Samba Bank records 2.87x increase in net profits for 9MCY23

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MG News | October 26, 2023 at 03:53 PM GMT+05:00

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October 26, 2023 (MLN): Samba Bank Limited (PSX: SBL) announced its results for the nine months of 2023 where the bank’s net profits soared by 2.87x to Rs1.06 billion [EPS: Rs1.05] compared to Rs369.35m [EPS: Rs0.37] in the same period last year (SPLY).

Going by the income statement made available by the company on the PSX, the bank witnessed an increase of 80.25% YoY in its markup interest income to clock in at Rs5.73bn against Rs3.12bn in the same period last year (SPLY).

On the other hand, the bank’s total non-markup interest income declined by 23.64% YoY to Rs847.27m as compared to Rs1.11bn in SPLY.

This was due to a massive loss on securities of Rs465.7m. In addition, the dividend income also declined by 30% YoY in 9MCY23.

Accordingly, the bank’s total income was recorded at Rs6.57bn as against Rs4.29bn in SPLY.

The nine months’ total non-mark-up/interest expenses stood at Rs3.46bn, up by 15.92% YoY.

On the taxation front, the company paid Rs792m, more than three times YoY higher than the Rs256m paid in SPLY.

Unconsolidated (un-audited) Financial Results for Nine months ended 30 September, 2023 (Rupees in '000)
  Sep-23 Sep-22 % Change
Mark-up/return/interest earned 21,200,792 15,769,769 34.44%
Mark-up/return/interest expensed 15,475,308 12,593,278 22.89%
Mark-up/return/interest income 5,725,484 3,176,491 80.25%
NON MARK-UP/INTEREST INCOME      
Fee and commission income 298,690 300,216 -0.51%
Dividend income 27,046 38,597 -29.93%
Foreign exchange income 975,044 917,788 6.24%
Income / (loss) from derivatives      
Gain / (loss) on securities (465,696) (159,511) 191.95%
Other income 12,187 12,499 -2.50%
Total non mark-up/interest income 847,271 1,109,589 -23.64%
Total Income 6,572,755 4,286,080 53.35%
NON MARK-UP/INTEREST EXPENSES      
Operating expenses 3,422,281 2,970,091 15.22%
Workers' Welfare Fund 37,000 12,800 189.06%
Other charges   1,303 -100.00%
Total non mark-up/interest expenses 3,459,281 2,984,194 15.92%
Profits before provisions 3,113,474 1,301,886 139.15%
(Provisions) / reversal and write offs - net (1,261,221) (676,524) 86.43%
Extraordinary items/unusual items - -  
Profit before taxation 1,852,253 625,362 196.19%
Taxation (791,977) (256,009) 209.36%
Profit after taxation 1,060,276 369,353 187.06%
Earning per share - basic (Rupees) 1.05 0.37 183.78%

Amount in thousand except for EPS

SBL and KSE-100 YTD Performance

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