Askari Bank’s Q3 profit hits Rs6bn, up 4.8%

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MG News | October 30, 2024 at 11:02 AM GMT+05:00

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October 20, 2024 (MLN): Askari Bank Limited (PSX: AKBL) reported a profit of Rs6.02 billion [EPS: Rs4.15] in Q3 2024, 4.77% higher compared to Rs5.75bn [EPS: Rs3.97] recorded in the same period last year (SPLY).

The bank witnessed an increase of 17.84% in its net interest income (NII) to stand at Rs18.45bn, compared to Rs15.7bn incurred in Q3 2023.

Likewise, the bank’s total non-markup income improved by 10.76% YoY to around Rs3.6bn.

The improved economic landscape resulted in higher foreign exchange income, while gains on securities also surged.

On the expense side, the total non-markup expenses expanded by 17.96% to Rs8.82bn in Q3 2024 compared to Rs7.48bn in Q3 2023.

The profit and loss statement further shows that the bank incurred a provision expense of Rs1.68bn, substantially higher compared to an expense of Rs73.1m in Q3 2023.

The bank paid Rs5.57bn on the tax front, 1.4% lower than the amount paid in Q3 2023.

Consolidated Financial Results for the quarter ended September 30, 2024 ('000 Rupees)
  Sep-24 Sep-23 % Change
Mark-up/return/interest earned 104,509,190 88,828,232 17.65%
Mark-up/return/interest expensed 86,011,728 73,130,624 17.61%
Net mark-up/interest income 18,497,462 15,697,608 17.84%
NON MARK-UP/INTEREST INCOME      
Fee and commission income 1,731,738 1,879,968 -7.88%
Dividend income 146,863 182,126 -19.36%
Foreign exchange income 1,159,558 852,646 36.00%
Gain on securities 426,767 192,316 121.91%
Other income 138,645 146,404 -5.30%
Total non mark-up/interest income 3,603,571 3,253,460 10.76%
Total Income 22,101,033 18,951,068 16.62%
NON MARK-UP/INTEREST EXPENSES      
Operating expenses 8,626,164 7,312,053 17.97%
Workers' Welfare Fund 139,262 160,211 -13.08%
Other charges 55,115 5,437 913.70%
Total non mark-up/interest expenses 8,820,541 7,477,701 17.96%
Profit before provisions 13,280,492 11,473,367 15.75%
Credit loss allowance and write offs - net 1,685,019 73,101 2205.06%
Extraordinary items/unusual items - -  
Profit before taxation 11,595,473 11,400,266 1.71%
Taxation 5,573,686 5,652,605 -1.40%
Profit after taxation 6,021,787 5,747,661 4.77%
Basic and diluted earnings per share 4.15 3.97 -

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