AKBL announces 10.5% YoY decline in after tax profits

By MG News | February 15, 2022 at 03:36 PM GMT+05:00

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February 15, 2022 (MLN): Askari Bank Limited (AKBL) has announced an after-tax profit of Rs9.7 billion for CY21, a decline of 10.5% over last year.

The decline was mainly due to a sharp rise in provisions and write-offs, which mounted by 2.5x YoY to Rs5 billion from Rs1.9 billion in CY20.

Accordingly, the earnings per share of the bank were declined to Rs7.71 from Rs8.61. The board did not announce dividends for the shareholders.

In CY20, AKBL recorded over Rs10.8 billion profits, a growth of 54% over CY19.

According to the financial statement issued to PSX, Bank’s total income stood at Rs41.97 billion, registering a slight growth of 4.6% YoY. Despite a 2% YoY decline in interest income, the net mark-up income increased by 7% YoY, led by a 7.5% decline in mark-up expenses.

However, aggregate non-mark-up income declined by 3% YoY mainly due to lower gain on sale of securities. Nonetheless, other non-fund incomes; fee commissions, foreign exchange, dividend and other income increased by 18%, 17%, 54%, and 15% YoY, offsetting the decline in gain on sale of securities.

On the cost front, administrative and other operating expenses increased by a mere 4% over the last year.

The Bank’s cost to income ratio remained stable at 51% in CY21.

Consolidated Financial Results for the Year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Mark-up/return/interest earned	77,569,443	79,118,320	-1.96%
Mark-up/return/interest expensed	45,139,897	48,842,539	-7.58%
Net mark-up/interest income	32,429,546	30,275,781	7.11%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	4,785,268	3,991,285	19.89%
Dividend income	421,964	273,524	54.27%
Foreign exchange income	3,123,524	2,673,493	16.83%
Income / (loss) from derivatives	-	-	-
Gain on securities	814,724	2,555,400	-68.12%
Other income	402,118	349,438	15.08%
Total non-mark-up/interest income	9,547,598	9,843,140	-3.00%
Total Income	41,977,144	40,118,921	4.63%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	21,017,376	20,217,974	3.95%
Workers' Welfare Fund	213,484	42,982	396.68%
Other charges	90,139	48,149	87.21%
Total non-mark-up/interest expenses	21,320,999	20,309,105	4.98%
Profit before provisions	20,656,145	19,809,816	4.27%
Provisions and write offs - net	4,983,944	1,974,747	152.38%
Extraordinary items/unusual items	-	-
Profit before taxation	15,672,201	17,835,069	-12.13%
Taxation	(5,956,468)	(6,978,072)	-14.64%
Total profit after taxation	9,715,733	10,856,997	-10.51%
Basic and diluted earnings per share	7.71	8.61	-10.45%

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