Allied Bank’s net profit up in Jan-Aug

Allied Banking Corp. recorded a P563 million unaudited net profit for the first eight months of the year.

Allied Bank president Reynaldo A. Maclang stated that this exceeded its target for the period by 10 percent on account of robust trading income and other fee income generated.

The profit performance is an improvement of more than 80 percent from the net income realized in the same period in 2001.

The bank said it further rationalized costs and controlled its operating expenses to last year’s level.

"Allied Bank looks forward to further increasing its net income and hitting its year-end target through better interest spread and better yields from its other revenue sources," Maclang said.

Total deposits reflected an increase by 18 percent which it attributes among others to continued branch expansion, extensive marketing strategies, and development of new and innovative products and services that cater to the needs of its depositors.

Recently, it launched the Top Provider, a five-year deposit product offering withholding tax-free interest earning. As a result, depositors earn higher interest compared to an ordinary time deposit.

One of the distinct features of the Top Provider is the no pre-termination penalty on the interest in case the depositor decides to pre-terminate the time deposit. This means full interest earning on the deposit in case depositors decide to withdraw the funds.

Maclang said that the bank will also be launching this month a new and innovative housing loan product that offers attractive features to meet the rising demand of the consumer loan market. – TPT