Askari Bank Limited (AKBL) has announced an after-tax profit of Rs4.44 billion for 3QCY22, an increase of 65.36% over the last year. The increase in the bottom line was mainly due to an increase in non-markup income by 41.80% stood at Rs15.33bn as compared to 10.81bn in the same period last year (SPLY).
The financial statement sent to PSX further revealed that the top line of the company registered a significant increase of 135.96% YoY to Rs18.12bn compared to Rs20.39bn in SPLY. Accordingly, the earnings per share of the bank stood at Rs3.53 from Rs2.13.
The board did not announce dividends for the shareholders. In 3QCY22, AKBL recorded over Rs8.91bn profit-before-taxation, a growth of 101.15% as compared to Rs4.43bn in SPLY. Moreover, aggregate non-mark-up expenses increased by 24.52% YoY mainly due to an increase in worker’s welfare fund by 742.76%, other charges by 3042.82%, and operating expenses by 22.47%. On the taxation front, the bank paid 156.42% to Rs4.46bn more taxes in the 3QCY22, compared to Rs1.74bn in SPLY.
Askari Bank announced half-year earnings (profit before tax) at Rs.12.157 bn depicting a YoY increase of 80% on the back of strong delivery by all business segments. Profit after tax at Rs.6.313 bn (EPS: Rs.5.01) shows an increase of 53% YoY, less than PBT growth primarily due to an extraordinary jump in income tax levy on banking companies announced by the federal government in the recent budget.
