Askari Bank Records Rs. 3.74 Billion Profit in Quarter

 

Askari Bank Navigates First Quarter with Mixed Results

Askari Bank Limited's first-quarter performance in 2024 presented a picture of resilience amidst challenges. While overall profit dipped 20.49% to Rs 3.74 billion compared to the same period last year, bright spots emerged in key income streams.

The bank's core business, reflected in net interest income (NII), showed positive momentum. NII, generated from loans and investments, increased by 8.22% to Rs 12.92 billion. This indicates Askari's effectiveness in leveraging its lending and investment activities.

Furthermore, the bank capitalized on fee-based income and foreign exchange opportunities. Total non-markup income, encompassing fees, commissions, and forex earnings, witnessed a healthy jump of 22.57% to Rs 3.85 billion. This suggests Askari's success in diversifying its revenue streams beyond traditional interest income.

A particularly noteworthy turnaround came in securities trading. After incurring a loss of Rs 91.32 million in the first quarter of 2023, Askari Bank flipped the script in 2024, generating a profit of Rs 273.55 million. This sharp improvement in their ability to buy and sell stocks and bonds highlights a potential area of future growth.

In conclusion, Askari Bank's first quarter results paint a nuanced picture. While overall profit decreased, growth in core income streams and a triumphant return to profitability in securities trading offer promising signs for the bank's future performance.