Askari Bank announced after tax profit of Rs.10.8 billion, a growth of 54% over last year. The Bank also announced highest cash dividend in recent years of 30% or Rs.3 per share. The performance was driven by higher revenues; net aggregate revenues increased by 35% to Rs.40 billion. Despite higher provisions in response to Covid-19 related challenges, the increase in profits and EPS of Rs.8.57 are commendable and appears to have exceeded market expectations.
Askari Bank is majority owned by the Fauji Group and has been showing strong and consistent performance in recent years. The Bank was ranked amongst top five banks to support SBP Rozgar scheme, a refinance scheme introduced by the SBP to support continuity of employment under pandemic. The Bank has also increased its share of home remittances contributing to this cause of national importance.