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

By 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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