Sunday, April 14, 2024

Askari Bank Profit Hits Rs. 21.4 Billion in 2023

Askari Bank Limited (PSX: AKBL) has reported a profit of Rs21.54 billion in 2023, which is a 54.2% increase from the previous year. This means they earned more money compared to before. The bank’s directors have decided to give a final cash dividend of Rs2.5 per share to the shareholders, which is 25% of the profit.

The bank attributes its strong financial performance in 2023 to effective management practices, client-focused approach, technological advancements, cost control measures, efficient staff management, and the success of its Islamic banking division, Ikhlas Islamic Banking.

Their income from interest on loans increased by 48.77%, and they also earned higher revenues from fees, commissions, dividends, and selling securities. However, their earnings from foreign exchange decreased. Additionally, the bank had to set aside less money for bad loans compared to the previous year.

Despite the increase in expenses by 28.1%, mainly due to higher operational costs and investment in employee welfare, the bank remains committed to providing excellent service to its clients and shareholders. They are prepared to continue growing and delivering value to their stakeholders.

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