Askari Bank Posts a Profit Growth of 32% in Q1 2019

Askari Bank recorded a profitable Q1 2019 with a growth of 32 percent year-on-year.

According to the financial results, the bank’s profit surged to Rs. 1.82 billion in the period of January to March as compared to the profit of the corresponding period of last year, which stood at Rs. 1.38 billion.

The bank recorded growth in its interest and non-interest incomes alike which surged to Rs. 5.7 billion and Rs. 1.3 billion respectively.

Earnings per share for the current year went up and were reported at Rs. 1.45 as against Rs. 1.10 last year.

In 2018, profit after taxation declined by 15.9 percent to Rs. 4.4 billion primarily due to a net aggregate provision charge amounting to Rs. 1.5 billion on the bank’s portfolio of equity investments and certain non-performing loans and advances.

Looking forward, the bank is likely to maintain its profitability on the basis of earning from the interest income.

The annual report of the bank underlined its future strategy:

The bank will continue to improve asset quality while growing the business portfolio within the leeway available to the bank, effectively develop operations and processes while promoting innovation, balanced with prudent risk management.

The capacity building for SMEs is also vital to incubate the next generation of corporates who will have stronger support, stimulating growth in exports and import substitution ventures and facilitating the socio-economic progress of the country. The bank is buoyant on the prospects for the business segments and will continue to optimize and reallocate assets and resources to harness their full potential.

Askari Bank is being operated with a network comprising of 515 branches across the country. It has 421 conventional branches (including 40 sub-branches), 94 Islamic branches (including 3 sub-branches) and a Wholesale Bank Branch in Bahrain.

The branch network is supported by digital channels to extend the outreach to customers spread across the country and to unbanked areas to serve the national agenda of financial inclusion.