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

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 30th 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%

Copyright Mettis Link News

Posted on: 2018-10-29T11:18:00+05:00

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