AKBL’s quarterly profits up by 30% YoY

MG News | April 20, 2022 at 01:18 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

April 20, 2022 (MLN): Askari Bank Limited (AKBL) has posted consolidated net profits of Rs3.61 billion (EPS: Rs2.86) during the first quarter of the calendar year 2022, up by 30.29% YoY against the net profit of Rs2.77bn (EPS: Rs2.20) in the same period of CY21, led by a modest increase in net interest income and lower non-funded expenses.

During the period under review, the bank’s interest expenses soared by 93.5% YoY, whereas, interest income by 57% YoY. As a result, the bank’s net interest income (NII) observed an increase of 11.1% YoY to Rs8.46bn during 1QFY22 due to a higher policy rate.

On the other hand, the non-funded income (NFI) of the bank witnessed a marginal decline of 4% YoY to clock in at Rs2.55bn due to an 88% plunge in capital gains on securities despite an 11% YoY increase in fee and commission income and 57% YoY jump in foreign exchange income to Rs1.02bn during 1QCY22.

Notably, the bank witnessed a 14% decrease in non-funded expenses as operating expenses were down by 17% YoY to Rs4.9bn. While, it posted a provision reversal of Rs172mn, up by 1.03% YoY.

On the tax front, the effective tax rate stood at 41% from 39%, restricting the bank’s bottom-line growth.

Consolidated Financial Results for the Quarter ended March 31, 2022 ('000 Rupees)
	Mar-22	Mar-21	% Change
Mark-up/return/interest earned	26,748,571	17,066,665	56.73%
Mark-up/return/interest expensed	18,291,124	9,452,199	93.51%
Net mark-up/interest income	8,457,447	7,614,466	11.07%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	1,196,262	1,075,511	11.23%
Dividend income	105,064	87,108	20.61%
Foreign exchange income	1,023,293	650,856	57.22%
Income / (loss) from derivatives	-	-	-
Gain on securities	90,187	742,443	-87.85%
Other income	135,751	97,591	39.10%
Total non-mark-up/interest income	2,550,557	2,653,509	-3.88%
Total Income	11,008,004	10,267,975	7.21%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	4,911,074	5,904,074	-16.82%
Workers' Welfare Fund	87,860	4,258	1963.41%
Other charges	80,540	4,196	1819.45%
Total non-mark-up/interest expenses	5,079,474	5,912,528	-14.09%
Profit before provisions	5,928,530	4,355,447	36.12%
Provisions and write offs - net	(172,018)	(170,260)	1.03%
Extraordinary items/unusual items	-	-
Profit before taxation	6,100,548	4,525,707	34.80%
Taxation	(2,492,117)	(1,756,272)	41.90%
Total profit after taxation	3,608,431	2,769,435	30.29%
Basic and diluted earnings per share	2.86	2.20	30.00%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	179,571.27 436.67M	1.06% 1878.35
ALLSHR	108,600.94 844.23M	1.00% 1073.54
KSE30	53,548.42 162.02M	0.99% 525.53
KMI30	256,725.70 154.74M	0.76% 1936.43
KMIALLSHR	70,620.69 563.61M	0.98% 683.55
BKTi	48,625.03 36.31M	1.37% 658.39
OGTi	37,179.52 8.29M	0.94% 345.85

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	60,655.00	60,655.00 59,790.00	660.00 1.10%
BRENT CRUDE	73.08	75.13 71.38	-2.18 -2.90%
RICHARDS BAY COAL MONTHLY	103.50	0.00 0.00	0.25 0.24%
ROTTERDAM COAL MONTHLY	113.35	114.25 113.00	-0.05 -0.04%
USD RBD PALM OLEIN	1,135.00	1,135.00 1,135.00	0.00 0.00%
CRUDE OIL - WTI	70.24	71.86 68.56	-1.68 -2.34%
SUGAR #11 WORLD	14.55	14.68 14.02	0.45 3.19%