Today, February 24, 2026, JS Bank Limited (PSX: JSBL) announced its financial results for the year ended December 31, 2025. The bank posted a profit after tax of Rs7.54 billion. Consequently, this marks a steep 43.6% decline from the Rs13.36 billion recorded in FY2024. Earnings attributable to equity holders also fell by 43.5% to Rs. 5.83 billion. Furthermore, the earnings per share (EPS) dropped from Rs. 5.03 to Rs. 2.84.
JS Bank: Declining Revenue Metrics & Growth in Non-Mark-up Income
Total income experienced a slight decline. It fell by 3.5% to Rs. 87.09 billion. Meanwhile, the net mark-up (gross profit) dropped by 14.8% to Rs. 63.06 billion. Mark-up earned decreased significantly by 34.15% to Rs. 145.85 billion. However, the bank offset this slightly by reducing its mark-up expensed by 43.87% to Rs. 82.79 billion.
Despite the drop in core revenue, non-mark-up income served as a strong growth area. This segment rose by 47.9% to Rs. 24.03 billion. Specifically, gains on securities surged by a massive 411.6% to Rs. 7.65 billion. Fee and commission income grew by 29.3% to Rs. 11.57 billion. Dividend income also rose by 23.2% to Rs. 556.71 million.
Conversely, foreign exchange income dropped by 28.86% to Rs. 3.29 billion. Income from derivatives plunged 97.39% to Rs. 651,000. Additionally, the bank recorded a loss of Rs. 89.76 million from shariah-compliant forward FX contracts.
Rising Expenses & Reduced Provisions
Operating expenses climbed by 24.8% to Rs. 64.07 billion. Total non-mark-up expenses increased 24.40% to Rs. 64.88 billion. Furthermore, other charges spiked 171.43% to Rs. 365.36 million.
On the other hand, the credit loss allowance and write-offs dropped heavily by 60.8% to Rs. 2.91 billion. Profit before taxation fell 37.1% to Rs. 19.30 billion. Finally, taxation decreased 32.1% to Rs. 11.76 billion.
Here is the complete financial breakdown (FY2025 vs FY2024):
| Description | 2025 (PKR) | 2024 (PKR) | Change (%) |
| Mark-up / return / interest / profit earned | 145,847,787 | 221,490,780 | -34.15% |
| Mark-up / return / interest / profit expensed | 82,791,290 | 147,488,285 | -43.87% |
| Net mark-up / interest / profit (Gross Profit) | 63,056,497 | 74,002,495 | -14.79% |
| Fee and commission income | 11,565,719 | 8,944,939 | 29.30% |
| Dividend income | 556,713 | 451,838 | 23.21% |
| Foreign exchange income | 3,293,477 | 4,629,745 | -28.86% |
| Loss from shariah compliant forward FX contracts | (89,758) | – | – |
| Income / (loss) from derivatives | 651 | 24,937 | -97.39% |
| Gain on securities – net | 7,651,221 | 1,495,476 | 411.62% |
| Share of profit / (loss) of associates | 418,902 | 409,539 | 2.29% |
| Other income | 635,380 | 288,837 | 119.98% |
| Total non mark-up / interest income | 24,032,305 | 16,245,311 | 47.93% |
| Total Income | 87,088,802 | 90,247,806 | -3.50% |
| Operating expenses | 64,071,764 | 51,350,253 | 24.77% |
| Workers’ welfare fund | 440,851 | 669,542 | -34.16% |
| Other charges | 365,358 | 134,606 | 171.43% |
| Total non mark-up / interest expenses | 64,877,973 | 52,154,401 | 24.40% |
| Profit before credit loss allowance | 22,210,829 | 38,093,405 | -41.69% |
| Credit loss allowance and write offs – net | 2,909,863 | 7,414,240 | -60.75% |
| Profit before taxation | 19,300,966 | 30,679,165 | -37.09% |
| Taxation | 11,761,738 | 17,319,093 | -32.09% |
| Profit after taxation | 7,539,228 | 13,360,072 | -43.57% |
| Equity holders of the Bank | 5,826,980 | 10,309,369 | -43.48% |
| Non-controlling interest | 1,712,248 | 3,050,703 | -43.87% |
| Earnings per share – basic and diluted (Rupees) | 2.84 | 5.03 | -43.54% |
