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HomeEquityAKBL rejoices 53% YoY surge in profitability during 1HCY22

AKBL rejoices 53% YoY surge in profitability during 1HCY22

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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Posted on:2022-08-17T11:43:23+05:00

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