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

Bank Alfalah offers to acquire SNB's stake in Samba Bank
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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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Posted on: 2024-02-27T16:20:24+05:00