Top line increment causes 76% increase in JSBL's half yearly profits
MG News | August 28, 2018 at 09:58 AM GMT+05:00
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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