ABL registers record Rs 11bn profit in 2012

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.