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

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

0:00

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 27^th 2018, where it finalized the period’s earnings and compared them to the earnings during the half year ended June 30^th 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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