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Allied Bank Financial Performance 2023 paints a picture of remarkable success. Profits skyrocketed by nearly double, reaching a record-breaking Rs. 41.3 billion ($146.5 million), exceeding expectations and solidifying the bank’s position as a frontrunner in Pakistan’s financial sector.
Fueling this impressive surge in Allied Bank’s 2023 financial performance was a potent blend of factors. Higher interest rates in 2023 significantly bolstered net interest income, witnessing a 69% jump to Rs. 112.9 billion. Additionally, other income streams experienced robust growth, with fee and commission income soaring 32% to Rs. 11.84 billion and foreign exchange income rising 15% to Rs. 9.17 billion. These strong revenue streams collectively propelled non-markup income up 19% to Rs. 25.59 billion, showcasing the diversification and resilience of Allied Bank’s income generation.
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Sharing this prosperity with its shareholders, the board of directors announced a generous final cash dividend of Rs. 4 per share, bringing the total payout for the year to an impressive 120%. This move reflects the bank’s robust financial performance in 2023 and its commitment to rewarding its investors.
However, expenses also climbed in 2023, with non-interest expenses rising 19% to Rs. 49.7 billion. This increase was primarily driven by higher operating costs and increased investments in technology and infrastructure. Despite this, Allied Bank’s profitability remained impressive, with its significant 78% increase in tax payments to Rs. 45.5 billion further underlining its strong financial health.
Looking ahead, the future seems bright for Allied Bank. The bank’s strong financial performance in 2023 positions it well to capitalize on continued economic growth in Pakistan. Its focus on innovation, digitalization, and customer service is expected to further drive its success in the coming years.
For investors seeking exposure to the growing Pakistani banking sector, Allied Bank’s 2023 financial performance serves as a compelling testament to its strength and potential.