Askari Bank Limited has recorded a modest growth of 2.2 percent in the profits for the period of half year of 2017.
According to the financial results, the profit of the bank surged to Rs. 3.02 billion in the first half of 2017 as compared to Rs. 2.960 billion recorded in the corresponding period of 2016.
Its profit before tax increased to Rs. 5.032 billion from Rs. 4.988 billion in the corresponding period last year reflecting a growth of 0.8%.The profit after tax increased despite the extended applicability of Super Tax and
The profit after tax increased despite the extended applicability of Super Tax and low interest rate regime.
Interestingly, the earnings of the bank driven from the interest income grew by 8.9 percent to stand at Rs. 7.83 billion in the first half of 2017 as compared with Rs. 7.18 billion recorded in the corresponding period of last year.
The bank’s non-markup income declined to Rs 3.48 billion in the H1 of 2017 as compared to Rs. 4.09 billion revenues in the period of H1 of 2016, showing a drop of 17 percent.
The bank has maintained its focus on prudently managing its lending and investment strategies, mobilization of low-cost deposits; thereby mitigating the effect on next spreads, which are narrow throughout the industry.
The bank’s management has been aggressive in recovery efforts from delinquent borrowers and contained administrative and operational expenses to the great extent.
The bank is operating with more than 500 branches in different cities having deposits base of nearly Rs. 500 billion. The Earnings per Share (EPS) of the Bank stood at Rs 2.40 for the half year ended June 30, 2017.