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% |
Copyright Mettis Link News
30838
