Askari Bank showed an impressive financial performance with profit growth of 53.9 percent in 2020 compared to the profit of 2019.
According to the financial results, the overall profit of the bank surged to Rs. 10.8 billion in 2020 as compared to Rs. 7.03 billion recorded in the previous year, the highest ever profitability in its history. Last year, it made the highest profit of over Rs. 7 billion in 2019.
The bank has maintained profitability with the increasing operations and business mainly through opportunities that emerged from the COVID-19 pandemic.
Askari Bank drove its income from interest and non-interest resources, which stood at Rs. 30.2 billion and Rs. 9.6 billion, respectively. The impressive growth from the interest income was reflected on the balance sheet despite a reduction of interest rates as the bank played an active role in the incentivized and special financing schemes for
its customers of different backgrounds.
The bank’s earnings per share surged to 8.61 from 5.58. The board of directors has announced a dividend income of 3 per share.
The bank is working to acquire 26 percent shareholding of Askari Securities Limited, a 74 percent owned subsidiary of the bank, from Army Welfare Trust to acquire 100 percent shareholding.
Askari Bank is operating with 534 branches, including 94 Islamic branches and 48 sub-branches.
In the recent development, the bank’s major sponsor Fauji Foundation has shown its interest to acquire major stakes in Silk Bank.