Askari Banks Limited (AKBL)’s half yearly profits dropped by 13%, as per their financial earnings report issued to PSX on August 16th 2018. AKBL’s after tax profits dropped to Rs.2.5 billion from Rs.2.9 billion during the six month period that ended on June 30th 2017.
These results were finalized during the company’s Board of Directors meeting held on the same day.
During the period under review, Askari Bank reported an increase of 14% in Net mark-up/interest income and an increase of 4% in Net mark-up/interest income after provisions.
Furthermore, total non-mark-up/interest income dropped by 15% while total non-mark-up/interest expenses went up by 4%, leading to decreased profits after taxations.
|
Financial Results for the half year ended June 30th 2018 ('000 Rupees) |
|||
|
|
Jun-18 |
Jun-17 |
% Change |
|
Mark-up/return/interest earned |
19,120,494 |
17,641,247 |
8.39% |
|
Mark-up/return/interest expensed |
10,187,990 |
9,806,247 |
3.89% |
|
Net mark-up/interest income |
8,932,504 |
7,835,000 |
14.01% |
|
Reversal of provision against non-performing loans and advances – net |
(481,831) |
(1,069,513) |
-54.95% |
|
Impairment loss on available for sale investments |
– |
30,047 |
-100.00% |
|
(Reversal of provision)/provision for diminution in the value of investments – net |
163,065 |
(23,020) |
-808.36% |
|
Bad debts written off directly |
– |
– |
#DIV/0! |
|
Net mark-up/interest income after provisions |
9,251,270 |
8,897,486 |
3.98% |
|
NON MARK-UP/INTEREST INCOME |
|
|
|
|
Fee, commission and brokerage income |
1,471,360 |
1,119,187 |
31.47% |
|
Dividend income |
114,718 |
170,585 |
-32.75% |
|
Income from dealing in foreign currencies |
943,945 |
404,048 |
133.62% |
|
Gain on sale of securities – net |
134,477 |
1,510,631 |
-91.10% |
|
Unrealized gain/(loss) on revaluation of investments classified as held for trading – net |
– |
– |
#DIV/0! |
|
Other income |
263,312 |
271,681 |
-3.08% |
|
Total non-mark-up/interest income |
2,927,812 |
3,476,132 |
-15.77% |
|
NON MARK-UP/INTEREST EXPENSES |
|
|
|
|
Administrative expenses |
7,703,608 |
7,404,438 |
4.04% |
|
Other provisions/write offs |
– |
– |
#DIV/0! |
|
Other charges |
87,620 |
100,490 |
-12.81% |
|
Total non-mark-up/interest expenses |
7,791,228 |
7,504,928 |
3.81% |
|
Extraordinary items/unusual items |
– |
– |
|
|
Profit before taxation |
4,387,854 |
4,868,690 |
-9.88% |
|
Taxation |
1,866,235 |
2,004,953 |
-6.92% |
|
Profit after taxation – continued operations |
2,521,619 |
2,863,737 |
-11.95% |
|
Profit after taxation – discontinued operations |
(4,271) |
31,148 |
|
|
Total profit after taxation |
2,517,348 |
2,894,885 |
-13.04% |
22660
