Samba Bank Q3 profit drops 71% amid lower markup income

MG News | October 30, 2024 at 11:24 AM GMT+05:00

0:00

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	-

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	163,098.19 607.60M	-0.87% -1432.62
ALLSHR	99,276.25 1,397.26M	-0.80% -801.63
KSE30	50,184.56 221.88M	-0.89% -450.56
KMI30	238,333.52 129.55M	-1.13% -2718.46
KMIALLSHR	65,792.54 685.73M	-0.99% -655.65
BKTi	45,653.52 111.72M	-1.00% -461.31
OGTi	32,313.25 10.70M	-1.57% -516.41

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	114,520.00	0.00 0.00	-2470.00 -2.11%
BRENT CRUDE	62.09	65.36 62.00	-3.13 -4.80%
RICHARDS BAY COAL MONTHLY	81.00	81.00 81.00	-1.60 -1.94%
ROTTERDAM COAL MONTHLY	90.50	0.00 0.00	0.40 0.44%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	58.24	0.00 0.00	-0.66 -1.12%
SUGAR #11 WORLD	16.10	16.35 15.97	-0.16 -0.98%