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

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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