Askari Bank Posts Rs 4.2 Billion Profits

Askari Bank posted a profit after tax of Rs 4.2 billion for the nine-month period ending September 30, according to a notice sent to the Pakistan Stock Exchange on Tuesday.

The bank made a profit of Rs 4.18 billion in the corresponding nine-month period in 2016.

Net interest income increased by 6.2 percent to Rs 18.34 billion despite an environment of declining spreads in the market. Non-fund income of the Bank also grew significantly by 6.2 percent over the same period last year.

Administrative expenses are reported to have increased by 10.78 percent despite aggressive expansion of branch network pursued by the Bank.

Interest income, after provisions, was up by 16.67% to Rs 13.37 billion as compared to last year’s provision of Rs 11.46 billion.

Earning per share increased to Rs 3.35 from Rs 3.32 this year.

Therefore, while the bank posted a profit for the nine-month period, its profit for the third quarter alone was Rs 1.18 billion which was down by 3.28% as compared to last year’s profits.

The earning per share for the quarter was Rs 0.94.

The Bank has announced a final cash dividend of Rs.1 per share (10 percent) for the quarter ended September, 2017.

Askari Bank (+2.28%) closed in the green zone on Tuesday at the bourse in because of the financial which came above expectations.

The bank’s management has been aggressive in recovery efforts from delinquent borrowers and contained administrative and operational expenses to the great extent.

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.

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.