Bank Makramah’s losses narrow in Q3 2024

MG News | October 31, 2024 at 12:09 PM GMT+05:00

0:00

October 31, 2024 (MLN): Bank Makramah Limited (PSX: BML) has continued its loss-making journey as the bank witnessed a loss of Rs1.74 billion for the quarter ended September 30, 2024 (Q3 2024) compared to Rs2.05bn negative bottom line recorded in the same quarter last year (SPLY).

However, this represents a 15.3% reduction in losses on a year-on-year basis due to improved non-markup income.

It is crucial to note that BML was formerly known as Summit Bank Limited (PSX: SMBL).

According to the income statement released by the bank on the PSX, it declared a net markup expense of Rs684.65m, marking a 3.75% reduction from the net expense of Rs711.31m recorded in Q3 2023.

On the other hand, the bank’s total non-markup interest income surged 256.38% to Rs984.61m in Q3 2024 compared to the Rs276.28m recorded in Q3 2023.

This was attributed to higher fee and commission income and gains on securities, driven by improved economic activity in the country.

The expense section of the statement shows that total non-mark-up/interest expenses stood at Rs2.15bn, up by 10.77% YoY.

The rise reported was mainly attributed to the growth in the operating expenses of the bank.

BML's provisioning resulted in an expense of Rs755.71m in Q3 2024.

On the taxation front, the bank incurred a credit of Rs866.91m, which is around 18.5% lower than the tax rebate received in Q3 2023.

Consolidated Profit and Loss Account for the quarter ended September 30, 2024 ('000 Rupees)
	Sep-24	Sep-23	% Change
Mark-up/return/interest earned	10,582,521	9,971,651	6.13%
Mark-up/return/interest expenses	(11,267,167)	(10,682,961)	5.47%
Net mark-up/return/interest income	(684,646)	(711,310)	-3.75%
NON MARK-UP/NON INTEREST INCOME
Fees and commission income	294,535	172,804	70.44%
Dividend income	3	11	-72.73%
Foreign exchange income	73,539	133,419	-44.88%
Income / (loss) from derivatives	-	-	-
Gain / (loss) on securities	602,408	(43,849)	-1473.82%
Other income	14,129	13,894	1.69%
Total non-mark-up/ non-interest income	984,614	276,279	256.38%
Total Income	299,968	(435,031)	-168.95%
NON MARK-UP/NON INTEREST EXPENSES			-
Operating expenses	(2,149,346)	(1,940,279)	10.78%
Workers welfare fund	-	-	#DIV/0!
Other charges	(89)	(237)	-62.45%
Total non-mark-up/ non-interest expenses	(2,149,435)	(1,940,516)	10.77%
Profit/loss before provisions	(1,849,467)	(2,375,547)	-22.15%
(Provisions) / recovery and write offs - net	(755,713)	(739,826)	2.15%
Extraordinary/unusual items	-	-	-
Profit/loss before taxation	(2,605,180)	(3,115,373)	-16.38%
Taxation	866,914	1,063,149	-18.46%
Profit after taxation	(1,738,266)	(2,052,224)	-15.30%
EPS	-0.33	-0.34	-

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