Askari Bank reports 13% drop in half yearly profits

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%

 

Posted on: 2018-08-16T15:42:00+05:00

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