- Strong Operational performance led the bank to post Rs.3.13 billion Net Profit in First Half of 2019
Askari Bank Ltd announced its Financial Results for the Half Year period, 2019 where it posted Consolidated Net Profit of Rs. 3.13 billion (EPS: Rs 2.48) as compared to Rs. 2.5 billion (EPS: Rs 2.0) in the same period last year marking 24%YoY growth.
This is the highest ever Half Year Profit posted by the bank in its history as Askari Bank prepares to grow beyond its historical performance.
The financial result remained above analysts expectation as Bank increased its Net Interest Income by 22% to Rs. 10.8 billion while it also booked lower than expected provisioning against Bad Loans. Half Year Provisioning was recorded at just Rs. 238 million.
The bank earned hefty FX income of Rs. 812 million in half-year Quarter leading to record profit for the period. Effective Tax rate stood around~40%.
The core banking performance is expected to increase in the second half of the year as Assets Re-pricing occurs at higher rates.
|Rupees in Million||1HCY19||1HCY18||%Change|
|Net Interest Income||10,856||8,932||22%|
|Profit before Tax||5,185||4,387||18%|
|Profit After Tax||3,131||2,517||24%|