Samba Bank turns profitable in 2023, registers Rs1.24bn net profit

MG News | February 27, 2024 at 04:20 PM GMT+05:00

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February 27, 2024 (MLN): Samba Bank Limited (PSX: SBL) swung to a profit in 2023, as its net profit reached Rs1.24bn [EPS: Rs1.225] compared to a loss of Rs427.94m [LPS: Rs0.42] recorded in 2022.

Going by the income statement made available by the company on the PSX, the bank witnessed an increase of 71.14% YoY in its markup interest income to clock in at Rs8.1bn against Rs4.73bn incurred in the same period last year (SPLY).

Similarly, the bank’s total non-markup interest income increased by 4.95x YoY to Rs1.21 as compared to Rs244.11m reported in SPLY.

This growth in non-markup income is attributed to a substantial reduction in the bank’s loss on securities, which reduced to Rs399.97m compared to Rs1.28bn in 2022.

Accordingly, the bank’s total income was recorded at Rs9.31bn as against Rs4.98bn in SPLY, reflecting a growth of 87.02% YoY.

The nine months’ total non-mark-up/interest expenses of SBL stood at Rs4.83bn, up by 19.01% YoY.

On the taxation front, the bank paid Rs958.02m, against a tax rebate of Rs497.95m reported in 2022.

Profit and Loss Account for the year ended December 31, 2023 ('000 Rupees)
	Dec-23	Dec-22	% Change
Mark-up/return/interest earned	28,705,206	22,545,096	27.32%
Mark-up/return/interest expensed	20,604,024	17,811,336	15.68%
Mark-up/return/interest expensed	8,101,182	4,733,760	71.14%
NON MARK-UP/INTEREST INCOME
Fee and commission income	379,434	411,067	-7.70%
Dividend income	60,624	52,949	14.50%
Foreign exchange income	1,143,636	1,050,922	8.82%
Income / (loss) from derivatives	-	-	-
Gain / (loss) on securities	(399,968)	(1,283,594)	-
Other income	24,672	12,762	-89.89%
Total non mark-up/interest income	1,208,398	244,106	395.03%
Total Income	9,309,580	4,977,866	87.02%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	4,764,920	4,046,350	17.76%
Workers' Welfare Fund	65,000	8,800	-
Other charges	135	3,525	-96.17%
Total non mark-up/interest expenses	4,830,055	4,058,675	19.01%
Loss before provisions	4,479,525	919,191	387.33%
(Provisions) / reversal and write-offs - net	(2,286,206)	(1,845,079)	23.91%
Extraordinary items/unusual items	-	-
Loss before taxation	2,193,319	(925,888)	-336.89%
Taxation	(958,023)	497,948	-292.39%
Profit after taxation	1,235,296	(427,940)	-388.66%
Earnings per share - basic (Rupees)	1.225	(0.424)	-

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