Askari Bank's Q2 2024 profit hits Rs4.42bn. up 6.95% YoY

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By MG News | August 29, 2024 at 02:09 PM GMT+05:00

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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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