Lahore: Escorts Investment Bank Limited has disclosed its financial results for the fiscal year ended June 30, 2024, highlighting a decrease in net profit and no distribution of dividends, according to the company’s recent announcement to the Pakistan Stock Exchange.

The financial statements, released October 7, 2024, indicated that the bank experienced a net loss of Rs 23.10 million for the year, a significant reduction compared to last year’s loss of Rs 48.63 million. Despite the narrowed loss, the bank announced no cash dividends, bonus shares, or rights shares for the year, maintaining a stance of nil distributions across all categories.

According to information available from the Pakistan Stock Exchange (PSX), the income from financing saw a slight increase reaching Rs 71.11 million compared to Rs 70.09 million in the previous year. However, income from fees and commissions along with other income categories also saw marginal increases but were insufficient to offset the elevated administrative and financing costs totaling Rs 158.24 million, up from Rs 154.61 million last year.

The bank’s basic and diluted loss per share also improved to Rs 0.17 from a loss of Rs 0.36 per share the previous year. The detailed financial statements were also accompanied by an assurance that the annual report would be distributed through PCUARS separately, ensuring comprehensive transparency regarding the bank’s performance.

Despite these challenges, the overall operating loss before provisions and taxation showed improvement, which might signal a controlled operational environment moving forward. The bank’s management has not issued any further entitlements or price-sensitive announcements post the disclosed financial results.