Samba Bank Q3 profit drops 71% amid lower markup income

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

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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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