JS Bank reports stellar profit of Rs4.2bn in 1QCY24

By MG News | April 26, 2024 at 12:46 PM GMT+05:00

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April 26, 2024 (MLN): JS Bank Limited (PSX: JSBL) has reported a stellar financial performance during the quarter ended March 31, 2024, earning a consolidated profit of Rs4.2 billion [EPS: 1.66] compared to the profit of Rs883.27 million [EPS: 0.68] reported in the same quarter last year.

The profit and loss statement shows that the bank’s net interest income (NII) surged 3.36 times on a year-on-year basis to Rs17.11bn in 1QCY24.

Similarly, the bank’s total non-markup income surged 97.48% YoY to Rs4.9bn as majority of the components recorded massive increases.

The Fee and commission income spiked by 82.04% YoY to Rs2.08bn, dividend income increased to Rs157.67m and the income from derivatives and associates transitioned to gains compared to losses in 1QCY23.

The expense section shows that the total non-markup expenses also increased by 2.23x YoY to Rs11.65bn in 1QCY24 compared to Rs5.23bn in 1QCY23.

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 provision expense of Rs1.08bn during the review quarter, compared to Rs762.69m recorded in 1QCY23.

On the tax front, the bank paid Rs5.13bn, 7.44x higher than the amount paid in the same quarter last year.

Consolidated Profit and Loss Account for quarter ended March 31 2024 ('000 Rupees)
	Mar-24	Mar-23	% Change
Mark-up/return/interest earned	56,009,861	21,021,902	166.44%
Mark-up/return/interest expensed	38,898,217	15,935,720	144.09%
Net mark-up/interest income	17,111,644	5,086,182	236.43%
Non mark-up/interest income
Fee and commission income	2,083,855	1,144,724	82.04%
Dividend income	157,670	142,620	10.55%
Foreign exchange income	1,663,287	1,720,657	-3.33%
Gain from derivatives	299,270	(122,581)	-344.14%
Gain / (loss) on sale of securities	653,826	(441,546)
Share of profit for associates	(17,006)	(6,741)	152.28%
Other income	57,198	43,168	32.50%
Total non-mark-up/interest income	4,898,100	2,480,301	97.48%
Total income	22,009,744	7,566,483	190.88%
Non mark-up/interest expenses
Operating expenses	11,447,775	5,178,585	121.06%
Workers welfare fund	204,788	32,502	530.08%
Other charges	453	19,562	-97.68%
Total non-mark-up/interest expenses	11,653,016	5,230,649	122.78%
Profit before provisions	10,356,728	2,335,834	343.38%
Credit loss allowance / provisions and write offs - net	(1,018,313)	(762,692)	33.52%
Extra-ordinary/ unusual items	-	-	-
Profit before taxation	9,338,415	1,573,142	493.62%
Taxation	(5,134,807)	(689,869)	644.32%
Profit after taxation	4,203,608	883,273	375.91%
Earnings per share - basic (rupees)	1.66	0.68

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