JS Bank posts 44% decline in Q3 profits amid adjustment

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MG News | October 25, 2024 at 03:54 PM GMT+05:00

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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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