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% |
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