Earning Review: JS Bank reports half yearly losses of Rs 574.6 million

MG News | August 27, 2019 at 03:45 PM GMT+05:00

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August 27, 2019 (MLN): JS Bank Limited (JSBL) has observed losses of Rs. 574.6 million for the half year ended June 30, 2019, as compared to profits of Rs. 723.98 million earned in the same period last year. The bank reported its loss per share (LPS) at Rs 0.42.

Even though the company enjoyed an increase in interest income by 36% but a significant increase in interest expenses by 60% caused the Net Interest income to decline by 15%.

During the period, the bank observed 17.38% decline in non-interest income mainly due to significant reduction in fee and commission income and income earned from foreign exchange operations.

Consolidated Profit and Loss Account for the half year ended June 30th 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Mark-up/return/interest earned	19,106,531	14,045,657	36.03%
Mark-up/return/interest expensed	15,321,030	9,584,412	59.85%
Net mark-up/interest income	3,785,501	4,461,245	-15.15%
Non mark-up/interest income
Fee and commission income	1,606,586	1,812,236	-11.35%
Dividend income	126,124	97,007	30.02%
Foreign exchange income	183,870	240,038	-23.40%
Gain from derivatives	301,903	80,756	273.85%
Gain / (loss) on sale of securities	(368,999)	44,723
Share of profit for associates	13,804	4,186	229.77%
Other income	81,159	74,545	8.87%
Total non-mark-up/interest income	1,944,447	2,353,491	-17.38%
Total income	5,729,948	6,814,736	-15.92%
Non mark-up/interest expenses
Operating expenses	5,783,747	5,441,560	6.29%
Workers welfare fund	566	24,291	-97.67%
Other charges	248	532	-53.38%
Total non-mark-up/interest expenses	5,784,561	5,466,383	5.82%
Profit before provisions	(54,613)	1,348,353	-
Provisions and write offs - net	593,653	131,737	350.63%
Extra-ordinary/ unusual items	-	-	-
Profit before taxation	(648,266)	1,216,616	-
Taxation	73,620	(492,636)	-
Profit after taxation	(574,646)	723,980	-
Earnings per share - basic (rupees)	(0.42)	0.43	-

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