Shareholders approve 50 percent cash dividend, 10 percent bonus: AGM of Allied Bank held

The 66th Annual General Meeting (AGM) of Allied Bank was held on Tuesday, chaired by Mohammad Naeem Mukhtar, Chairman of the Board of Directors along with the other directors of the bank, the representatives from SBP, various institutional investors as well as individual shareholders and external auditors of the Bank attended the meeting.
The shareholders adopted the annual accounts of the bank for the year 2011 and accorded approval for the payment of final cash dividend at 25 percent, ie, Rs 2.50 per share. This would be in addition to the interim dividend already paid at Rs 2.50 per share, ie, 25 percent, thus increasing the total cash dividend for the year 2011 to 50 percent. The shareholders also approved issuance of 10 percent bonus shares.
Total assets of the bank increased to Rs 516 billion, while Tier-I Equity improved by over 20 percent to Rs 38 billion at the year-end. The bank has earned Rs 10 billion profit after tax (PAT) which is 23 percent higher than previous year PAT of Rs 8 billion. The bank's total non-mark-up/ interest income increased to Rs 7 billion against Rs 6 billion in the previous year whereas total non markup/ interest expenses increased to Rs 14 billion, against Rs 12 billion.
The Pakistan Credit Rating Agency (Pacra) has awarded Allied Bank positive outlook with a long-term credit rating of 'AA' (second highest) and short-term rating of 'A1+' (highest). JCR-VIS awarded Corporate Governance Rating of 'CGR 8+' to Allied Bank denoting high level of corporate governance. With a network of 837 branches providing online services in over 300 cities and towns, Allied Bank is one of the top five banks of the country. Allied Bank has one of the largest network of over 600 ATMs installed across the country.-PR