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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Posted on: 2024-04-26T12:46:32+05:00
