Earnings: Askari Bank profits grow

KARACHI: Askari Bank’s net profit rose 7% to Rs1 billion in the first nine months of 2011 against Rs938 million in the same period last year, in line with market expectation. The bank’s net interest income grew 7% to Rs7.76 billion while loan provisions stayed flat, said AKD Securities analyst Raza Jafri. A broad-based 8% decline was witnessed in non-interest income, added Jafri. Administrative expenses grew at a controlled pace of 6% to Rs6.4 billion during the period under review. The company’s stock price fell Rs0.10 to close at Rs9.72 at the Karachi Stock Exchange.

Published in The Express Tribune, October 19^th, 2011.