Askari Bank Limited (PSX: AKBL) has announced a profit-after-tax (PAT) of Rs. 5.9 billion for the third quarter of the calendar year 2024 (3QCY24), marking a 4.4% increase compared to the same period last year. The bank’s earnings per share (EPS) for the quarter stood at Rs. 4.13.

For the first nine months of 2024 (9MCY24), the bank reported a PAT of Rs. 14.1 billion, reflecting a 3.4% decline from the previous year, with an EPS of Rs. 9.72.

The bank’s interest income for 3QCY24 reached Rs. 104.5 billion, up 17.7% year-on-year (YoY), although it saw a slight decline of 0.4% on a quarter-on-quarter (QoQ) basis. Interest expenses increased by 17.6% YoY but decreased by 7.5% QoQ, totaling Rs. 86 billion.

Net interest income for the quarter was Rs. 18.5 billion, a 17.8% YoY increase. For 9MCY24, net interest income rose by 7% YoY to Rs. 43.4 billion.

The bank’s non-funded income (NFI) grew by 10.8% YoY in 3QCY24, with the total for 9MCY24 reaching Rs. 11.3 billion, a 13% YoY increase. This growth was primarily driven by a significant gain on the sale of securities, which increased by 6.1 times YoY.

Dividend income also saw a 20% YoY rise, reaching Rs. 1.3 billion, while other income increased by 5.8% YoY to Rs. 366 million in 9MCY24.

A provisioning charge of Rs. 1,685 million was recorded in the third quarter, bringing the total provisioning charge for 9MCY24 to Rs. 1,233 million, compared to Rs. 690 million in 9MCY23.

Operating expenses (OPEX) increased by 18.0% YoY and 2.2% QoQ in 3QCY24, totaling Rs. 8.8 billion. The cost-to-income ratio stood at 39.9% in 3QCY24, slightly up from 39.5% in the same quarter last year.

The effective tax rate for the quarter was 48.1%, down from 49.6% in the previous year.