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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