Askari Bank’s profit slightly declines to over Rs21bn

MG News | February 24, 2025 at 03:19 PM GMT+05:00

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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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