JSBL earns Rs1.05bn in Q2 CY24, up by 62% YoY

August 27, 2024 (MLN): JS Bank Limited (PSX: JSBL)'s earnings on an unconsolidated basis during the second quarter of 2024 surged by 61.88%, booking a profit of Rs1.05bn [EPS: 0.51] compared to the profit of Rs651.64 million [EPS: 0.5] reported in the same quarter last year.

The profit and loss statement shows that the bank’s net interest income (NII) rose 12.03% on a year-on-year basis to Rs17.11bn in Q2 CY24.

Similarly, the bank’s total non-markup income surged 34.02% YoY to Rs2.42bn as a majority of the components recorded massive increases.

The Fee and commission income spiked by 28.74% YoY, Foreign exchange income increased to Rs931.59m and the balance on sale of securities transitioned to gains compared to losses in Q2 CY23.

The expense section shows that the total non-markup expenses also increased by 25.19% YoY to Rs6.59bn in Q2 CY24 compared to Rs5.26bn in Q2 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 Rs145.72m during the review quarter, compared to Rs238.21m recorded in Q2 CY23.

On the tax front, the bank paid Rs656.96m, 36.35% lower than the amount paid in the same quarter last year.

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