Accomplishment: Askari Bank announces Rs2.1b profit

Askari Bank Limited post impressive results for the second consecutive quarter and first half of 2014.

KARACHI: Askari Bank Limited posted impressive results for the second consecutive quarter and first half of 2014, earning profit of Rs2.1 billion. The bank also announced 10% interim cash dividend. Net interest income increased a healthy 43% compared to the corresponding six months of 2013 while non-interest income rose 67% over the corresponding period. The provision coverage against NPLs improved to 88%. The announcement of cash dividend has come after seven years as the last payout was announced for the year 2007. Askari Bank went through a major overhaul in 2013 that followed the change of guards when its majority shareholding was acquired by the Fauji Group, which is ranked among the largest business conglomerates in Pakistan.

Published in The Express Tribune, July 24^th,  2014.

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