Tuesday, October 20, 2020

AKBL earning declines by 14% YoY, NFI fell 15% in CY18

Featured

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI)...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Askari Bank Limited (AKBL) announced earnings on Thursday for CY18 at PKR 4.4bn (EPS: PKR 3.51/share) depicting a YoY decline of 14% and QoQ decline of 26%. NII witnessed strong growth during the year but net provisioning expenses and lackluster capital gains depressed earnings. Higher OPEX was the primary contributor to the bank’s QoQ downturn in earnings. The bank announced a dividend of PKR 1.00/share for the year.

Net Interest Income of the bank settled at PKR 18.6bn, improving 15% YoY during CY18 as the bank benefited from the rate hikes by SBP.

Non-Funded Income (NFI) fell 15% YoY during CY18 as the bank recorded 87% lower capital gains during the said period. However the bank booked healthy uptick in fee income at 15% YoY and 89% YoY higher FX income.

The bank booked net provisioning expense of PKR 1.5bn during CY18 compared to net reversals of PKR 1.2bn SPLY.

OPEX increased 5% YoY while increasing by a drastic 27% QoQ.

Effective tax rate settled at 36% for CY18 compared to 39% SPLY. The bank booked a tax credit of PKR 130mn during 4Q.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes in the 193-member UN General...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI) on 10 – 16 November...

The World Health Organization warns countries not to be complacent in measures to prevent Corona

The Executive Director of the World Health Organization's emergency program, Dr.Mike Ryan, has warned all countries of the world against negligence in following the...

South Korea records 102 new cases of coronavirus

South Korea's Quarantine Command Center said today, Tuesday, that the total number of people infected with Covid-19 rose to 24,805, an increase of 102...

Related News