A profit of Rs21.54 billion was declared by Askari Bank Limited (PSX: AKBL) in 2023, a 54.2% rise from the year before. This indicates that they made more money than they did previously. The directors of the bank have agreed to distribute a final cash dividend to the shareholders in the amount of Rs2.5 per share, or 25% of the earnings.
The bank credits the success of its Islamic banking business, Ikhlas Islamic Banking, cost control measures, client-focused strategy, good management techniques, and technology developments for its strong financial performance in 2023.
They saw a 48.77% increase in their interest income from loans, as well as larger profits from selling securities, fees, commissions, and dividends. Their foreign exchange profits did, however, decline. In addition, compared to the prior year, the bank needed to set aside less money for problematic loans.
Notwithstanding the 28.1% rise in expenses, mostly as a result of increased operational costs and investments in staff welfare, the bank is nevertheless dedicated to giving its customers and shareholders outstanding service. They are ready to keep expanding and providing benefits to their stakeholders.
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