BML reports Rs5bn loss, slightly lower than last year

MG News | February 28, 2025 at 02:52 PM GMT+05:00

0:00

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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