Observer Report
Karachi
Askari Bank announced its results for six months ended June 30, 2020, showing half year profit after tax of Rs. 4.95 billion, increase of 59% compared to the six months of last year. Earnings per share increased to Rs. 3.93 Customer deposits increased by 8% and are reported at Rs. 734 billion. CASA ratio improved from 82% to 86%. Gross advances increased to Rs. 434 billion reflecting an increase of 9%. The results demonstrate the strength and resilience of the Bank despite challenges due to Covid-19. The Bank’s entity rating assigned by Pakistan Credit Rating Agency Limited (PACRA) stands at AA+ reflecting sustainability of the Bank’s relative positioning and continuous improvement in capital adequacy. The short-term rating was maintained at ‘A1+’.
