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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