Samba Bank Q3 profit drops 71% amid lower markup income
MG News | October 30, 2024 at 11:24 AM GMT+05:00
October 30, 2024 (MLN): Samba Bank Limited (PSX: SBL) earned Rs103.66m [EPS: Rs0.1] during the quarter ended September 30, 2024 (Q3 CY24) compared to a profit of Rs354.23m [EPS: Rs0.35] recorded in Q3 2023, reflecting a significant drop of 70.74%.
It is crucial to note that SBL swung to a profit in 2023, as its net profit reached Rs1.24bn compared to a loss of Rs427.94m recorded in 2022.
Going by the income statement made available by the company on the PSX, the bank saw its markup interest income drop 21.84% to Rs1.69bn in Q3 CY24.
Conversely, the bank’s total non-markup interest income increased 5.05% to Rs426.9m as compared to Rs406.39m reported in Q3 CY23.
Accordingly, the bank’s total income was recorded at Rs2.11bn as against Rs2.57bn in SPLY, reflecting a drop of 17.58%.
The three months’ total non-mark-up/interest expenses of SBL stood at Rs1.29bn, up by 7.71%.
SBL's net credit loss allowance and write-offs dropped 7.27% to be recorded at Rs620.46m during this review quarter.
On the tax front, the bank paid Rs98.58m, against a tax expense of Rs343m reported in Q3 CY23.
| Profit and Loss Account for the quarter ended September 30, 2024 ('000 Rupees) | |||
|---|---|---|---|
| Sep-24 | Sep-23 | % Change | |
| Mark-up/return/interest earned | 7,238,282 | 7,393,256 | -2.10% |
| Mark-up/return/interest expensed | 5,550,281 | 5,233,626 | 6.05% |
| Mark-up/return/interest expensed | 1,688,001 | 2,159,630 | -21.84% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 94,430 | 99,802 | -5.38% |
| Dividend income | 14,862 | 10,309 | 44.17% |
| Foreign exchange income | 223,620 | 243,780 | -8.27% |
| Income / (loss) from derivatives | - | - | - |
| Gain / (loss) on securities | 93,518 | 49,543 | - |
| Other income | 467 | 2,957 | -99.89% |
| Total non mark-up/interest income | 426,897 | 406,391 | 5.05% |
| Total Income | 2,114,898 | 2,566,021 | -17.58% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 1,292,195 | 1,188,697 | 8.71% |
| Workers' Welfare Fund | - | 11,000 | - |
| Other charges | - | - | - |
| Total non mark-up/interest expenses | 1,292,195 | 1,199,697 | 7.71% |
| profit before provisions | 822,703 | 1,366,324 | -39.79% |
| Credit loss allowance / reversals and write offs-net | -620,460 | -669,094 | -7.27% |
| Extraordinary items/unusual items | - | - | |
| Profit before taxation | 202,243 | 697,230 | -70.99% |
| Taxation | -98,580 | -343,000 | -71.26% |
| Profit after taxation | 103,663 | 354,230 | -70.74% |
| earnings per share - basic (Rupees) | 0.1 | 0.35 | - |
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