The 66th Annual General Meeting of Allied Bank was held today, which was chaired by Mr. Mohammad Naeem Mukhtar, Chairman of the Board of Directors alongwith 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 @ 25 percent, i.e., Rs. 2.50 per share. This would be in addition to the interim dividend already paid at Rs. 2.50 per share, i.e., 25 percent, thus increasing the total cash dividend for the year 2011 to 50%. 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 mark-up/ 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-5 banks of the country. Allied Bank has one of the largest network of over 600 ATMs installed across the country.