Samba Bank Q3 profit drops 71% amid lower markup income

By 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	130,344.03 345.24M	1.67% 2144.61
ALLSHR	81,023.99 1,019.68M	1.55% 1236.37
KSE30	39,908.26 141.37M	2.05% 803.27
KMI30	189,535.00 149.93M	1.40% 2619.39
KMIALLSHR	54,783.66 507.57M	1.07% 581.78
BKTi	34,940.73 55.76M	4.37% 1464.05
OGTi	28,296.06 15.88M	1.19% 333.47

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,280.00	108,340.00 105,440.00	2530.00 2.39%
BRENT CRUDE	67.57	67.75 66.94	0.46 0.69%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.75 0.78%
ROTTERDAM COAL MONTHLY	103.80	0.00 0.00	-3.70 -3.44%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	65.88	66.06 65.23	0.43 0.66%
SUGAR #11 WORLD	15.84	15.97 15.77	0.14 0.89%