Askari Bank’s profit slightly declines to over Rs21bn
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MG News | February 24, 2025 at 03:19 PM GMT+05:00
February 24, 2025 (MLN): Askari Bank Limited (PSX: AKBL) reported a profit of Rs21.26 billion [EPS: Rs14.58] for the year ended December 31, 2024, reflecting a slight decline of 1.32% compared to Rs21.54bn [EPS: Rs14.83] recorded in the previous year.
The bank has declared a final cash dividend of Rs3 per share (30%).
The bank's net interest income rose by 7.07% to Rs63.65bn, driven by a 31.29% increase in mark-up/return/interest earned, which stood at Rs401.25bn.
Meanwhile, mark-up/return/interest expenses surged by 37.13% to Rs337.6bn.
The bank's total non-markup income saw a significant growth of 26.83% to Rs16.02bn, supported by a 268.15% jump in gains on securities and a 168.12% increase in other income.
Operating expenses climbed by 25.03% to Rs35.99bn, while total non-markup expenses expanded by 24.01% to Rs36.61bn.
The bank's profit before taxation increased by 5.84% to Rs44.86bn; however, a 14.39% rise in taxation, amounting to Rs23.61bn, impacted the bottom line.
Despite these challenges, the bank maintained stable earnings, with equity holders' profit amounting to Rs21.13bn.
Consolidated Financial Results For The Period Ended December 31, 2024 (Rupees in '000) | |||
Category | Dec-24 | Dec-23 | %Change |
Mark-up / return / interest earned | 401,257,754 | 305,634,875 | 31.29% |
Mark-up / return / interest expensed | 337,603,215 | 246,184,226 | 37.13% |
Net mark-up / interest income | 63,654,539 | 59,450,649 | 7.07% |
Non mark-up / interest income | - | - | |
Fee and commission income | 7,553,247 | 7,310,000 | 3.33% |
Dividend income | 828,952 | 711,930 | 16.44% |
Foreign exchange income | 4,079,139 | 3,896,622 | 4.68% |
Income / (loss) from derivatives | - | - | |
Gain on securities | 2,875,039 | 780,696 | 268.27% |
Other income | 692,012 | 564,383 | 22.61% |
Total non-markup / interest income | 16,028,388 | 13,263,633 | 20.84% |
Total income | 79,682,927 | 72,714,282 | 9.58% |
Non mark-up / interest expenses | - | - | |
Operating expenses | 35,990,556 | 28,786,370 | 25.03% |
Workers’ welfare fund | 550,236 | 533,110 | 3.21% |
Other charges | 72,041 | 245,543 | -70.66% |
Total non-markup / interest expenses | 36,612,833 | 29,565,023 | 23.84% |
Profit before credit loss allowance / provisions | 43,070,094 | 43,149,259 | -0.18% |
Credit loss allowance / provisions and write-offs - net | (1,799,385) | (966,361) | 86.20% |
Other income / expense | - | - | |
Profit before taxation | 44,859,479 | 42,182,898 | 6.35% |
Taxation | (23,612,695) | (20,642,409) | 14.39% |
Profit after taxation | 21,256,554 | 21,540,409 | -1.32% |
Profit attributable to | - | - | |
Non-controlling interest | 118,860 | 51,817 | 129.38% |
Equity holders of the Bank | 21,137,874 | 21,488,592 | -1.63% |
Total | 21,256,554 | 21,540,409 | -1.32% |
Basic and diluted earnings per share | 14.58 | 14.83 | -1.69% |
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