Askari Bank Posts 53% Profit Growth in 2023

Askari Bank Limited (AKBL) has announced a profit after tax (PAT) of Rs. 21.5 billion for the calendar year 2023 (CY23), up 53 percent from a profit of Rs. 14 billion reported in the previous calendar year (CY22). Along with the result, AKBL announced a final cash dividend of Rs. 2.5 per share (25 percent) for the year ended December 31, 2023. In 2o23, the bank’s total income increased by 41 percent to Rs. 72.7 billion compared to Rs. 51.6 billion reported in CY22. The net markup income increased to Rs. 59.4 billion, up 49 percent from Rs. 39.9 billion reported in CY22. The fee and commission income increased by 34 percent to Rs. 7.3 billion while the bank reported gains of Rs. 780 million on securities and a hefty foreign exchange income of Rs. 3.9 billion during the full calendar year. The bank’s operating expense in CY23 registered an increase of 28 percent and stood at Rs. 28.78 billion compared to Rs. 22.57 billion reported in the same period last year. The bank reported earnings per share (EPS) of Rs. 14.83 in CY23 compared to EPS of 9.7 reported in CY22.