Bank Makramah Limited (BML), formerly known as Summit Bank Limited, posted losses to the tune of Rs5.33 billion in 2023, up over 67% from the loss-after-tax of Rs3.19 billion in 2022.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Monday, loss per share (LPS) stood at Rs1 in 2023, as compared to LPS of Re1.21 per share in the same period last year.

The losses are attributed to a massive increase in interest and non-interest expenses incurred by the bank during the period under review.

On a consolidated basis, the mark-up/return of BML rose from Rs8.14 billion in 2022 to Rs31.7 billion in 2023, a significant increase of over 289%.

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However, the bank’s mark-up expense stood at Rs34.28 billion in 2023, as compared to Rs10.4 billion in same period of the preceding year, a jump of 230%.

As a result, the net mark-up registered a loss of Rs2.58 billion in 2023, as compared to a loss of Rs2.25 billion in 2022.

The fee and commission income earned by the bank in 2023 amounted to Rs762.7 million, an increase of nearly 48% against Rs516.28 million earned in the same period last year.

Bank Makramah’s foreign exchange income showed a significant increase of 34% up from Rs804.07 million in 2022 to Rs1.08 billion in 2023.

BML’s other income also improved significantly, with a 714% increase YoY.

However, the firm incurred Rs1.29 billion in losses on securities in 2023, as compared to a gain of Rs30.53 million in SPLY.

During 2023, operating expenses of the BML amounted to Rs7.24 billion, up 22% against Rs5.92 billion in 2022.

Consequently, BML’s loss before tax clocked in at Rs7.39 billion in 2023, as compared to a loss of Rs7.31 billion in 2022.

Last year, following Federal Cabinet’s approval, the name of Summit Bank Limited was changed to Bank Makramah Limited (BML).