Lahore: First National Bank Modaraba has released its financial results for the quarter ended September 30, 2024, showcasing significant changes in its profit and loss dynamics over the past year. The statement, reflecting the bank's financial health, was formally disclosed to the Pakistan Stock Exchange.

The bank posted a total income of PKR 14.69 million for the quarter, a noticeable improvement from PKR 11.49 million reported in the same quarter of the previous year. This increase is largely attributed to higher profits from bank deposits and short-term investments, which rose to PKR 125,463 and PKR 14.04 million respectively, compared to last year's PKR 100,997 and PKR 9.99 million.

According to information available from the Pakistan Stock Exchange (PSX), other income for the quarter also saw an uptick, mainly due to a reversal of provisions charged for doubtful receivables, amounting to PKR 600,000, a step back from the PKR 900,000 reversed in the prior year.

However, the bank's expenses also increased significantly, with total expenses reaching PKR 15.13 million, up from PKR 16.21 million in the previous year, driven by higher operating costs. The operational challenges led to a pre-tax profit of PKR 0.61 million, a stark recovery from a loss of PKR 4.97 million in September 2023.

The comprehensive income statement reflected a net loss of PKR 0.36 million for the quarter, compared to a net loss of PKR 4.97 million the previous year. Earnings per Modaraba certificate showed a slight improvement at negative PKR 0.01, from negative PKR 0.20 in 2023.