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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Posted on: 2023-08-21T11:35:36+05:00
