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Askari Bank’s net profits grow by 59% YoY on...

August 13, 2020 (MLN): Askari Bank Limited has unveiled its financial results for the 1HCY20 ended June 30, 2020.  As per results, the bank has posted its net profits of Rs 4.97 billion (EPS: Rs 3.94), showing an increase of 58.75 % against net profits of Rs 3.13 billion (EPS: Rs 2.48) of the same period last year.

The increase in profitability of the bank was mainly attributable to increased Net interest income (NII).

The bank’s net interest income went up by 33% YoY to stand at Rs 14.41 billion in 1HCY20 on a back of repricing of deposits to lower rate with policy rate decline, as per the research of Darson.

During the period under review, increased gains on securities by 37 times YoY pushed up the bank’s non-funded income (NFI) by 28.47% YoY.

The bank’s operating expenses increased by 13.63% YoY to Rs 9.95 billion, along with a 54% increase in tax expense restricted the bank’s profits.

Financial Results for the half-year ended June 30, 2020 ('000 Rupees)

 

Jun-20

Jun-19

% Change

Mark-up/return/interest earned

 42,457,549

 30,206,700

40.56%

Mark-up/return/interest expensed

 28,041,243

 19,350,386

44.91%

Net mark-up/interest income

 14,416,306

 10,856,314

32.79%

NON-MARK-UP/INTEREST INCOME

 

 

 

Fee and commission income

 1,508,826

 1,813,091

-16.78%

Dividend income

 122,347

 146,286

-16.36%

Foreign exchange income

 1,184,196

 1,242,423

-4.69%

Income / (loss) from derivatives

 -  

 -  

-

Gain on securities

 1,391,749

 37,310

3630.23%

Other income

 146,539

 149,766

-2.15%

Total non-mark-up/interest income

 4,353,657

 3,388,876

28.47%

Total Income

 18,769,963

 14,245,190

31.76%

NON-MARK-UP/INTEREST EXPENSES

 

 

 

Operating expenses

 9,950,703

 8,757,364

13.63%

Workers' Welfare Fund

 26,602

 31,042

-14.30%

Other charges

 11,854

 32,908

-63.98%

Total non-mark-up/interest expenses

 9,989,159

 8,821,314

13.24%

Profit before provisions

 8,780,804

 5,423,876

61.89%

Provisions and write offs - net

 644,312

 238,736

169.88%

Extraordinary items/unusual items

 -  

 -   

 

Profit before taxation

 8,136,492

 5,185,140

56.92%

Taxation

 (3,181,613)

 (2,063,027)

54.22%

Profit after taxation - continued operations

 4,954,879

 3,122,113

58.70%

Profit after taxation - discontinued operations

 16,932

 9,730

 

Total profit after taxation

 4,971,811

 3,131,843

58.75%

Basic and diluted earnings per share

 3.94

 2.48

58.87%

 

Copyright Mettis Link News

Supreme Court declares GIDC Payable

August 13, 2020 (MLN): The Supreme court verdict went against the Companies as GIDC was declared payable.

 

Copyright Mettis Link News

 

Govt working to generate affordable electricity: Omar Ayub

August 13, 2020: Minister for Power Omar Ayub has said the government is working to generate indigenous, affordable electricity to reduce dependency on foreign sources by 2030.

Addressing a media briefing along with Minister for Science and Technology Fawad Chaudhary, he said under the new Renewable Energy Policy, the government has planned to increase the share of renewable energy in power generation to 30 percent by 2030.

Speaking on the occasion, Minister for Science and Technology Fawad Chaudhary said the new Renewable Energy Policy will help reduce electricity prices in the country.

Special Assistant to the Prime Minister on Petroleum Division Nadeem Babar said a committee consisting of provincial members will decide the renewable energy resources of producing electricity in each province.

Radio Pakistan

Govt to enhance scope of Kamyab Jawan Programme: Hafeez...

August 13, 2020: Government has decided to enhance the scope of the Kamyab Jawan Program by increasing the maximum limit of loans from five million rupees to 25 million rupees.

This was announced by Prime Minister's Adviser on Finance Hafeez Sheikh along with Special Assistant on Youth Affairs Usman Dar while addressing the media briefing in Islamabad on Wednesday.

Hafeez Sheikh said the interest rates on all types of loans under the Program have been reduced to half.

The Adviser said under the vision of Prime Minister Imran Khan, the government is making all efforts to provide subsidies to the people and creating more opportunities for establishing their businesses.  

Speaking on the occasion, SAPM on Youth Affairs said the core vision of the Kamyab Jawan Program is to create employment opportunities in the country.

He said applicants of Kamyab Jawan Program can get information on web site www.kamyabjawan.gov.pk

Radio Pakistan

PM forms NCC to promote development of SMEs

August 13, 2020: Prime Minister Imran Khan has formed fourteen members' National Coordination Committee to promote the overall development of small and medium enterprises.  

According to details, Minister for Industries and Production Hammad Azhar will chair the Committee.

The Committee will recommend policy, legal and regulatory measures with a view to generate and sustain economic activity, employment generation, and poverty alleviation.

It will suggest measures to address market access and capacity issues for SMEs.

The committee will also propose legislative and regulatory amendments to enhance ease of doing business for SMEs. 

The convener of the committee will brief the Prime Minister on a weekly basis on overall progress on implementation of the Prime Minister's policy guidelines.

Radio Pakistan

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