Karachi, Bank Makramah Limited, previously known as Summit Bank Limited, announced its financial results for the year ended December 31, 2023, in its 140th Board of Directors meeting held on March 1, 2024. The bank reported no cash dividends, bonus shares, right shares, or any other entitlements or corporate actions for the period.
The financial statements revealed a marked increase in mark-up/return/interest earned, reaching Rs. 31,700,037,000 in 2023 from Rs. 8,140,810,000 in 2022. However, the bank also experienced a significant rise in mark-up/return/interest expensed, totaling Rs. 34,286,621,000 in 2023 compared to Rs. 10,404,148,000 in the previous year, resulting in a net mark-up/interest expense of Rs. (2,586,584,000) for 2023.
Non-mark-up/interest income showed some positive aspects, with fee and commission income increasing to Rs. 692,699,000 from Rs. 474,012,000 and foreign exchange income growing to Rs. 1,078,834,000 from Rs. 804,074,000. However, the bank reported a loss on securities of Rs. (1,303,591,000) and an overall total income decline to Rs. (1,389,347,000).
Operating expenses were reported at Rs. 7,146,413,000, up from Rs. 5,843,690,000 in 2022. After accounting for provisions and write-offs, the loss before taxation stood at Rs. (7,390,830,000), and the loss after taxation was reported at Rs. (5,318,616,000), with basic and diluted loss per share at Rs. (1.00).
In the consolidated financial statements, the figures were similarly concerning, with the total loss after taxation reaching Rs. (5,326,724,000) and both basic and diluted loss per share also at Rs. (1.00).
The Annual General Meeting for Bank Makramah is scheduled for March 29, 2024, at the Serena Hotel, Islamabad. The Share Transfer Books will remain closed from March 22 to March 29, 2024, for entitlement to attend the AGM.