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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