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	182,569.82 444.26M	-0.75% -1381.69
ALLSHR	109,674.48 1,031.36M	-0.66% -729.71
KSE30	56,029.54 202.34M	-0.74% -415.17
KMI30	256,029.67 178.30M	-0.34% -870.00
KMIALLSHR	69,991.25 493.09M	-0.31% -220.44
BKTi	53,548.03 54.69M	-1.27% -688.00
OGTi	36,594.61 41.89M	1.73% 620.93

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	97,145.00	98,200.00 94,790.00	2430.00 2.57%
BRENT CRUDE	66.26	66.50 64.67	0.79 1.21%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-1.90 -2.14%
ROTTERDAM COAL MONTHLY	97.50	98.15 97.50	-0.55 -0.56%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	61.83	62.10 60.39	0.68 1.11%
SUGAR #11 WORLD	14.64	14.98 14.63	-0.25 -1.68%