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

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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