Apna Microfinance Bank Reports Significant Financial Losses for First Half of 2023

Karachi, Apna Microfinance Bank Limited reported a significant financial loss for the six-month period ended June 30, 2023. According to information available from the Pakistan Stock Exchange (PSX), the bank’s unaudited profit and loss account showed a loss before taxation of approximately 1.09 billion Rupees, widening from a loss of about 1.10 billion Rupees in the previous year.

The report detailed that the bank earned a markup/interest of 1.24 billion Rupees during the first half of 2023, down from 1.38 billion Rupees during the same period in 2022. The net markup after expenses and provisions for non-performing loans was significantly negative, with massive provisions against non-performing loans amounting to over 1.20 billion Rupees.

Non-interest income for the period totaled approximately 94.42 million Rupees, a slight increase from 77.03 million Rupees in 2022. However, administrative expenses and other non-markup charges remained high, totaling around 993 million Rupees.

The loss per share deteriorated, reaching 4.89 Rupees compared to 3.28 Rupees during the first half of 2022. The accumulated loss carried forward surged to over 9.47 billion Rupees, highlighting ongoing financial struggles for the bank.