Allied Bank Limited (ABL): Despite lower operating expenses, 12%YoY drop in interest income dragged profitability down to PKR 2.85/share – By IGI Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Allied Bank Limited (ABL) reported unconsolidated earnings for 3QCY17 of PKR 3.3bn (EPS PKR 2.85) down by 10%YoY (or up by +14%QoQ). This brings 9MCY17 total earnings to PKR 9.7bn (EPS PKR 8.51), down by 25%YoY.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The bank announced a cash dividend of PKR 1.75/share, bringing 9MCY17 total cash dividend to PKR 5.25/share</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">During the quarter, lower interest income (down 12%YoY) dented the bottom-line, while falling operating expenses (down 4%QoQ), higher provision reversal (PKR 532mn vs PKR 472mn) and higher fee income (up by +10%YoY) provided some support. Yet, pre-tax profits decline...