Karachi: In the quarter ending September 30, 2026, First National Bank Modaraba reported a significant increase in losses compared to the same period last year. The un-audited condensed interim statement of profit or loss and other comprehensive income reveals a comprehensive loss of 1.47 million rupees, compared to a loss of 437,490 rupees in the previous year.

The report, dated October 26, 2026, highlights a decrease in total income from operations, which fell to 9.65 million rupees from 9.78 million rupees a year earlier. The decline was primarily attributed to a drop in profit on bank deposits, which decreased to 70,068 rupees from 107,767 rupees. Additionally, other income saw a considerable reduction, with no suspension reversals recorded during the period, down from 1.5 million rupees the previous year.

Operating expenses increased to 4.22 million rupees from 3.70 million rupees, and finance costs rose to 6.79 million rupees from 6.38 million rupees. These heightened expenses contributed to the operating loss before provisions and taxation, which expanded to 1.35 million rupees from 305,959 rupees in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), First National Bank Modaraba has also seen a big move in its loss per modaraba certificate, which now stands at 0.06 rupees, doubling from 0.02 rupees last year.

The report indicates that there were no provisions charged for doubtful receivables, management company fees, or workers' welfare fund provisions during the period. The levies for the quarter were noted at 120,670 rupees, slightly down from 131,531 rupees in the previous year.

The modaraba did not incur any income tax charges, resulting in a loss before income tax of 1.47 million rupees. The absence of other comprehensive income or loss items left the total comprehensive loss for the period unchanged at 1.47 million rupees.