JS Bank posts 44% decline in Q3 profits amid adjustment

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

0:00

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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