Askari Bank announced its results for 2019 showing highest-ever profit of Rs. 7.03 billion, a 59% percent increase from last year.
EPS for 2019 is reported at Rs. 5.58 compared to Rs. 3.51 last year. The Bank also announced a cash dividend of Rs. 1.5 per share that is 50% higher than last year. The profit and loss statement is showing an impressive growth in all revenue lines and is also reflecting quality asset portfolios as the provisions against non-performing assets declined by 47%, despite a challenging economic and business environment where industry non-performing loans are on the rise. Given these challenges, Askari Bank results for 2019 are noteworthy and appears to have significantly exceeded market expectations.
Since the change of leadership; Mr. Abid Sattar took charge as President during the second half of 2018, Askari Bank has been through a major transformation and since gaining confidence on the back of a strong brand, efficient processes, digitalization, competitive offerings and outreach, expanding client base and focus on service excellence. In a recent interview, Mr. Sattar said that Askari Bank is now ready to begin a new chapter in its history with plans to become a formidable player in Pakistan Banking landscape.