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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Posted on: 2024-10-30T11:02:27+05:00
