Samba Bank’s net earnings remain static during CY2019

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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Posted on: 2020-02-26T14:41:00+05:00

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