KARACHI: JS Bank Limited has posted 3.5 per cent increase in profit during the first quarter of current calendar year.
According to its consolidated condensed interim profit and loss statement sent to the PSX, the JS Bank announced profit of Rs483.47 million against Rs466.71 million in the corresponding period of the last year. The bank announced earnings per share at 27 paisas against 22 paisas in the same quarter of the last year. It did not announce any dividend.
JS Bank earned interest of Rs3.65 billion during the period under review against Rs3.85, while it paid interests of Rs2.25 billion as compared to Rs2.62 billion. Thus, the net interest income of the bank stood at Rs1.40 billion against Rs1.24 billion. The main reason of an increase in the profits is a decline in writing off bad debts during the quarter.
During the quarter ended March 31, 2016, it had written off Rs373.19 million, while this year only Rs119.52 million have been written off.
