Samba Bank’s net earnings remain static during CY2019

MG News | February 26, 2020 at 02:41 PM GMT+05:00

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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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