Askari Bank is in the news again for all the good reasons. The financial institution recently announced its financial results, revealing that its profits increased to PKR 1.23 billion during the first quarter of the current fiscal year (January to March), compared to a profit of PKR 1.22 billion that it announced during the similar time frame last year.
Askari Bank is defying all the odds despite low interest rates and has experienced a surge in its earning. The financial institution also experienced a surge in its Earnings per Share (EPS) by only a PKR 0.01 compared to previous year’s quarter result. Earnings per share increased by Rs 0.01 from Rs 0.97 last year to Rs 0.98 this year. In addition, the overall markup earned by the bank was PKR 8,663,709. Further, the financial institution has not announced any information about cash dividend, right shares, and bonus for this quarter.
The bank reported flat growth in Net Interest Income during the last year, while reversals under provisioning expenses increased by 4% year over year (YoY) and Non-Interest Income supported bottom-line growth. Adding to that, the operating expenses of the bank also experienced an increase in double digits as administrative expenses surged by 17% YoY.
In an attempt to cater to the diverse need of its customers, the bank has opened 76 new branches in 2016, and currently has 500 branches nationwide.
It is safe to assume that Askari Bank is making efforts to deliver strong results and is well positioned to leverage the upcoming economic opportunities. In any case, we will continue to track the upcoming trends of the financial institution to keep our readers updated.