Karachi: Escorts Investment Bank Limited announced a notable improvement in its financial performance for the fiscal year ending June 30, 2024, marked by a 23.35% increase in revenue and a significant reduction in losses. The bank's revenue rose to Rs. 136.493 million from Rs. 110.650 million in the prior year, while its net loss was reduced by 52.50%, totaling Rs. 23.098 million compared to Rs. 48.629 million in 2023.

The bank's corporate briefing session highlighted its financial progress despite challenging economic conditions. Operating costs were controlled, rising slightly from Rs. 157.616 million in 2023 to Rs. 162.199 million in 2024, demonstrating the management's efforts to maintain cost efficiency amid high inflation.

According to information available from the Pakistan Stock Exchange (PSX), the bank holds a short-term rating of A2, indicating a satisfactory capacity for timely repayment, albeit susceptible to adverse business, economic, or financial changes. Its long-term rating is BBB+, reflecting good credit quality and a low expectation of credit risk, with an adequate capacity for timely payment of financial commitments.

The bank's statement of financial position as of June 30, 2024, showed total assets amounting to Rs. 726.056 million, down from Rs. 766.453 million in 2023. Non-current assets decreased slightly to Rs. 144.410 million, while current assets stood at Rs. 384.363 million. The issued, subscribed, and paid-up capital remained unchanged at Rs. 1.356 billion.

In terms of liabilities, non-current liabilities decreased to Rs. 35.299 million from Rs. 54.317 million, and current liabilities were slightly up at Rs. 119.770 million from Rs. 117.509 million in the previous year. The bank's total equity and liabilities as of June 30, 2024, were Rs. 726.056 million, compared to Rs. 766.453 million in 2023.

The financial report underscores the bank's ongoing efforts to strengthen its financial position and improve operational efficiency.