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
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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