Askari Bank records Rs21.5bn profit in 2023

Askari Bank reported a profit after tax (PAT) of Rs21.54 billion in 2023, an increase of 53% compared to Rs14.06 billion recorded in 2022.

As per the bank’s consolidated financial results released to the Pakistan Stock Exchange (PSX), Askari reported earnings per share of Rs14.83, as opposed to Rs9.7 in the same period last year.

The board of directors also announced a final cash dividend for the year ended December 31, 2023 at 2.5 per share, i.e., 25%.

During the year, Askari earned Rs305.63 billion in interest revenue, an increase of 84%, as compared to Rs165.79 billion in same period of the previous year.

Consequently, the net interest income of the bank amounted to Rs59.45 billion in 2023, up 49% from a year ago, as compared to Rs39.96 billion registered in SPLY.

Askari Bank reports 45% increase in profit after tax in 2022

In contrast, the year-on-year increase in the non-interest income of the bank remained negligible. Non-interest income amounted Rs13.26 billion, as compared to Rs11.62 billion registered in SPLY.

The bank earned Rs7.31 billion in fee and commission income in 2023, up 34% as compared to Rs5.45 billion in 2022.

On the other hand, Askari’s foreign exchange income declined by 29%, amounting to Rs3.89 billion in 2023, as compared to Rs5.49 billion in 2022.

In 2023, the bank generated made a total income of Rs72.71 billion, which reflects a 41% increase over the earnings recorded in SPLY.

Askari total operating expenses clocked in at Rs29.56 billion in 2023, up 28% year-on-year.

The tax expense of the bank increased over 54% year-on-year to Rs20.64 billion in 2023.

The effective tax of Askari Bank stood at 49%.