Askari Bank Limited (AKBL) notified its financial results for March-2021 Quarter where it reported higher than expected profit of PKR 2.74 Billion (Earning Per Share: PKR2.18), marking 48% YoY increase. The bank did not announce any interim dividends.
Net Interest Income (NII) increased by massive 30% as compared to same period last year. NII was higher than expected on account of lower than expected mark up expense. Going forward, NIMs are expected to remain under duress at least in the short term until interest rates reverse however, balance sheet expansion will likely limit the overall decline.
Non-funded income was also higher by 30%YoY, supporting the increase in earnings. Higher FX income of PKR 650mn during the Quarter helped increase Non-Funded Income.
Significant decline in provisioning expense provided support to the Net Profit. Total Provisioning reversal of PKR 170 million was booked for the Quarter reached.
|(PKR in Million)||Mar’21||Mar’20||% YoY|
|Net Interest. Income.||7,609||5,841||30%|
|Gain on securities||742||565||31%|
|Profit Before Tax||4,492||3,044||48%|
|Profit After Tax||2,742||1,858||48%|
|Earning per Share||2.18||1.47|
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