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

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

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%

Copyright Mettis Link News

Posted on: 2019-05-03T15:08:00+05:00

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