Askari Bank reports 32% growth in profits despite imposition of super tax
MG News | May 03, 2019 at 03:08 PM GMT+05:00
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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