP rep­re­sen­ta­tives, var­i­ous in­sti­tu­tional in­vestors and num­ber of in­di­vid­ual share­hold­ers. The ex­ter­nal au­di­tors and Bank’s share reg­is­trar were also present in the meet­ing.

The share­hold­ers adopted the an­nual ac­counts of the Bank for the year 2012 and ac­corded ap­proval for the pay­ment of fi­nal cash div­i­dend at 20 per­cent, which is Rs2.00 per share, of­fi­cial sources said.

This would be in addi- tion to the in­terim cash div­i­dends al­ready paid ag­gre­gat­ing Rs 4.50 per share, which is 45 per cent, thereby in­creas­ing the to­tal cash div­i­dend for the year 2012 to 65 per cent. The share­hold­ers also ap­proved is­suance of 10 per cent bonus shares, the source said.

The source in­formed that to­tal as­sets of the Bank in­creased to Rs632 bil­lion, while Tier- I Eq­uity im­proved by over 14 per cent to Rs43 bil­lion at the year-end and EPS stood at Rs12.34 com­pared to Rs10.71 of the pre­vi­ous year.

The Pak­istan Credit Rat­ing Agency ( PACRA) has up­graded the long term en­tity rat­ing of Al­lied Bank to ‘ AA+’ ( Dou­ble A Plus). The short- term rat­ing of Al­lied Bank is al­ready at the high­est level of ‘ A1+. JCR- VIS’ up­graded the Cor­po­rate Gov­er­nance Rat­ing of Al­lied Bank to ‘ CGR 8++’ de­not­ing high level of cor­po­rate gov­er­nance.

With a net­work of 875 branches pro­vid­ing on­line ser­vices in over 300 cities and towns, ABL is one of the top five banks of the coun­try and has one of the largest net­works of over 650 ATMs in­stalled across the coun­try.

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