JS Bank posts 44% decline in Q3 profits amid adjustment
MG News | October 25, 2024 at 03:54 PM GMT+05:00
October 25, 2024 (MLN): JS Bank Limited (PSX: JSBL)'s earnings on a consolidated basis during the third quarter of 2024 dropped by 44.18%, booking a profit of Rs2.99bn [EPS: 1.07] compared to the profit of Rs5.36bn [EPS: 3.62] reported in the same quarter last year.
The profit and loss statement indicates that the decline is due to an adjustment of Rs 3.65 billion made in Q2 CY23, which boosted the profit.
Excluding this effect, the bank's earnings actually surged by 75.51% in the third quarter of the current year.
The bank’s net interest income (NII) spiked 102.59% on a year-on-year basis to Rs18.47bn in Q2 CY24.
Similarly, the bank’s total non-markup income increased 14.38% to Rs3.87bn as a majority of the components recorded massive increases.
The expense section shows that the total non-markup expenses also increased by 74.84% to Rs13.39bn in Q3 CY24 compared to Rs7.66bn in Q3 CY23.
The increase was attributed to the jump in both operating costs and charges towards the Workers' Welfare Fund.
The statement further shows that JSBL reported a credit loss allowance of Rs3.03bn during the review quarter, substantially higher compared to Rs1.83bn recorded in Q3 CY23.
On the tax front, the bank paid Rs2.93, 123.92% higher than the amount paid in the same quarter last year.
| Consolidated Profit and Loss Account for quarter ended September 30 2024 ('000 Rupees) | |||
|---|---|---|---|
| Sep-24 | Sep-23 | % Change | |
| Mark-up/return/interest earned | 56,953,732 | 34,079,868 | 67.12% |
| Mark-up/return/interest expensed | 38,486,839 | 24,964,402 | 54.17% |
| Net mark-up/interest income | 18,466,893 | 9,115,466 | 102.59% |
| Fee and commission income | 2,245,773 | 1,810,960 | 24.01% |
| Dividend income | 50,375 | 81,634 | -38.29% |
| Foreign exchange income | 511,755 | 822,174 | -37.76% |
| Gain from derivatives | 437,205 | 14,048 | - |
| Gain / (loss) on sale of securities | 537,116 | 161,162 | - |
| Share of profit for associates | - | - | - |
| Other income | 88,809 | 494,272 | -82.03% |
| Total non-mark-up/interest income | 3,871,033 | 3,384,250 | 14.38% |
| Total income | 22,337,926 | 12,499,716 | 78.71% |
| Non mark-up/interest expenses | |||
| Operating expenses | 13,179,047 | 7,562,233 | 74.27% |
| Workers welfare fund | 145,954 | 75,807 | 92.53% |
| Other charges | 62,102 | 18,922 | 228.20% |
| Total non-mark-up/interest expenses | 13,387,103 | 7,656,962 | 74.84% |
| Profit before provisions | 8,950,823 | 4,842,754 | 84.83% |
| Credit loss allowance / provisions and write offs - net | (3,028,533) | (1,829,625) | 65.53% |
| Extra-ordinary/ unusual items | - | 3,652,888 | - |
| Profit before taxation | 5,922,290 | 6,666,017 | -11.16% |
| Taxation | 2,932,459 | 1,309,627 | 123.92% |
| Profit after taxation | 2,989,831 | 5,356,390 | -44.18% |
| Earnings per share - basic (rupees) | 1.07 | 3.62 | |
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