JS Bank records 853% jump in profit in 2023

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.