Karachi, In its latest financial disclosure, Bank Makramah Limited announced a loss in its unconsolidated and consolidated financial results for the quarter ended March 31, 2024.
According to the financial statements released by the bank, the unconsolidated profit and loss account shows a net markup/interest expense of 941,168 rupees, with the total income resulting in a loss of 334,925 rupees for the quarter. This situation resulted from a markup/return/interest earned of 10,752,037 rupees offset by an expense of 11,693,205 rupees. Non-markup/interest income amounted to 606,243 rupees, with notable contributions from fee and commission income and gains on securities. However, substantial operating expenses of 1,850,225 rupees led to a loss before taxation of 1,092,858 rupees and a net loss after taxation of 811,834 rupees. The basic and diluted loss per share was reported as 0.15 rupees.
The consolidated financial results mirrored the unconsolidated outcomes closely, with a net markup/interest expense of 938,200 rupees and a total income loss of 311,767 rupees for the quarter. Operating expenses rose slightly to 1,872,693 rupees. The consolidated loss before taxation stood at 1,092,168 rupees, with the net loss after taxation at 812,689 rupees. Basic and diluted loss per share remained at 0.15 rupees.
The Board of Directors, during their 141st meeting, decided against declaring any cash dividends, bonus shares, or rights shares, maintaining their stance on other entitlements or corporate actions as nil.