Earning Review: AKBL’s net income surges by 24% owing to higher NII

MG News | August 22, 2019 at 12:26 PM GMT+05:00

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August 22, 2019 (MLN): Askari Bank Limited has announced profits of Rs. 3.1 billion (EPS: Rs. 2.48) for the half year ended June 30, 2019, which signifies a growth of 24% from the figures reported in the same period of last year.

The growth in profits was mainly led by surge in net interest income (NII) by 21.5%, Fee income by 23%, as well as foreign exchange income by 32%.

The total expenses of the bank increased by 13.2%, owing to higher operating and non-core expenses.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Mark-up / return / interest earned	30,206,700	19,120,494	57.98%
Mark-up / return / interest expensed	19,350,386	10,187,990	89.93%
Net mark-up / interest income	10,856,314	8,932,504	21.54%
Non mark-up / interest income
Fee and commission income	1,813,091	1,471,360	23.23%
Dividend income	146,286	114,718	27.52%
Foreign exchange income	1,242,423	943,945	31.62%
Gain on securities	37,310	134,477	-72.26%
Other income	149,766	179,585	-16.60%
Total non-markup / interest income	3,388,876	2,844,085	19.16%
Total income	14,245,190	11,776,589	20.96%
Non mark-up / interest expenses
Operating expenses	8,757,364	7,703,608	13.68%
Workers' Welfare Fund	31,042	87,324	-64.45%
Other charges	32,908	296	11017.57%
Total non-markup / Interest expenses	8,821,314	7,791,228	13.22%
Profit before provisions	5,423,876	3,985,361	36.09%
Provisions and write offs - net	238,736	-402,493
Profit before taxation	5,185,140	4,387,854	18.17%
Taxation	2,063,027	1,866,235	10.54%
Profit after taxation - continued operations	3,122,113	2,521,619	23.81%
Basic earnings per share	2.48	2.00	24.00%

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