Improved net markup pull Samba Bank's profits up by 51%

October 29, 2018 (MLN): Samba Bank Limited (SBL) has reported an increase in its profits by 51.24%, for the nine months ended September 30^th 2018 as compared to the corresponding period last year. The improve profitability was a result of a larger increase in total mark-up/non-mark-up income as compared to total mark-up/non-mark-up expenses.

According to the notification issued to PSX, the Net mark-up /return /interest income after Provisions exhibited a positive growth of 25.82% as the net mark-up/return/interest income grew by 10.95%, and company recovered bad debts and reversals for provisions amounting to Rs1.7 million and Rs157 million respectively.

Likewise, the increase in fee/commission/brokerage income (23.27%), Income from dealing in foreign currencies (56.26%) and Gain on sale of securities (27.03%) led to the total non-mark-up /interest income soaring by 31.4%.

Even though the total non-mark-up / interest expenses also displayed a growth of 18.99%, the overall impact on Profit before taxation was still positive as it jumped by 46.9%.

The increase in taxation by 40.38%, likewise, did not have a major impact on the ultimate profits of the company as the net profits exhibited a positive growth of 51.24%.

The Earnings per share for the company were stated at Rs0.55, i.e. 52.78% more as compared to the corresponding period last year.

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