Askari Bank Limited has achieved the highest-ever profit of Rs. 10.7 billion in the nine-month period that ended September 30, 2022.
According to the financial results, the bank’s profit increased to Rs. 10.7 billion during the period of January to September 2022 as compared to Rs. 6.8 billion reported in the same period of last year, showing an increase of 58 percent year-on-year.
The increase in profit was mainly driven by the interest income which surged due to high-interest rates. During the period, the interest income grew to Rs. 29 billion from Rs. 24 billion reported last year. The bank’s non-markup income also soared to Rs. 9 billion in the said period as compared to Rs. 6.6 billion reported in the same period last year.
The bank did not announce any dividends for the shareholders.
Earning per share of the bank was increased to Rs. 8.54 from Rs. 5.40
The bank is focusing to grow market share in the retail segment, particularly low-cost and saving deposits which aligns well with the branch network expansion. The bank will continue to invest in human capital fostering a service culture that encourages collaboration and innovation, according to a half-yearly report.
The bank made marked improvements in financial and operational performance since Atif Bokhari took over the helm of the affairs last year in September. It also made a growth plan which includes the transformation of the bank’s operation on the path of technology, the right-sizing and capacity building of human resources, and expansion of the network at a local level.
