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August 23, 2019

Askari Bank quarterly profit up 13pc

Business

August 23, 2019

KARACHI: Askari Bank Limited profit increased 13 percent to Rs1.293 billion for the quarter ended June 30, 2019 translating into earnings per share (EPS) of Rs1.03, a bourse filing said on Thursday.

The bank earned Rs1.140 with EPS of Rs0.90 in the corresponding quarter ended earlier, the notice to the Pakistan Stock Exchange said. The company did not announce any interim cash dividend for the quarter ended June 30, 2019.

Net interest income of the bank settled at Rs10.9 billion, improving 22 percent YoY whilst declining 10 percent QoQ which was on account of the 150bps rate hike in May (immediate impact on liabilities and lagged impact on asset side).

Non-funded income (NFI) accelerated 19 percent YoY/45 percent QoQ with stellar growth in fee income (23 percent YoY/15 percent QoQ), compensating for lacklustre capital gains (down 72 percent YoY/91 percent QoQ). FX income of the bank also showed a remarkable uptick of 32 percent YoY/113 percent QoQ. The bank booked a net provisioning of Rs239 million during 1HCY19 compared to net reversals of Rs402 million SPLY. The bank booked a provisioning expense of Rs587 million during the second quarter which was most likely owing to an impairment charge on the equity portfolio.

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