Askari Bank announced its results for 2019 showing highest-ever profit of Rs 7.03 billion, a 59 percent increase from last year. EPS for 2019 is reported at Rs 5.58 compared to Rs 3.51 last year. The Bank also announced a cash dividend of Rs 1.5 per share that is 50 percent higher than last year.
The profit and loss statement is showing an impressive growth in all revenue lines and is also reflecting quality asset portfolios as the provisions against non-performing assets declined by 47 percent, despite a challenging economic and business environment where industry non-performing loans are on the rise. Given these challenges, Askari Bank results for 2019 are noteworthy and appears to have significantly exceeded market expectations.
Since the change of leadership, Abid Sattar took charge as President during the second half of 2018, Askari Bank has been through a major transformation and since gaining confidence on the back of a strong brand, efficient processes, digitalization, competitive offerings and outreach, expanding client base and focus on service excellence.
In a recent interview, Sattar said that Askari Bank is now ready to begin a new chapter in its history with plans to become a formidable player in Pakistan banking landscape.-PR
Comments
Comments are closed.