Samba Bank profits plummet by 22.72% in 9MCY22

October 28, 2022 (MLN): Samba Bank Limited (SBL) announced its nine months CY22 results where the bank net profits plunged by Rs369 million (EPS: Rs0.37) compared to Rs478mn (EPS: Rs0.47) in the same period last year, showing a decline of 22.72% YoY.

Going by the income statement, the bank witnessed an increase of 83.83% YoY in its markup interest expense to clock in at Rs12.59 billion against Rs6.85bn in the same period last year (SPLY).

In addition, the bank’s total non-markup interest expense surged by 19.85% YoY to Rs2.98bn as compared to Rs2.49bn in SPLY.

During the period under review, the bank witnessed no major change in its net interest income (NII) of 0.27% YoY to stand at Rs3.18bn, compared to SPLY. The nine months’ interest earned stood at Rs15.77bn, up by 57.41% YoY.

Furthermore, the bank’s non-markup income declined by 6.37% YoY to Rs1.11bn due to a massive loss in gain on securities of Rs160 million. In addition, the fee and commission income, dividend income, and other income also declined by 16.70% YoY, 20.53% YoY, and 43.70% YoY in 9MCY22.

Meanwhile, the foreign exchange income increased by 257.80% YoY to clock in at Rs918 million in this period.

On the taxation front, the company paid Rs256mn, 21.54% YoY less than Rs326mn in SPLY.

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