Askari Bank Limited (AKBL) has announced a profit after tax (PAT) of Rs. 8.83 billion for the half year 2023, up by 40 percent year-on-year (YoY) from the PAT of Rs. 6.31 billion reported in the same period last year.

According to the bank’s financial results, PAT for the period April-June 2023 (Q2) surged by 52.8 percent YoY to Rs. 4.13 billion. According to Arif Habib Limited (AHL), the higher profitability in Q2 was due to improved total income.

Along with the result, AKBL reported earnings per share (EPS) of Rs. 6.1 in H1 compared to EPS of 4.36 reported in SPLY.

The bank’s profit before tax of Rs. 17 billion for H1 recorded an increase of 40 percent over last year but taxation to the tune of Rs. 8.16 billion lowered PAT growth.

During H1, the bank’s total income increased by 38 percent to Rs. 31.58 billion compared to Rs. 22.87 billion reported in H1 2022. The net markup income increased to Rs. 24.8 billion, up 44 percent from Rs. 17.25 billion reported in SPLY.

The fee and commission income of the bank increased by 31 percent YoY to Rs. 3.39 billion.

AKBL’s foreign exchange income increased to Rs. 2.78 billion in H1, registering a growth of almost 6 percent compared to the previous year. Dividend income lept up by 94 percent YoY to Rs. 360.7 million, nearly double the Rs. 185.6 million reported in H1 2022.

The bank’s operating expense in H1 registered an increase of 32.5 percent and stood at Rs. 13.6 billion compared to Rs. 10.26 billion reported in the previous year.

Meanwhile, AKBL’s other income declined by 11.8 percent to Rs. 199.8 million from Rs. 226.6 million reported in H1 2022.

The bank did not announce any dividends for its shareholders.

Source: Pro Pakistani