Earnings: Askari Bank profits grow
Askari Bank’s net profit rose 7% to Rs1 billion in the first nine months of 2011
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 19th, 2011.
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 19th, 2011.