Monday, December 11, 2023

Askari Bank showed the highest Profit in 2020

Askari Bank showed impressive financial performance, with a 53.9% profit growth in 2020 compared to 2019 profit.

According to the financial results, the bank’s overall profit rose to Rs. 10.8 billion in 2020 compared to RS. 7.03 billion recorded in the previous year, the highest profitability in its history. While, Last year, it made the highest profit of more than Rs. 7 billion in 2019.

However, The bank has maintained profitability with the increase in operations and business, mainly through the opportunities that arose with the pandemic COVID-19

But Askari Bank generated its interest and non-interest income, which was Rs. 30.2 billion and Rs. 9.6 billion, respectively.

The impressive growth in interest income was reflected in the balance sheet, despite the reduction in interest rates, since the bank played an active role in the incentive and special financing schemes for customers from different backgrounds.

So, The bank’s earnings per share rose from 5.58 to 8.61. The board of directors also announced a dividend income of 3 per share.

Furthermore, The bank is working to acquire 26% of the shares in Askari Securities Limited, a 74% subsidiary of the bank, of the Army Welfare Trust to get 100% of the shares.

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