AKBL’s quarterly profits up by 30% YoY

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

Posted on: 2022-04-20T13:18:45+05:00

32225