February 26, 2020 (MLN): Samba Bank Limited has announced its financial results for the year ended December 31, 2019, wherein its profits have increased by 0.55% to Rs. 686.4 million only while Earnings per share have remained static at Rs. 0.68.
The bank reported an uptick in Net Interest Income by almost 30%, despite a 91% increase in interest expense. On the other hand, the non-interest income depicted a growth of 9.6% on the back of rise in Dividend Income and Forex gains by 35% and 82% respectively.
The operating expense of the bank increased by 20.6%, whereas non-core charges reduced by 47%.
The company’s profits were limited by a six-fold increase in provisions, from Rs. 68.3 million last year to Rs. 502 million this year.
| Profit and Loss Account for the year ended December 31, 2019 (‘000 Rupees) | |||
|---|---|---|---|
|
Dec-19 |
Dec-18 |
% Change |
|
| Mark-up/return/interest earned |
12,791,334 |
7,555,595 |
69.30% |
| Mark-up/return/interest expensed |
9,272,249 |
4,847,164 |
91.29% |
| Mark-up/return/interest income |
3,519,085 |
2,708,431 |
29.93% |
| NON-MARK-UP/INTEREST INCOME | |||
| Fee and commission income |
331,658 |
270,927 |
22.42% |
| Dividend income |
61,381 |
45,332 |
35.40% |
| Foreign exchange income |
432,256 |
237,464 |
82.03% |
| Income / (loss) from derivatives | |||
| Gain / (loss) on securities |
20,697 |
214,586 |
452.95% |
| Other income |
154 |
3,743 |
-99.98% |
| Total non-mark-up/interest income |
846,146 |
772,052 |
9.60% |
| Total Income |
4,365,231 |
3,480,483 |
25.42% |
| NON-MARK-UP/INTEREST EXPENSES | |||
| Operating expenses |
2,732,037 |
2,264,098 |
20.67% |
| Workers’ Welfare Fund |
22,920 |
23,024 |
-0.45% |
| Other charges |
8,078 |
15,278 |
-47.13% |
| Total non-mark-up/interest expenses |
2,763,035 |
2,302,400 |
20.01% |
| Profits before provisions |
1,602,196 |
1,178,083 |
36.00% |
| (Provisions) / reversal and write offs – net |
(502,047) |
(68,364) |
634.37% |
| Extraordinary items/unusual items |
– |
– |
|
| Profit before taxation |
1,100,149 |
1,109,719 |
-0.86% |
| Taxation |
(413,691) |
(426,990) |
-3.11% |
| Profit after taxation |
686,458 |
682,729 |
0.55% |
| Earnings per share – basic (Rupees) |
0.68 |
0.68 |
0.00% |
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