Askari Bank reports 32% growth in profits despite imposition of super tax

MG News | May 03, 2019 at 03:08 PM GMT+05:00

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May 3, 2019 (MLN): Askari Bank Limited has announced a Profit After Tax (PAT) of Rs. 1.8 billion (EPS: Rs. 1.46) for the quarter ended March 31, 2019, indicating a growth of 32.5% as compared to the results of same period last year.

The Net Interest Income of the bank rose by 35% whereas total Non-markup Interest Income went up by 15%. The combined impact of these led to increase in total income by around 31%.

Furthermore, the tax expense went up by 76% due to imposition of super tax on the earnings of CY17, which were booked during the period under review.

Despite an increase of 11% in total expenses, the company’s overall performance was still praise worthy.

Profit and loss account for the quarter ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Mark-up / return / interest earned	14,261,858	9,133,361	56.15%
Mark-up / return / interest expensed	8,543,106	4,904,261	74.20%
Net mark-up / interest income	5,718,752	4,229,101	35.22%
Non mark-up / interest income
Fee and commission income	844,414	692,125	22.00%
Dividend income	57,225	37,398	53.02%
Foreign exchange income	397,422	324,013	22.66%
Income / (loss) from derivatives
Gain on securities	34,279	92,903	-63.10%
Other income	49,269	49,789	-1.04%
Total non-markup / interest income	1,382,609	1,196,228	15.58%
Total income	7,101,361	5,425,328	30.89%
Non mark-up / interest expenses
Operating expenses	4,274,441	3,815,413	12.03%
Workers' Welfare Fund	15,508	45,000	-65.54%
Other charges	22,209	233	9431.76%
Total non-markup / interest expenses	4,312,158	3,860,646	11.70%
Profit before provisions	2,789,203	1,564,682	78.26%
Provisions and write offs - net	-348,023	-558,869	-37.73%
Extraordinary / unusual items
Profit before taxation	3,137,226	2,123,551	47.73%
Taxation	1,308,061	743,324	75.97%
Profit after taxation	1,829,165	1,380,227	32.53%
Basic earnings per share	1.46	1.09	33.94%

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