JS Bank books losses of over Rs 756 million

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 30th 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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Posted on: 2019-10-24T16:10:00+05:00

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