Askari Bank Limited (AKBL) has announced a profit after tax (PAT) of Rs. 14.072 billion for the calendar year 2022 (CY22), up a whopping 45 percent from the PAT of Rs. 9.716 billion reported in the previous calendar year (CY21).
The bank announced its financial results for the year ended December 31, 2022, on Wednesday. The bank reported earnings per share (EPS) of Rs. 11.17 in CY22 compared to EPS of 7.71 reported in CY21.
The bank’s profit before tax of Rs. 27.5 billion for CY22 recorded an increase of 76 percent over last year. The bank said that PAT posted a lower growth due to high and excessive taxation on banking companies introduced in the Finance Bill, which also included retrospective application.
During CY22, the bank’s total income increased by 23 percent to Rs. 51.689 billion compared to Rs. 41.977 billion reported in CY21. The net markup income increased to Rs. 40 billion, up 23 percent from Rs. 32.4 billion reported in CY2. The bank said that the increase was due to a combination of solid growth in earning assets and a well-positioned asset liability book aligned with the changes in market rates.
The fee, commission and brokerage income increased by 19 percent as the bank recorded volumetric growth in trade flows while card revenues increase due to higher consumption levels.
The bank’s foreign exchange income increased to Rs. 5.5 billion in CY22, registering a growth of almost 76 percent compared to the previous year. The bank attributed the jump to an increase in the volume of large ticket transactions and active participation in the interbank swap market.
The bank’s operating expense in CY22 registered an increase of 8.7 percent and stood at Rs. 23.175 billion compared to Rs. 21.321 billion reported in the previous year.
