http://www.dailytimes.com.pk/default.asp?p...5-10-2005_pg5_4


Tuesday, October 25, 2005

ABL profit before tax up 20 times

Staff Report

KARACHI: The pre-tax profit of Allied Bank has jumped by 20 times to Rs 3.394 billion in the third quarter ended Sept 30.

According to an announcement on Monday, the ABL board of directors has approved the accounts.

The major contributor was a substantial increase the in net markup income, which surged by 281 percent to Rs 5.518 billion on September 30, 2005, compared with Rs 3.109 billion in the same period of the previous year.

The pre-tax profit in the same period the previous year was estimated at Rs 163 million only.

The post-tax profit escalated to Rs 2.209 billion in third quarter compared to a loss of Rs 33 million in the same period last year.

ABL’s gross advances rose to Rs 102 billion in September against Rs 51 billion last year, showing a rise of 101 percent whereas the net non-performing loans to net advances ratio declined from 17 percent on the figure on September 2004 to six percent in the third quarter of 2005.

Bank’s deposits grew by 20 percent to Rs 149 billion and foreign trade volume increased from Rs 57 billion to Rs 75 billion in September 2005.