Askari Bank Posts Highest-Ever 9-Month Profit of Rs. 14.6 Billion

Askari Bank Limited has posted profit of Rs. 14.6 billion in the nine-month period that ended September 30, 2023.

According to the financial results, the bank’s profit increased to Rs. 14.6 billion during the period of January to September 2023 as compared to Rs. 10.7 billion reported in the same period last year, showing an increase of 36 percent year-on-year. This is the highest-ever profit reported by the bank during a 9-month period, according to Arif Habib Limited.

AKBL posts historic high PAT

On a nine monthly basis, AKBL posted its highest-ever PAT of PKR 14.6bn in 9MCY23, fueled by jump in net interest income.@Askari_Bank @Pakstockexgltd#KSE100 #PSX #Equities #Pakistan pic.twitter.com/Qlly9E1qt0

— Arif Habib Limited (@ArifHabibLtd) October 27, 2023

During the period, the net interest income grew to Rs. 40.5 billion from Rs. 29.1 billion reported in the same period of last year. The bank’s total non-markup income increased to Rs. 10 billion in the said period as compared to Rs. 9 billion reported in the same period last year.

AKBL’s foreign exchange income decreased to Rs. 3.6 billion in 9MCY23, registering a drop of almost 18 percent compared to the previous year. Meanwhile, dividend income leaped by 82 percent YoY to Rs. 543 million.

The bank’s operating expense in 9MCY23 registered an increase of 27 percent and stood at Rs. 20.9 billion compared to Rs. 16.5 billion reported in the previous year.

The bank did not announce any dividends for the shareholders. Earnings per share of the bank increased to Rs. 10.06 from Rs. 7.42.

The bank’s scrip at the bourse closed at Rs. 18.28, down 0.65 percent or Rs. 0.12 with a turnover of 256,000 shares on Friday.