Islamabad, Oct 29: Askari Bank Reports Q3 Profit of Rs. 5.9 Billion. With profits per share (EPS) of Rs. 4.13, Askari Bank Limited (PSX: AKBL) reported a profit-after-tax (PAT) of Rs. 5.9 billion in 3QCY24, up 4.4 percent over 3QFY24.
The bank’s PAT for 9MCY24 was Rs. 14.1 billion, which was 3.4 percent less than the previous year’s EPS of Rs. 9.72. In 3QCY24, the bank earned Rs. 104.5 billion in interest, which was 17.7% more than in 3QCY23 but 0.4 percent less on a quarter-over-quarter (QoQ) basis. The interest expense reached Rs. 86 billion, up 17.6% year over year (YoY) and down 7.5% quarter over quarter.
In 3QCY24, the bank’s net interest income was Rs. 18.5 billion, rising 17.8% year over year. Net interest income for 9MCY24 was Rs. 43.4 billion, a 7% YoY increase.
The bank’s non-funded income (NFI) increased 10.8% year over year in 3QCY24, resulting in a 13 percent YoY growth in 9MCY24 to Rs. 11.3 billion. The gain on the sale of securities, which increased by 6.1x YoY, is the main driver of the growth.
Additionally, the dividend income increased by 20% year over year to Rs. 1.3 billion. In 9MCY24, the other income increased 5.8% year over year to Rs. 366 million. In contrast to the provisioning charge of Rs. 690 million in 9MCY23, a provisioning charge of Rs. 1,685 million was recorded in the previous quarter, bringing the provisioning charge for the 9MCY24 to Rs. 1,233 million.
In 3QCY24, the bank’s OPEX climbed 18.0% year over year and 2.2% quarter over quarter, totaling Rs. 8.8 billion. As a result, 3QCY24’s cost/income ratio was 39.9%, compared to 3QCY23’s 39.5 percent. In the quarter under examination, the effective tax rate was 48.1 percent, down from 49.6 percent in the same period the year before.
