KARACHI: Allied Bank (ABL) posted a net profit of Rs15.1 billion for 2015, just 0.7% higher than the earnings recorded in the preceding year, according to a stock notice on Tuesday.
Earnings per share of ABL clocked up at Rs13.2 as opposed to Rs13.1 last year. The board of directors also announced a final cash dividend of Rs1.75 per share, taking the cumulative payout during 2015 to Rs7 per share.
The net interest income of ABL amounted to Rs34.6 billion in 2015, up 30% from a year ago. According to BMA Capital, the increase was led by the lower cost of funding, as the interest expense declined 7% year-on -year (YoY) because of a lower average discount rate of 7.5% in 2015. In addition, an 8% rise YoY in the interest earned on account of high-yielding Pakistan Investment Bonds also contributed to the increased income.