Askari Bank posts 54% increase in net profits with a cash dividend of Rs 3/sh

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MG News | February 15, 2021 at 02:46 PM GMT+05:00

February 15, 2021 (MLN): Askari Bank Limited (AKBL) wrapped CY20 with a final cash dividend of Rs 3 per share i.e. 30%.  The bank’s net profits soared by 54% YoY to Rs 10.85 billion compared to the profits of Rs 7 billion in CY19.

The translated into AKBL’s earnings per share which grew by the same percentage from Rs 5.58/sh to Rs 8.61/sh.

During the year, Bank’s aggregate net markup income stood at Rs.30.27 billion, registering a notable growth of 36.7% YoY led by effective and timely asset and liability management decisions amidst a sharp decline in interest rates and jump in average earning assets.

Non-markup income surged by 32% YoY with a strong contribution from capital gains realized (Rs 2.5 billion) due to favorable movements in money and stock markets.

Furthermore, Fee-based income grew by 9.2% due to increased volume of retail and branch transactions post Covid-19 lockdown, and income from FX dealing mounted by 6.6% YoY, which further strengthened Bank’s profitability.

Non-markup expenses increased by 10.92% YoY while the cost to income ratio improved from 62% to 51% in CY20.

The bank also recognized net provisions of Rs.1.97 billion, increased by more than double against the provisions of Rs 773.27 million recorded in 2019, which put a limit on the Bank’s profitability.

Consolidated Financial Results for the Year ended December 31, 2020 ('000 Rupees)

 

Dec-20

Dec-19

% Change

Mark-up/return/interest earned

                     77,335,131

                     71,712,211

7.84%

Mark-up/return/interest expensed

                     47,059,350

                     49,568,032

-5.06%

Net mark-up/interest income

                     30,275,781

                     22,144,179

36.72%

NON-MARK-UP/INTEREST INCOME

 

 

 

Fee and commission income

                       3,991,285

                       3,654,417

9.22%

Dividend income

                           273,524

                           276,572

-1.10%

Foreign exchange income

                       2,673,493

                       2,507,707

6.61%

Income / (loss) from derivatives

                                      -  

                                      -  

-

Gain on securities

                       2,555,400

                           739,918

245.36%

Other income

                           349,438

                           266,102

31.32%

Total non-mark-up/interest income

                       9,843,140

                       7,444,716

32.22%

Total Income

                     40,118,921

                     29,588,895

35.59%

NON-MARK-UP/INTEREST EXPENSES

 

 

 

Operating expenses

                     20,217,974

                     18,272,591

10.65%

Workers' Welfare Fund

                             42,982

                             42,117

2.05%

Other charges

                             48,149

                             99,947

-51.83%

Total non-mark-up/interest expenses

                     20,309,105

                     18,414,655

10.29%

Profit before provisions

                     19,809,816

                     11,174,240

77.28%

Provisions and write offs - net

                       1,974,747

                           773,275

155.37%

Extraordinary items/unusual items

                                      -  

                                      -  

 

Profit before taxation

                     17,835,069

                     10,400,965

71.48%

Taxation

                     (6,978,072)

                     (3,368,395)

107.16%

Total profit after taxation

                     10,856,997

                       7,032,570

54.38%

Basic and diluted earnings per share

                                  8.61

                                  5.58

54.30%

 

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