August 29, 2024 (MLN): Askari Bank Limited (PSX: AKBL) has reported a profit of Rs4.42 billion [EPS: Rs3.05] in Q2 2024, 6.95% YoY higher compared to the earning of Rs4.13bn [EPS: Rs2.85] recorded in the same period last year (SPLY).
The bank witnessed a drop of 6.77% YoY in its net interest income (NII) to stand at Rs12.01bn, compared to Rs12.89bn incurred in Q2 2023.
Conversely, the bank’s total non-markup income improved by 9.25% YoY to around Rs4bn.
Increased economic activity resulted in higher fee and commission income, dividend income, and gains on securities.
On the expense side, the total non-markup expenses expanded by 20.17% YoY to Rs8.63bn in Q2 2024 compared to Rs7.18bn in Q2 2023.
The profit and loss statement further shows that the bank incurred a provision reversal of Rs1.63bn compared to an expense of Rs675.09m in Q2 2023, the sole contributing factor to the rise in profits.
The bank paid Rs4.55bn on the tax front, 0.62% YoY higher than the amount paid in Q2 2023.
| Consolidated Financial Results for the quarter ended June 30, 2024 ('000 Rupees) | |||
|---|---|---|---|
| Jun-24 | Jun-23 | % Change | |
| Mark-up/return/interest earned | 104,972,098 | 70,864,396 | 48.13% |
| Mark-up/return/interest expensed | 92,959,196 | 57,979,011 | 60.33% |
| Net mark-up/interest income | 12,012,902 | 12,885,385 | -6.77% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 1,941,796 | 1,718,135 | 13.02% |
| Dividend income | 296,974 | 175,267 | 69.44% |
| Foreign exchange income | 962,818 | 1,503,436 | -35.96% |
| Income / (loss) from derivatives | – | – | |
| Gain on securities | 624,827 | 117,086 | 433.65% |
| Other income | 131,003 | 108,452 | 20.79% |
| Total non mark-up/interest income | 3,957,418 | 3,622,376 | 9.25% |
| Total Income | 15,970,320 | 16,507,761 | -3.26% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 8,482,731 | 7,042,106 | 20.46% |
| Workers' Welfare Fund | 135,000 | 119,679 | 12.80% |
| Other charges | 8,894 | 16,813 | -47.10% |
| Total non mark-up/interest expenses | 8,626,625 | 7,178,598 | 20.17% |
| Profit before provisions | 7,343,695 | 9,329,163 | -21.28% |
| Credit loss allowance and write offs – net | (1,625,964) | 675,085 | -340.85% |
| Extraordinary items/unusual items | – | – | |
| Profit before taxation | 8,969,659 | 8,654,078 | 3.65% |
| Taxation | 4,548,028 | 4,519,956 | 0.62% |
| Profit after taxation | 4,421,631 | 4,134,122 | 6.95% |
| Basic and diluted earnings per share | 3.05 | 2.85 | – |
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Posted on: 2024-08-29T14:09:03+05:00
