JS Bank records 678% jump in consolidated profit in 2QCY24

JS Bank Limited (JSBL) posted massive earnings of Rs5.5 billion during the quarter ending June 30, 2024, up over 678% from the profit-after-tax of Rs708.2 million in same period last year.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday, earnings per share (EPS) clocked in at Rs2.21 in 2QCY24, up from Re0.54 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 Rs21.54 billion in 2QCY23 to Rs55.52 billion in 2QCY24, a significant increase of nearly 158%.

JS Bank records 853% jump in profit in 2023

As a result, the net mark-up clocked in at Rs18 billion in 2QCY24, as compared to Rs5.41 billion in 2QCY23, a significant increase of over 232%.

The fee and commission income earned by the bank in 2QCY24, amounted to Rs2.03 billion, an increase of 84% against Rs1.1 billion earned in the same period last year.

JS Bank’s foreign exchange income showed an exponential increase of 133% up from Rs830.4 million in 2022 to Rs1.94 billion in 2QCY24.

JS Bank’s other income also improved significantly, with a 20% increase YoY.

During 2023, operating expenses of the bank amounted to Rs12.13 billion, up 121% against Rs5.5 billion in SPLY.

The firm reported a massive hike in expenditure on worker welfare funds which increased by nearly 460% during the period. JS Bank spent Rs34.66 million under this head in 2QCY23 and Rs193.93 million in 2QCY24.

Consequently, JS Bank’s profit before tax clocked in at Rs9.5 billion in 2QCY24, as compared to Rs1.8 billion in 2QCY23, an increase of nearly 438%.

In 2QCY24, JS Bank paid Rs3.95 billion in taxes, as compared to Rs1.05 billion in SPLY.