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

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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