Askari Bank profit up 21pc

KARACHI: Askari Bank profit increased 21 percent to Rs4.382 billion during the nine-month period ended September 30, 2019, translating into earnings per share of (EPS) of Rs3.48, a bourse filing said on Wednesday.

The bank earned Rs3.617 billion with EPS of Rs2.87 in the corresponding period last year. The board did not announce any interim cash dividend for the quarter ended September 30, 2019, the notice to the Pakistan Stock Exchange (PSX) said.

Net interest income of the bank settled at Rs16.2 billion, improving 18 percent YoY/5.0 percent QoQ despite 100bps rate hike in July, as lagged loan re-pricing more than offset higher deposit costs.

Non-funded income (NFI) accelerated 21 percent YoY during the nine months, with stellar growth in fee income (17 percent YoY) and foreign exchange income (52 percent YoY), compensating for lacklustre capital gains (down 40 percent YoY). However NFI contracted 18 percent QoQ owing to downturn in fee income and foreign exchange income.