Askari Bank’s Q3 profit hits Rs6bn, up 4.8%
MG News | October 30, 2024 at 11:02 AM GMT+05:00
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 | - |
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 162,192.24 332.54M | -0.68% -1111.89 |
| ALLSHR | 98,833.83 920.75M | -0.55% -547.14 |
| KSE30 | 49,443.12 127.61M | -0.80% -399.40 |
| KMI30 | 235,883.50 77.31M | -0.93% -2220.67 |
| KMIALLSHR | 64,977.12 429.94M | -0.94% -613.83 |
| BKTi | 45,453.62 63.49M | -0.55% -251.67 |
| OGTi | 32,207.70 6.66M | -1.42% -463.53 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 115,375.00 | 116,570.00 113,495.00 | 4635.00 4.19% |
| BRENT CRUDE | 65.38 | 66.64 65.06 | -0.56 -0.85% |
| RICHARDS BAY COAL MONTHLY | 80.50 | 0.00 0.00 | -1.00 -1.23% |
| ROTTERDAM COAL MONTHLY | 92.60 | 0.00 0.00 | 0.45 0.49% |
| USD RBD PALM OLEIN | 1,082.50 | 1,082.50 1,082.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 60.96 | 62.17 60.67 | -0.54 -0.88% |
| SUGAR #11 WORLD | 14.78 | 15.04 14.78 | -0.19 -1.27% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|