AKBL HY-2022 Results
\nAKBL announced half year earnings (profit before tax) at Rs.12.157 bn depicting a YoY
\nincrease of 80% on the back of strong delivery by all business segments. Profit after tax at
\nRs.6.313 bn (EPS: Rs.5.01) shows an increase of 53% YoY, less than PBT growth primarily
\ndue to an extraordinary jump in income tax levy on banking companies announced by the
\nfederal government in recent budget.
\nTotal revenues increased by 11% YoY to Rs.23 billion contributed by robust growth across
\nkey income streams. Operating expenses were well contained and effectively declined by 3%
\nYoY despite the addition of 23 new branches and high inflation. This trend reflects the effective
\nimplementation of various cost rationalization initiatives and has also placed AKBL\u2019s cost to
\nincome ratio amongst the best in industry for the current period.
\nThe total asset base grew by 23% during the six months to Rs.1.54 trillion (38% YoY). Askari
\nBank has been pursuing a strategy to grow market share of retail business, particularly retail
\ndeposit and current accounts in the business hubs of central and south regions. The results of
\nthe strategy are reflecting in the current financial results; current accounts grew to Rs 355
\nbillion, with total deposits at Rs.1.085 trillion. Current account mix improved to 32.7% with
\nthe CASA (current and saving accounts) ratio increasing from 80% in December\u201921 to 82% in
\nJune \u201922. The Bank continued to facilitate all sectors of the economy particularly lending to
\nprivate sector and trade business; the loan portfolio increased by 14% over December \u201821 to
\nRs.578 billion (26% YoY).
\nThe Bank has been assigned entity rating of \u2018AA+\u2019 (Double A Plus) with stable outlook. The
\nBank\u2019s strong brand and affiliation with Fauji Foundation are recognized as the key rating
\ndrivers, supported by strengths in terms of market penetration, customer confidence,
\nsustainable funding sources and income generating avenues.
\nGoing forward, AKBL will continue to drive business growth supported by enhanced
\ngovernance, compliance, credit and effective risk management. the Bank plans to grow market
\nshare in retail segment, particularly low-cost and saving deposits which aligns well with the
\nbranch network expansion. Emphasis will remain on boosting trade volumes with primary
\nfocus on middle market segment while pursuing digital transformation and process
\nimprovements. The Bank is creating a caring culture and as a socially conscious organization
\ntaking steps to support the needs for persons with disabilities. The Bank will continue to invest
\nin human capital fostering a service culture that encourages collaboration and innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"
AKBL HY-2022 Results AKBL announced half year earnings (profit before tax) at Rs.12.157 bn depicting a YoY increase of 80% on the back of strong delivery by all business segments. Profit after tax at Rs.6.313 bn (EPS: Rs.5.01) shows an increase of 53% YoY, less than PBT growth primarily due to an extraordinary jump in […]<\/p>\n","protected":false},"author":2,"featured_media":277834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-277832","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n