Askari Bank Limited has announced robust financial results for the 9-month period ending on September 30, 2023, achieving a record profit of Rs. 14.6 billion. This signifies a substantial 36% increase compared to the previous year’s profit of Rs. 10.7 billion, marking the highest profit ever recorded by the bank in a 9-month period.
The bank’s success is attributed to factors such as significant growth in net interest income, which surged from Rs. 29.1 billion to Rs. 40.5 billion, as well as substantial total non-markup income of Rs. 10 billion during the same period.
Operating expenses saw a 27% increase, reaching Rs. 20.9 billion, and the bank opted not to declare dividends for its shareholders. Despite these expenses, earnings per share rose to Rs. 10.06 from Rs. 7.42, and the bank’s stock price experienced a slight 0.65% decline, closing at Rs. 18.28.
In summary, Askari Bank Limited’s financial results for the 9-month period demonstrate robust profit growth and increased income streams, along with rising costs and a decision to withhold dividends.
