KARACHI: Bank Makramah Ltd (BML) has reported a profit before tax of Rs1.44 billion and an after-tax profit of Rs707 million for the half yearendedJune30-itsfirst profit in more than a decade, the bank said in a press release issued on Friday.
The results, approved by the board of directors at its meeting, reflect a significant turnaround from the Rs2.44bn loss before taxrecordedin thesame period last year an improvement of Rs3.88bn.
BML Chairman Abdulla Nasser Abdulla Hussain Lootah attributed the bank`s performance to improved net mark-up income, recoveries of legacy non-performing loans, gains from treasury operations, and a better deposit mix that helped lower the average cost of funds.
