Askari Bank made a profit of Rs. 21.4 billion in 2023

Askari Bank Limited (PSX: AKBL) has announced a robust profit of Rs21.54 billion for the fiscal year 2023, marking a substantial 54.2% surge compared to the preceding year. This noteworthy increase signifies a notable improvement in their earnings. In light of this success, the bank’s board of directors has proposed a final cash dividend of Rs2.5 per share to be distributed among the shareholders, constituting 25% of the total profit.

The bank attributes its stellar financial performance in 2023 to a combination of effective management practices, a client-centric approach, technological advancements, prudent cost management, efficient staff deployment, and the notable success of its Islamic banking arm, Ikhlas Islamic Banking.

Notably, the bank witnessed a significant uptick of 48.77% in income generated from interest on loans, alongside increased revenues from fees, commissions, dividends, and securities sales. However, there was a decline in earnings from foreign exchange transactions. Moreover, the bank’s provisioning for bad loans decreased compared to the previous year.

Despite a rise in expenses by 28.1%, primarily attributed to heightened operational costs and investments in employee welfare, the bank remains steadfast in its commitment to providing exceptional service to both clients and shareholders alike. With a focus on sustained growth and value creation for all stakeholders, Askari Bank Limited is poised to continue its upward trajectory.

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