Allied Bank Limited reported a 19.8 percent increase in profit in the first quarter of 2022 compared to the same period the previous year.
According to the financial results, the bank’s profit increased to Rs. 4.82 billion from January to March 2022, up from Rs. 4.028 billion during the same period as the previous fiscal year.
The company’s board of directors declared a dividend of Rs. 2 per share. The bank’s share value increased as well, reaching 4.22 by the end of March 2022.
The bank’s interest-based income increased this year to Rs.12.5 billion, up from Rs.10.7 billion last year. Non-markup profit increased to Rs. 4 billion this year from Rs. 3.8 billion the previous year during the same period.
The bank reported a drop in profitability in 2021, but its start in 2022 appears to be optimistic in terms of profit growth
The revised policy rate and margins on government securities will benefit commercial banks, and will most likely be reflected on their balance sheets in the coming quarters of 2022.