Karachi: Allied Bank Limited (ABL) has reported a notable increase in profits for the first half of the fiscal year 2024, driven by significant growth in net interest and non-markup income, as well as a reversal of previous provisions. The bank announced these results during an analyst briefing that highlighted its robust financial performance and strategic future plans.

According to AKD Securities Limited, ABL’s profits surged by 36% year-over-year to PKR 23.6 billion in the first half of 2024, attributed to a 15% rise in Net Interest Income (NII) reaching PKR 58.5 billion and an 18% increase in non-markup income to PKR 13.4 billion. The bank’s strategic adjustments in its investment portfolio and effective cost management have bolstered its financial standing. Additionally, ABL’s total assets grew by 8%, with investments expanding by 12% primarily through an enhanced focus on Pakistan Investment Bonds, contributing to a comprehensive capital adequacy ratio improvement to 30.1% as of June 2024.

ABL’s operational growth was complemented by a 12% increase in deposits year-over-year, totaling PKR 1,877 billion, with plans to further expand its branch network by 30 new locations this year, reflecting continued commitment to enhancing its service outreach and banking infrastructure.