Askari Bank reports 21% growth in net profits owing to higher forex gains

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MG News | October 23, 2019 at 11:32 AM GMT+05:00

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October 23, 2019 (MLN): Askari Bank Limited has announced a Profit After Tax (PAT) of Rs. 4.3 billion (EPS: Rs. 3.48) for the nine months ended September 30, 2019, indicating a growth of 20.86% as compared to the PAT of same period last year.

The Net Interest Income of the bank rose by 17.5% whereas total Non-markup Interest Income grew by 20.8%. The combined impact of these led to increase in total income by around 18.2%.

Pick-up in fee and commission income by 17.4% as well as gains from foreign exchange by 52% mainly helped in lifting the profits of the bank.    

Furthermore, the total Non-mark-up expenses increased by 17.2% due to substantial growth of non-core expenses.

Financial Results for the nine months ended September 30, 2019 ('000 Rupees)

 

Sep-19

Sep-18

% Change

Mark-up/return/interest earned

50,736,805

30,991,621

63.71%

Mark-up/return/interest expensed

34,509,873

17,183,622

100.83%

Net mark-up/interest income

16,226,932

13,807,999

17.52%

NON MARK-UP/INTEREST INCOME

     

Fee, commission and brokerage income

2,625,963

2,235,385

17.47%

Dividend income

205,411

160,815

27.73%

Foreign exchange income

1,865,711

1,224,588

52.35%

Income / (loss) from derivatives

     

Gain on securities

103,835

173,059

-40.00%

Other income

232,252

372,195

-37.60%

Total non-mark-up/interest income

5,033,172

4,166,042

20.81%

Total Income

21,260,104

17,974,041

18.28%

NON MARK-UP/INTEREST EXPENSES

     

Operating expenses

13,147,877

11,923,154

10.27%

Workers' Welfare Fund

68,239

(567,676)

-112.02%

Other charges

99,766

656

 

Total non-mark-up/interest expenses

13,315,882

11,356,134

17.26%

Profit before provisions

7,944,222

6,617,907

20.04%

Provisions and write offs - net

731,119

416,058

75.73%

Extraordinary items/unusual items

-

-

 

Profit before taxation

7,213,103

6,201,849

16.31%

Taxation

2,833,638

2,578,392

9.90%

Profit after taxation - continued operations

4,379,465

3,623,457

20.86%

Profit after taxation - discontinued operations

3,079

(6,156)

 

Total profit after taxation

4,382,544

3,617,301

21.16%

Basic earnings per share

3.48

2.87

21.25%

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