Askari Bank reports 59pc surge in profit

KARACHI: The Board of Directors of Askari Bank met on Thursday to review the bank’s performance and announce its financial statements for the year ended December 31, 2019.

According to the financials, the bank reported a profit after tax of Rs7.032 billion for the year ending December 31, 2019, as compared to Rs4.428 billion for the corresponding period last year, showing a growth of 58.8pc.

The bank declared a final cash dividend of Rs1.15 per share or 15pc. Its earnings per share (EPS) were recorded at Rs5.58, which is a 59pc jump from Rs3.51 last year. 

These results were slightly above analysts’ expectations, and reflect Askari bank’s general all-round performance. 

The bank’s profit before tax clocked in at Rs10.389 billion, an increase of 51pc from last year. Profit before provisions stood at Rs11.16 billion or an increase by 33.85pc. 

The bank also booked a hefty capital in the fourth quarter of last year, at Rs636 million.

The fee and commission income, which is earned mainly through trade business and general banking services, stood at Rs3.616 billion, showing a significant increase of 16.06pc over the corresponding period of last year. 

The bank’s foreign exchange income increased from Rs1.59 billion in the last period to Rs2.58 billion in the period under review.

Its dividend income for the year ended December 31, 2019, was recorded at Rs274 million.