JS Bank books losses of over Rs 756 million

By MG News | October 24, 2019 at 04:10 PM GMT+05:00

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October 24, 2019 (MLN): JS Bank Limited (PSX: JSBL) has had it hard in 2019, as it booked losses of over Rs756 million for the nine months ended September 30^th 2019, as against Rs 798.5 million profits earned in the same period last year.

As per the financial statement of the company, the loss per share (LPS) reported at Rs 0.58 per share.

Despite significant increase in topline which grew by 40% YoY, the Net Interest Income of the bank underwent significant pressure as it declined by 20% due to 67% rise in Interest expenses.

In addition, during the period, the bank’s non-core income such as Dividend income, foreign exchange income and Profits from associates increased significantly by 13.5%, 44% and 156% respectively, moreover, the bank also enjoyed tax rebate of Rs 140.9 million, but the impact failed to turn JSBL’s losses into profits.

Consolidated Profit and Loss Account for Nine months ended September 30th 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Mark-up/return/interest earned	30,335,091	21,668,456	40.00%
Mark-up/return/interest expensed	24,919,550	14,910,805	67.12%
Net mark-up/interest income	5,415,541	6,757,651	-19.86%
Non mark-up/interest income
Fee and commission income	2,387,111	2,509,199	-4.87%
Dividend income	140,829	124,028	13.55%
Foreign exchange income	680,837	472,385	44.13%
Gain from derivatives	36,270	37,911	-4.33%
Gain / (loss) on sale of securities	(520,033)	(426,843)
Share of profit for associates	12,753	4,982	155.98%
Other income	107,151	117,151	-8.54%
Total non-mark-up/interest income	2,844,918	2,838,813	0.22%
Total income	8,260,459	9,596,464	-13.92%
Non mark-up/interest expenses
Operating expenses	8,654,171	8,222,033	5.26%
Workers welfare fund	606	26,905	-97.75%
Other charges	1,134	732	54.92%
Total non-mark-up/interest expenses	8,655,911	8,249,670	4.92%
Profit before provisions	(395,452)	1,346,794
Provisions and write offs - net	(501,822)	1,083
Extra-ordinary/ unusual items	-	-
Profit before taxation	(897,274)	1,347,877
Taxation	140,951	(549,313)
Profit after taxation	(756,323)	798,564
Earnings per share – basic and diluted (rupees)	-0.58	0.48

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