JS Bank registers massive 376% jump in profit in 1QCY24

JS Bank Limited (JSBL) posted massive consolidated profit of Rs4.2 billion during the three months ended March 31, 2024, up nearly 376% from the profit-after-tax of Rs883.27 million in 1QCY23.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Friday, earnings per share (EPS) clocked in at Rs1.66 in 1QCY24, up from Re0.68 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 Rs21.02 billion in 1QCY23 to Rs56.01 billion in 1QCY24, an exponential increase of 166%.

As a result, the net mark-up clocked in at Rs17.11 billion in 1QCY24, as compared to Rs5.09 billion in 1QCY23, a significant increase of over 236%.

JS Bank records 853% jump in profit in 2023

The fee and commission income earned by the bank in 1QCY24 amounted to Rs2.08 billion, an increase of 82% against Rs1.14 billion earned in the same period last year.

JS Bank generated Rs953.09 million in gains from derivatives and securities in 1QCY24.

JS Bank’s non interest income rose to Rs4.89 billion in 1QCY24, up over 97%, as compared to Rs2.48 billion in SPLY.

During 1QCY24, operating expenses of the bank amounted to Rs11.45 billion, up 121% against Rs5.18 billion in SPLY.

The firm reported an exponential hike in expenditure on worker welfare funds which increased by over 530% during the period. JS Bank spent Rs32.5 million under this head in 1QCY23 and Rs204.78 million in 1QCY24.

Consequently, JS Bank’s profit before tax clocked in at Rs9.34 billion in 1QCY24, as compared to Rs1.57 billion in 1QCY23, an increase of nearly 495%.

In 1QCY24, JS Bank paid Rs5.13 billion in taxes, as compared to Rs689.87 million in SPLY.