October 22, 2020 (MLN): Askari Bank Limited has earned profits of Rs. 8.2 billion (EPS: 6.5) for the nine months ended September 30, 2020, which is nearly 87% higher than the figures recorded in the same period of last year.
The growth in earnings was led by a 39% increase in net interest income, coupled with a 44% rise in the non-interest income. The latter mainly saw contribution from gains on securities, whilst other components reported meagre declines.
The Bank incurred operating expenses of Rs. 14.9 billion, i.e. 13% higher than the same period of last year. Other expenses such as Workers’ Welfare Fund and Non-core charges showed a decline of 51% and 57%, respectively.
However, there were some setbacks faced in the form of provisioning cost and income tax expense, which rose by 81% and 86% respectively.
|
Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000) |
|||
|---|---|---|---|
|
Sep-20 |
Sep-19 |
% Change |
|
|
Mark-up / return / interest earned |
60,036,205 |
50,742,385 |
18% |
|
Mark-up / return / interest expensed |
(37,540,633) |
(34,509,976) |
9% |
|
Net mark-up / interest income |
22,495,572 |
16,232,409 |
39% |
|
NON MARK-UP / INTEREST INCOME |
|||
|
Fee and commission income |
2,602,860 |
2,645,654 |
-2% |
|
Dividend income |
202,950 |
206,815 |
-2% |
|
Foreign exchange income |
1,850,817 |
1,865,711 |
-1% |
|
Income / (loss) from derivatives |
|||
|
Gain / (loss) on securities – net |
2,388,880 |
98,709 |
2320% |
|
Share of profit from associates |
#DIV/0! |
||
|
Other income |
230,012 |
232,252 |
-1% |
|
Total non-markup / interest income |
7,275,519 |
5,049,141 |
44% |
|
Total income |
29,771,091 |
21,281,550 |
40% |
|
NON MARK-UP / INTEREST EXPENSES |
|||
|
Operating expenses |
(14,903,577) |
(13,169,818) |
13% |
|
Workers welfare fund |
(33,442) |
(68,239) |
-51% |
|
Other charges |
(42,904) |
(99,766) |
-57% |
|
Total non-markup / interest expenses |
(14,979,923) |
(13,337,823) |
12% |
|
Profit before provisions |
14,791,168 |
7,943,727 |
86% |
|
Provisions and write offs – net |
(1,320,797) |
(731,119) |
81% |
|
Extraordinary / unusual items |
|||
|
PROFIT BEFORE TAXATION |
13,470,371 |
7,212,608 |
87% |
|
Taxation |
(5,264,202) |
(2,830,064) |
86% |
|
PROFIT AFTER TAXATION |
8,206,169 |
4,382,544 |
87% |
|
Earnings per share |
6.5 |
3.48 |
87% |
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