Allied Bank, one of the top 5 banks of Pakistan according to their size, already made Rs 300 Crore in fist quarter of 2012, translating Rs 100 Crore per month in profits. This is almost 3 times of what Unilever Pakistan, a consumer giant with 50 leading brands, made in three months.
While on one hand, Allied Asset Asset Management lost Rs 1,800 Crore only in March and tagged as the worst investment management company and on other Allied Bank’s results surprised analysts as they had forecast net profit to stand around the Rs2.79 billion mark (Rs 279 Crore).
It would be interesting to note that Allied bank also announced its interest in conducting due diligence on HSBC Pakistan operations, potentially leading to an acquisition bid.
Dividend income jumped five folds to Rs 172 Crore against Rs 33 Crore in the same period last year.
The result also contained a negative surprise in the form of a sharp decline of 21% in net interest income to Rs 487 Crore. On a more positive note, the bank also announced a surprise interim dividend of Rs2.00 per share
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