BANK MAKRAMAH REPORTS NO CHANGE IN DIVIDENDS OR SHARES, POSTS LOSSES IN FIRST HALF OF 2024

Karachi: Bank Makramah Limited announced a continuation of its policy of not issuing cash dividends, bonus shares, or rights shares, according to a recent board meeting. The results, reflecting the financial performance as of June 30, 2024, were disclosed in compliance with the Pakistan Stock Exchange regulations.

The board of directors, during their 142nd meeting held today, confirmed that there will be no changes to shareholder entitlements or other price-sensitive actions. This decision comes as the bank reported a consolidated loss of 630.60 million rupees for the first half of 2024, deepening from a loss of 793.87 million in the same period last year. According to information available from the Pakistan Stock Exchange (PSX), the financial details were released as part of the unconsolidated condensed interim profit and loss statement for the period ended June 30, 2024.

The bank’s earnings statement shows a decline in net mark-up/interest income, with 21.79 billion rupees earned this year compared to 23.88 billion in the previous year. Non-mark-up/interest income also saw a decrease, totaling 689.90 million rupees, down from 740.81 million last year. The bank attributed the downturn to a range of factors, including lower fee and commission income and losses on securities.

Expenses related to non-mark-up/interest operations rose slightly to 1.72 billion rupees. The bank also noted a credit loss allowance of 1.44 billion rupees, contributing to the overall loss before taxation, which amounted to 2.43 billion rupees.

The quarterly report is expected to be available through the PSX’s PUCARS system soon, offering stakeholders a detailed look at the financial mechanics behind the figures.

Bank Makramah’s per-share loss stood at 0.27 rupees, consistent across both basic and diluted measures. The results reflect ongoing challenges in the financial sector, underscored by the bank’s strategic decisions amidst economic pressures.

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