{"id":1468,"date":"2024-10-29T16:19:25","date_gmt":"2024-10-29T16:19:25","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1468"},"modified":"2025-01-16T15:39:18","modified_gmt":"2025-01-16T15:39:18","slug":"askari-bank-reports-rs-5-9-billion-profit","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1468","title":{"rendered":"Askari Bank Reports Rs. 5.9 Billion Profit in Q3-2024"},"content":{"rendered":"\r\n\r\n\r\n

Askari Bank Limited (PSX: AKBL)<\/a> posted a profit-after-tax (PAT) of Rs. 5.9 billion for the third quarter of the calendar year 2024 (3QCY24), reflecting a 4.4 percent increase over the same period last year. The earnings per share (EPS) for the quarter was recorded at Rs. 4.13.<\/p>\r\n\r\n\r\n\r\n

For the nine-month period ending September 30, 2024 (9MCY24), the bank reported a PAT of Rs. 14.1 billion, marking a 3.4 percent decrease compared to the corresponding period last year. The cumulative EPS for 9MCY24 stood at Rs. 9.72.<\/p>\r\n\r\n\r\n\r\n

Interest Income and Expenses<\/strong><\/h2>\r\n\r\n\r\n\r\n

During 3QCY24, the bank earned Rs. 104.5 billion in interest income, showing a 17.7 percent year-on-year (YoY) increase but a slight 0.4 percent decline quarter-on-quarter (QoQ). Interest expenses rose by 17.6 percent YoY but decreased by 7.5 percent QoQ, amounting to Rs. 86 billion. This led to a net interest income of Rs. 18.5 billion, up 17.8 percent YoY for the quarter. For the nine months of 2024, net interest income reached Rs. 43.4 billion, reflecting a 7 percent YoY growth.<\/p>\r\n\r\n\r\n\r\n

Growth in Non-Funded Income<\/strong><\/h2>\r\n\r\n\r\n\r\n

The bank\u2019s non-funded income (NFI) surged by 10.8 percent YoY in 3QCY24. Total NFI for 9MCY24 reached Rs. 11.3 billion, an increase of 13 percent YoY, primarily driven by a substantial gain on the sale of securities, which rose by 6.1 times YoY. Additionally, dividend income grew by 20 percent YoY to Rs. 1.3 billion, and other income rose by 5.8 percent YoY, amounting to Rs. 366 million for 9MCY24.<\/p>\r\n\r\n\r\n\r\n

Provisioning Charges and Operating Expenses<\/strong><\/h2>\r\n\r\n\r\n\r\n

The bank recorded a provisioning charge of Rs. 1,685 million in 3QCY24, bringing the nine-month total to Rs. 1,233 million, up from Rs. 690 million in the same period last year. Operating expenses (OPEX) increased by 18 percent YoY and 2.2 percent QoQ, amounting to Rs. 8.8 billion for the quarter. Consequently, the cost-to-income ratio stood at 39.9 percent in 3QCY24 compared to 39.5 percent in the same quarter of the previous year.<\/p>\r\n\r\n\r\n\r\n

Tax Rate<\/strong><\/h2>\r\n\r\n\r\n\r\n

The effective tax rate for 3QCY24 was recorded at 48.1 percent, slightly lower than the 49.6 percent effective tax rate during the same quarter last year.<\/p>\r\n\r\n\r\n\r\n

Askari Bank continues to report steady growth in net interest income and non-funded income, although increased provisioning charges and operating expenses have slightly impacted overall profitability for the nine-month period.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Askari Bank Limited (PSX: AKBL) posted a profit-after-tax (PAT) of Rs. 5.9 billion for the third quarter of the calendar year 2024 (3QCY24), reflecting a 4.4 percent increase over the same period last year. The earnings per share (EPS) for the quarter was recorded at Rs. 4.13. For the nine-month period ending September 30, 2024 […]<\/p>\n","protected":false},"author":1,"featured_media":1469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[885,402,14,577,59],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t