Karachi: First Credit and Investment Bank Limited has released its financial results for the fiscal year ending June 30, 2024. The company announced a substantial increase in its earnings, underscoring a robust performance across its investment and financing operations.
According to information available from the Pakistan Stock Exchange (PSX), the bank's income from term finances and funds placements surged to Rs. 87.38 million, up from Rs. 84.56 million the previous year. Its income from investments more than doubled, reaching Rs. 347.00 million compared to Rs. 192.44 million in 2023. Other notable financial highlights include an unrealized gain in investment classified as fair value through profit or loss, amounting to Rs. 3.90 million, and significant growth in fees and commission income, which rose from Rs. 2.25 million to Rs. 10.37 million.
Despite these gains, the bank faced challenges with increased finance costs, which amounted to Rs. 329.85 million, compared to Rs. 191.22 million last year. Administrative and operating expenses also saw an uptick, recorded at Rs. 96.88 million versus Rs. 86.44 million in 2023.
After accounting for finance costs and operational expenses, the operating income before provisions stood at Rs. 22.17 million, a substantial increase from Rs. 1.67 million in the prior year. The bank also reported a reversal of diminution in value of long-term investments totaling Rs. 27.07 million.
Profit before taxation reached Rs. 41.73 million, up from Rs. 26.00 million last year. After deducting taxes, the profit after taxation for the year stood at Rs. 31.70 million, marking a significant improvement from Rs. 12.99 million in 2023. Earnings per share also saw a notable rise, from Rs. 0.20 to Rs. 0.49.
The Board of Directors has convened the Annual General Meeting for October 5, 2024, in Karachi. The Share Transfer Books of the company will remain closed from September 28, 2024, to October 5, 2024, for entitlement of the final dividends and rights.
In a year marked by challenging economic conditions, First Credit and Investment Bank Limited has demonstrated commendable financial resilience and growth, reflected in its impressive year-end financial outcomes.