Askari Bank Limited has given shocking financial results as its profit dipped by 16% during the nine months of the calendar year 2021.
According to the financial results, the profit of Askari Bank declined to Rs. 6.7 billion during January to September 2021 as compared with a profit of Rs. 8.15 billion were reported in a similar period of the last year.
This is the first financial results announced under the new CEO and President Atif Bokhari who joined the bank last month with the industry was expecting a better result from him. The new policies under the new CEO and President will take at least a couple of quarters to mark the expected transformation at the bank in terms of operations and profitability.
The bank’s earnings from interest and non-markup avenues showed mix trend during the period. The revenues from interest-based avenues stood at Rs.24.5 billion this year as compared to Rs. 22.4 billion reported in the same period of the last year. On the account of non-markup revenues, it declined to Rs. 6.6 billion during January to September as compared to Rs. 7.1 billion reported in the similar period of the last year.
The operational expenses of the bank also surged to stand at Rs. 15.2 billion. The bank’s earnings per share also reduced to 5.39 from 6.47.
Meanwhile, the board of directors of Askari Bank Limited appointed a new director Arif ur Rahman in the place of Lt Gen Tariq Khan (Retd).