Askari Bank reported a profit after tax (PAT) of Rs14.07 billion in 2022, an increase of 45% as compared to Rs9.715 billion recorded in 2021.
As per the bank’s financial results for the year ended December 31, 2022, the 45% growth was lesser than expected on account of higher and excessive taxation on banking companies introduced in the Finance Bill, which also included retrospective application.
The bank’s foreign exchange income increased by 72% to Rs5.5 billion in 2022 as compared to Rs3.2 billion in 2021. The jump “is attributable to increase in volume of large ticket transactions and active participation in interbank swap market,” it said.
Askari reported earnings per share of Rs11.16 for 2022 compared to Rs7.70 last year.
The bank’s profit before tax came in at Rs27.5 billion for 2022, an increase of 76% over last year.
