AIRLINK 65.20 Decreased By ▼ -0.70 (-1.06%)
BOP 5.57 Decreased By ▼ -0.12 (-2.11%)
CNERGY 4.56 Decreased By ▼ -0.09 (-1.94%)
DFML 24.52 Increased By ▲ 1.67 (7.31%)
DGKC 69.96 Decreased By ▼ -0.74 (-1.05%)
FCCL 20.30 Decreased By ▼ -0.05 (-0.25%)
FFBL 29.11 No Change ▼ 0.00 (0%)
FFL 9.83 Decreased By ▼ -0.10 (-1.01%)
GGL 10.01 Decreased By ▼ -0.07 (-0.69%)
HBL 114.25 Decreased By ▼ -1.00 (-0.87%)
HUBC 129.10 Decreased By ▼ -0.40 (-0.31%)
HUMNL 6.71 Increased By ▲ 0.01 (0.15%)
KEL 4.44 Increased By ▲ 0.06 (1.37%)
KOSM 4.89 Decreased By ▼ -0.13 (-2.59%)
MLCF 37.00 Increased By ▲ 0.04 (0.11%)
OGDC 132.30 Increased By ▲ 1.10 (0.84%)
PAEL 22.54 Increased By ▲ 0.06 (0.27%)
PIAA 25.89 Decreased By ▼ -0.41 (-1.56%)
PIBTL 6.60 Increased By ▲ 0.07 (1.07%)
PPL 112.85 Increased By ▲ 0.73 (0.65%)
PRL 29.41 Increased By ▲ 1.02 (3.59%)
PTC 15.24 Decreased By ▼ -0.87 (-5.4%)
SEARL 57.03 Decreased By ▼ -1.26 (-2.16%)
SNGP 66.45 Increased By ▲ 0.76 (1.16%)
SSGC 10.98 Decreased By ▼ -0.04 (-0.36%)
TELE 8.80 Decreased By ▼ -0.14 (-1.57%)
TPLP 11.70 Increased By ▲ 0.17 (1.47%)
TRG 68.62 Decreased By ▼ -0.62 (-0.9%)
UNITY 23.40 Decreased By ▼ -0.55 (-2.3%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 7,295 Decreased By -9.1 (-0.12%)
BR30 23,854 Decreased By -96 (-0.4%)
KSE100 70,290 Decreased By -43.2 (-0.06%)
KSE30 23,171 Increased By 50.4 (0.22%)

JS Bank Limited (JSBL) posted massive earnings of Rs10.39 billion ($36.85 million) in 2023, up over 853% from the profit-after-tax of Rs1.09 billion ($3.87 million) in 2022.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday, earnings per share (EPS) clocked in at Rs5.99 in 2023, up from Re0.83 per share in the same period last year.

The exponential gain in profit is attributed to a massive increase in interest and non-interest income earned during the period under review.

On a consolidated basis, the mark-up/return of JS Bank rose from Rs132.01 billion in 2023 to Rs72.22 billion in 2022, a significant increase of nearly 83%.

As a result, the net mark-up clocked in at Rs39.51 billion in 2023, as compared to Rs14.96 billion in 2022, a significant increase of over 164%.

UBL’s profit clocks in at Rs56.5bn, up 76% in 2023

The fee and commission income earned by the bank in 2023 amounted to Rs5.93 billion, an increase of 53% against Rs3.87 billion earned in the same period last year.

JS Bank’s foreign exchange income showed an exponential increase of 172% up from Rs2.16 billion in 2022 to Rs5.87 billion in 2023.

JS Bank’s other income also improved significantly, with a 110% increase YoY.

During 2023, operating expenses of the bank amounted to Rs30.9 billion, up 74% against Rs17.8 billion in SPLY.

The firm reported an exponential hike in expenditure on worker welfare funds which increased by over 634% during the period. JS Bank spent Rs45.1 million under this head in 2022 and Rs330.73 million in 3QCY23.

Consequently, JS Bank’s profit before tax clocked in at Rs18.3 billion in 2023, as compared to Rs2.3 billion in 2022, an increase of nearly 695%.

In 2023, JS Bank paid Rs7.95 billion in taxes, as compared to Rs1.2 billion in SPLY.

Comments

200 characters
SK Feb 29, 2024 04:45pm
Worst bank ever. To date their banking application doesn't work. Times out, disconnects, blanks out. Their rep over the phone asked to terminate banking services with them and choose a good quality
thumb_up Recommended (0) reply Reply
Jawad Feb 29, 2024 10:49pm
Banks are minting money due to higher return on investment in T bills and other government securities. And government is paying this interest through deficit financing...very sad very sad
thumb_up Recommended (0) reply Reply
pervez Mar 01, 2024 10:42am
@Jawad, fully endorse your view point.
thumb_up Recommended (0) reply Reply
Shehryar Azhar Mar 01, 2024 11:23pm
Yes
thumb_up Recommended (0) reply Reply