Askari Bank Limited Achieves Highest-Ever 9-Month Profit, Surpassing Rs. 14.6 Billion Mark

Askari Bank Limited has reported a remarkable financial performance in the 9-month period ending on September 30, 2023. The bank posted a record-breaking profit of Rs. 14.6 billion, marking a 36% year-on-year increase from the previous year’s profit of Rs. 10.7 billion. This substantial profit surge represents the highest-ever profit reported by the bank in a 9-month period, as confirmed by Arif Habib Limited.

The bank’s success can be attributed to various factors, with net interest income growing to Rs. 40.5 billion from Rs. 29.1 billion, demonstrating significant growth. Additionally, the total non-markup income increased to Rs. 10 billion during the same period.

While the bank excelled in several areas, foreign exchange income experienced an 18% decline, dropping to Rs. 3.6 billion. On the other hand, dividend income skyrocketed by 82% year-on-year, reaching Rs. 543 million.

However, it’s important to note that Askari Bank Limited saw a 27% increase in operating expenses, totaling Rs. 20.9 billion, compared to the previous year’s Rs. 16.5 billion. Surprisingly, the bank chose not to announce dividends for its shareholders during this period.

Despite these ups and downs, the bank’s earnings per share surged to Rs. 10.06 from Rs. 7.42. The bank’s stock price closed at Rs. 18.28, experiencing a minor 0.65% dip. In summary, Askari Bank Limited’s financial results for this 9-month period demonstrate robust growth in profit and various income streams, albeit with some cost increases and a decision to withhold dividends.

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