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

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%

 

Copyright Mettis Link News

Posted on: 2019-08-22T12:26:00+05:00

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