Samba Bank's 2024 profit drops 43% to Rs700m

By MG News | Category Equity | March 13, 2025 at 09:48 AM GMT+05:00

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March 13, 2025 (MLN): Samba Bank Limited (PSX: SBL) reported a profit after tax of Rs700 million for the year ended December 31, 2024, marking a 43% decline compared to Rs1.23 billion in 2023.

Earnings per share (EPS) stood at Rs0.694, down from Rs1.225 in the previous year.

The drop in profitability was driven by higher operating expenses and a decline in net mark-up income.

The bank’s total income fell 3.19% to Rs9bn in 2024 from Rs9.31bn in 2023.

Despite a slight 0.05% increase in mark-up/return/interest earned to Rs28.72bn, net mark-up income declined 9.57% to Rs7.33bn due to a 3.84% rise in mark-up expenses, which stood at Rs21.39bn.

Non-mark-up income saw a significant 39.62% increase to Rs1.69bn, supported by a turnaround in securities trading, with a gain of Rs212.3m compared to a Rs399.97m loss in 2023.

However, foreign exchange income dropped 11.71% to Rs1.01bn, and fee and commission income fell 3.78% to Rs365.1m.

On the expense side, operating costs rose 11.15% to Rs5.3bn, while provisions for credit losses were down 23.11% to Rs1.76bn, providing some relief.

Despite this, profit before tax dropped 29.34% to Rs1.55bn, while tax expenses declined 11.23% to Rs850.4m.

Statement of profit and loss for the year ended December 31, 2024 (in Rupees '000)	2024	2023	%Change
Mark-up / return / interest earned	28,720,686	28,705,206	0.05%
Mark-up / return / interest expensed	(21,394,922)	(20,604,024)	3.84%
Net mark-up / return / interest income	7,325,764	8,101,182	-9.57%
Fee and commission income	365,083	379,434	-3.78%
Dividend income	69,069	60,624	13.93%
Foreign exchange income	1,009,735	1,143,636	-11.71%
Gain / (loss) on securities	212,255	(399,968)
Other income	31,027	24,672	25.76%
Total non mark-up / interest income	1,687,169	1,208,398	39.62%
Total income	9,012,933	9,309,580	-3.19%
Operating expenses	(5,295,984)	(4,764,920)	11.15%
Workers' welfare fund	(55,000)	(65,000)	-15.38%
Other charges	(280)	(135)	107.41%
Total non mark-up / interest expenses	(5,351,264)	(4,830,055)	10.79%
Profit before credit loss allowance / provisions	3,661,669	4,479,525	-18.26%
Credit loss allowance / provisions / reversals and write offs - net	(1,757,945)	(2,286,206)	-23.11%
PROFIT BEFORE TAXATION	1,549,724	2,193,319	-29.34%
Taxation	(850,392)	(958,023)	-11.23%
PROFIT AFTER TAXATION	699,332	1,235,296	-43.39%
Earnings per share - basic and diluted	0.694	1.225

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