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
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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