Top line increment causes 76% increase in JSBL's half yearly profits

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MG News | August 28, 2018 at 09:58 AM GMT+05:00

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JS Bank Limited reported an admirable increment of 76% in its half yearly profits, as its Net mark-up interest income after provision and Fee, commission and brokerage income went up significantly.

The company conducted its Board of Directors meeting on August 27th 2018, where it finalized the period’s earnings and compared them to the earnings during the half year ended June 30th 2017.

As per the report issued to PSX, JS Bank observed a remarkable increase of almost 62% in its Net mark-up interest income after provisions.

Furthermore, Fee, commission and brokerage income went up by 16% and the company also earned Share of profit from associates this year.

Although the administrative expenses increased by around 30%, JS bank still managed to push up its half yearly profits from Rs.411.3 million during the same period last year to Rs.724 million.

Apart from this, Earnings per share rose from Rs.0.17 per share to Rs.0.43 per share.

Consolidated Profit and Loss Account for the half year ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Mark-up/return/interest earned

            14,045,657

            8,551,899

64.24%

Mark-up/return/interest expensed

              9,583,026

            5,766,512

66.18%

Net mark-up interest income

              4,462,631

            2,785,387

60.22%

(Provision)/reversal  against non-performing loans and advances - net

                (123,867)

               (78,638)

57.52%

Reversal for diminution in the value of investments - net

                    57,848

                    8,505

580.16%

Bad debts written off directly

                              -  

                           -  

 

Net mark-up interest income after provisions

              4,396,612

            2,715,254

61.92%

NON MARK-UP/INTEREST INCOME

 

 

 

Fee, commission and brokerage income

              1,812,236

            1,557,086

16.39%

Dividend income

                    97,007

               129,558

-25.12%

Income from dealing in foreign currencies

                  240,038

               133,174

80.24%

Gain on sale/redemption of securities - net

                    33,511

               454,798

-92.63%

Unrealized loss of revaluation of investments classified as held-for-trading - net

                    11,212

                  (8,428)

 

Share of profit from associates

                       4,186

                           -  

 

Other income/ (loss) - net

                  155,301

                  90,685

71.25%

Total non-mark-up/interest income

              2,353,491

            2,356,873

-0.14%

NON MARK-UP/INTEREST EXPENSES

 

 

 

Administrative expenses

              5,442,946

            4,200,416

29.58%

Other provisions/write-offs

                    65,718

                           -  

 

Other charges

                    24,823

                  30,394

-18.33%

Total non-mark-up/interest expenses

              5,533,487

            4,230,810

30.79%

Extra-ordinary/unusual items

                              -  

                           -  

 

Profit before taxation

              1,216,616

               841,317

44.61%

Taxation

                (492,636)

             (430,052)

14.55%

Profit after taxation

                  723,980

               411,265

76.04%

Basic and diluted earnings per share - (rupees)

                         0.43

                      0.17

152.94%

 

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