BML reports Rs5bn loss, slightly lower than last year
MG News | February 28, 2025 at 02:52 PM GMT+05:00
February 28, 2025 (MLN): Bank Makramah Limited (PSX: BML) reported a net loss of Rs5.2 billion for the half-year ended December 31, 2024, reflecting a 2.35% reduction from the Rs5.33bn loss recorded in the same period last year (SPLY).
This marginal improvement was driven by a significant rise in non-markup income, which surged 182.82% YoY to Rs3.63bn, primarily due to gains on securities and higher fee and commission income.
However, the bank net markup expense increased by 58.04% YoY to Rs4.07bn, as mark-up expenses grew by 25.42% YoY, outpacing the 22.77% rise in mark-up income.
On the expense side, total non-markup/interest expenses increased by 13.21% YoY to Rs8.19bn, largely due to higher operating costs.
Additionally, the bank’s credit loss allowance expanded by 23.50% YoY to Rs1.41bn.
Consequently, the loss before taxation stood at Rs7.23bn, reflecting a 2.19% improvement compared to the previous year.
The taxation expense of Rs2.02bn, slightly lower by 1.76% YoY, contributed to an overall net loss per share of Rs0.79, improving from Rs1.00 per share recorded in SPLY.
| Consolidated Profit and Loss For The Year Ended December 31, 2024 (Rupees in '000) | |||
| Particulars | Dec-24 | Dec-23 | %Change |
| Mark-up / return / interest earned | 38,915,403 | 31,698,151 | 22.77% |
| Mark-up / return / interest expensed | 42,988,609 | 34,275,517 | 25.42% |
| Net mark-up / interest expense | (4,073,206) | (2,577,366) | 58.04% |
| NON MARK-UP / INTEREST INCOME | |||
| Fee and commission income | 1,117,445 | 762,719 | 46.51% |
| Dividend income | 8,136 | 3,484 | 133.52% |
| Foreign exchange income | 494,232 | 1,078,834 | -54.19% |
| Income / (loss) from derivatives | - | - | |
| Gain / (loss) on securities | 1,214,358 | (1,289,995) | -194.14% |
| Net gains / (losses) on derecognition of financial assets measured at amortised cost | - | - | |
| Other income | 792,329 | 727,211 | 8.95% |
| Total non-markup / interest income | 3,626,500 | 1,282,253 | 182.82% |
| Total income / (loss) | (446,706) | (1,295,113) | -65.51% |
| NON MARK-UP / INTEREST EXPENSES | |||
| Operating expenses | 8,192,340 | 7,236,596 | 13.21% |
| Workers' welfare fund | - | - | |
| Other charges | 772 | 542 | 42.44% |
| Total non-markup / interest expenses | 8,193,112 | 7,237,138 | 13.21% |
| Loss before credit loss allowance / provisions | (8,639,818) | (8,532,251) | 1.26% |
| Credit loss allowance / reversals and write-offs - net | (1,414,642) | (1,145,472) | 23.50% |
| LOSS BEFORE TAXATION | (7,225,176) | (7,386,779) | -2.19% |
| Taxation | (2,023,729) | (2,060,055) | -1.76% |
| LOSS AFTER TAXATION | (5,201,447) | (5,326,724) | -2.35% |
| Basic loss per share | (0.79) | (1) | -21.00% |
| Diluted loss per share | (0.79) | (1) | -21.00% |
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