AKBL rejoices 53% YoY surge in profitability during 1HCY22

MG News | August 17, 2022 at 11:43 AM GMT+05:00

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August 17, 2022 (MLN): Askari Bank Limited (PSX: AKBL) has revealed its financial statement today for 1HCY22 ended June 30, 2022, as per which the bank posted a profit worth Rs6.31billion (EPS: Rs5.01), depicting a massive surge of 53.28% YoY, compared to Rs4.11bn (EPS: 3.27) in 1HCY21.

Going by the income statement sent to PSX, the bank’s net interest income (NII) increased by 9.25% YoY to stand at Rs17.25bn. The jump in NII is due to an increase in interest-earning (Rs61.73bn), up by 74.18% YoY while the interest expense expanded by more than twofold to Rs44.47bn.

During the period under review, the bank’s non-funded income (NFI) jumped by 18% YoY to Rs5.627bn owing to the massive surge in foreign exchange income which stood at Rs2.6bn, up by 81.54% YoY. In addition, the increment in fee and commission income (up by 21.27%) and other income (8.4%) have also supported NFI.

It is pertinent to mention that the bank posted a significant decline under its gain on securities head by 98% to stand at Rs15.82mn in 1HCY22, compared to Rs790mn in SPLY.

The non-markup interest expense has dropped by 3.32% YoY to lock in at Rs10.61bn during 1HCY22.

On the tax front, the bank paid Rs5.84bn in 1HCY22, more than double the amount paid in 1HCY20.

Consolidated Financial Results for the half year ended on June 30, 2022 ('000 Rupees)
	Jun-22	Jun-21	% Change
Mark-up/return/interest earned	61,731,116	35,439,983	74.18%
Mark-up/return/interest expensed	44,479,481	19,648,418	126.38%
Net mark-up/interest income	17,251,635	15,791,565	9.25%
NON MARK-UP/INTEREST INCOME
Fee and commission income	2,586,282	2,132,637	21.27%
Dividend income	185,615	193,479	-4.06%
Foreign exchange income	2,613,199	1,439,460	81.54%
Income / (loss) from derivatives	-	-	-
Gain on securities	15,829	790,539	-98.00%
Other income	226,668	209,075	8.41%
Total non mark-up/interest income	5,627,593	4,765,190	18.10%
Total Income	22,879,228	20,556,755	11.30%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	10,264,562	10,950,546	-6.26%
Workers' Welfare Fund	194,193	20,157	863.40%
Other charges	153,621	5,611	2637.85%
Total non mark-up/interest expenses	10,612,376	10,976,314	-3.32%
Profit before provisions	12,266,852	9,580,441	28.04%
Provisions and write offs - net	110,140	2,819,090	-96.09%
Extraordinary items/unusual items	-	-
Profit before taxation	12,156,712	6,761,351	79.80%
Taxation	-5,843,256	-2,642,431	121.13%
Total profit after taxation	6,313,456	4,118,920	53.28%
Basic and diluted earnings per share	5.01	3.27	53.21%

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