AKBL's profit grows by over 39% YoY to Rs8.84bn in 1HCY23

By MG News | August 21, 2023 at 11:35 AM GMT+05:00

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August 21, 2023 (MLN): Askari Bank Limited (PSX: AKBL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs8.84 billion [EPS: Rs6.10], depicting an increase of 39.98% YoY, compared to Rs6.31bn [EPS: Rs4.36] in the same period last year (SPLY), bank’s filing on PSX showed today.

Going by the income statement, the bank witnessed an increase of 43.88% in its net interest income (NII) to stand at Rs24.82bn, compared to SPLY. The growth in NII is due to a jump in interest-earning (Rs128.01bn), up by 2.07x YoY.

During the period under review, the bank’s Non-Markup Income (NMI) also rose by 20.17% YoY to Rs6.76bn with a significant increase in Fee and commission to clock in at Rs3.39bn as compared to Rs2.59bn in SPLY. Similarly, dividend income also rose by 94.37% to Rs360.79 million in 1HCY23.

On the expense side, the total noninterest expenses rose to Rs13.96bn in 1HCY23 as compared to Rs10.61bn SPLY, depicting an increase of 31.56%. The bank incurred higher expenses as the operating costs rose by 32.49% to Rs13.96bn in the respective period.

In addition, the bank incurred a provision expense of Rs617.28m during the review period compared to Rs110.14m in the corresponding period last year.

On the tax front, the bank paid Rs8.17bn, nearly 40% higher than the amount paid in 1HCY22.

Financial Results for the half-year ended June 30, 2023 ('000 Rupees)
	Jun-23	Jun-22	% Change
Mark-up/return/interest earned	128,011,880	61,731,116	107.37%
Mark-up/return/interest expensed	103,190,618	44,479,481	132.00%
Net mark-up/interest income	24,821,262	17,251,635	43.88%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	3,393,147	2,586,282	31.20%
Dividend income	360,789	185,615	94.37%
Foreign exchange income	2,783,441	2,613,199	6.51%
Income / (loss) from derivatives	-	-	-
Gain on securities	25,765	15,829	62.77%
Other income	199,804	226,668	-11.85%
Total non mark-up/interest income	6,762,946	5,627,593	20.17%
Total Income	31,584,208	22,879,228	38.05%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	13,599,088	10,264,562	32.49%
Workers' Welfare Fund	237,899	194,193	22.51%
Other charges	124,165	153,621	-19.17%
Total non mark-up/interest expenses	13,961,152	10,612,376	31.56%
Profit before provisions	17,623,056	12,266,852	43.66%
Provisions and write offs - net	617,276	110,140	460.45%
Extraordinary items/unusual items	-	-
Profit before taxation	17,005,780	12,156,712	39.89%
Taxation	8,168,237	5,843,256	39.79%
Profit after taxation	8,837,543	6,313,456	39.98%
Basic and diluted earnings per share	6.10	4.36	39.91%

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