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

MG News | October 29, 2018 at 11:18 AM GMT+05:00

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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.

Profit and loss account for the nine months ended September 30th 2018 (Rupees’000)
	Sep-18	Sep-17	% Change
Mark-up / return / interest earned	5,427,952	5,396,743	0.58%
Mark-up / return / interest expensed	3,513,347	3,671,049	-4.30%
Net mark-up / return / interest income	1,914,605	1,725,694	10.95%
(Provision) / Reversal against loans and advances - net	157,445	-123,700
(Provision) / Reversal of provision for diminution in the value of Investments - net	-24,640	16,766
Recoveries against debts written-off	1,706	9,905	-82.78%
Net mark-up / return / interest income after Provisions	2,049,116	1,628,665	25.82%

Fee, commission and brokerage income	199,150	161,554	23.27%
Dividend income	27,097	25,545	6.08%
Income from dealing in foreign currencies	169,708	108,607	56.26%
Gain on sale of securities - net	216,622	170,532	27.03%
Unrealized gain / (loss) on revaluation of investments classified as held for trading - net	25	-7
Other income	305	216	41.20%
Total non-mark-up / interest income	612,907	466,447	31.40%

Administrative expenses	1,750,052	1,476,681	18.51%
Other provisions / write offs - net	-12,019
Workers' Welfare Fund	18,131	12,370	46.57%
Other charges	15,663	59	26447.46%
Total non-mark-up / interest expenses	1,771,827	1,489,110	18.99%
Profit before taxation	890,196	606,002	46.90%
Taxation	-340,472	-242,531	40.38%
Profit after taxation	549,724	363,471	51.24%
Earnings per share - Basic & Diluted (Rupee)	0.55	0.36	52.78%

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