According to a notice submitted to the Pakistan Stock Exchange (PSX) on Friday, JSBL reported a consolidated profit of Rs4.2 billion during the three months ended March 31, 2024, soaring from Rs883.27 million in the first quarter of the previous year.
The surge in profit is attributed to a substantial rise in both interest and non-interest income earned by the bank. On a consolidated basis, JS Bank’s mark-up/return surged from Rs21.02 billion in the first quarter of CY23 to an impressive Rs56.01 billion in the same period of CY24, marking an exponential increase of 166%. Consequently, the net mark-up reached Rs17.11 billion in 1QCY24, significantly up from Rs5.09 billion in 1QCY23, indicating a notable increase of over 236%.
JS Bank also reported notable increases in fee and commission income, which amounted to Rs2.08 billion in 1QCY24, an 82% increase from the same period last year. Additionally, gains from derivatives and securities stood at Rs953.09 million during the first quarter of CY24.
The bank’s non-interest income witnessed a substantial rise, reaching Rs4.89 billion in 1QCY24, up over 97% from Rs2.48 billion in the corresponding period last year.
However, operating expenses for 1QCY24 amounted to Rs11.45 billion, representing a significant increase of 121% from Rs5.18 billion in the same period last year. Notably, the expenditure on worker welfare funds experienced an exponential hike, increasing by over 530% during the period, with JS Bank spending Rs32.5 million in 1QCY23 and Rs204.78 million in 1QCY24 under this head.
Consequently, JS Bank’s profit before tax surged to Rs9.34 billion in 1QCY24, compared to Rs1.57 billion in 1QCY23, marking an increase of nearly 495%. In terms of taxes paid, the bank disbursed Rs5.13 billion in the first quarter of CY24, compared to Rs689.87 million in the same period last year.
The financial results demonstrate JS Bank’s robust performance and strategic positioning in the banking sector, signaling positive growth prospects for the future.
