Askari Bank Limited has reported impressive financial results for the 9-month period ending on September 30, 2023. They achieved a record-breaking profit of Rs. 14.6 billion, marking a significant 36% increase compared to the previous year’s profit of Rs. 10.7 billion. This is the highest profit the bank has ever recorded in a 9-month period.
The bank’s success can be attributed to factors like the growth of net interest income, which increased from Rs. 29.1 billion to Rs. 40.5 billion, showing substantial progress. Additionally, the total non-markup income reached Rs. 10 billion during the same period.
However, there was an 18% decline in foreign exchange income, which dropped to Rs. 3.6 billion. On the other hand, dividend income saw a remarkable 82% year-on-year increase, reaching Rs. 543 million.
Operating expenses for the bank increased by 27%, totaling Rs. 20.9 billion compared to the previous year’s Rs. 16.5 billion. Interestingly, the bank chose not to announce dividends for its shareholders during this period.
Despite these expenses, the bank’s earnings per share increased to Rs. 10.06 from Rs. 7.42. The bank’s stock price experienced a slight 0.65% decline, closing at Rs. 18.28. In summary, Askari Bank Limited’s financial results for the 9-month period show robust profit growth and increased income streams, although there were rising costs and a decision to withhold dividends.