Samba Bank’s profits soar by 2.08x in 1HCY23

By MG News | August 24, 2023 at 03:08 PM GMT+05:00

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August 24, 2023 (MLN): Samba Bank Limited (SBL) announced its half-yearly 2023 results where the bank’s net profits soared by 2.08x to Rs706.1 million [EPS: Rs0.7] compared to Rs339.2m [EPS: Rs0.34] in the same period last year (SPLY).

Going by the income statement, the bank witnessed an increase of 69.47% YoY in its markup interest income to clock in at Rs3.57 billion against Rs2.1bn in the same period last year (SPLY).

On the other hand, the bank’s total non-markup interest income declined by 37.67% YoY to Rs440.88m as compared to Rs707.35m in SPLY.

This was due to a massive loss on securities of Rs515.24m. In addition, the dividend income also declined by 42.41% YoY in 6MCY23.

The six months’ total non-mark-up/interest expenses stood at Rs2.26bn, up by 17.42% YoY.

On the taxation front, the company paid Rs449m, 63.46% YoY higher than Rs274.68m paid in SPLY.

Unconsolidated (un-audited) Financial Results for the half-year ended 30 June, 2023 (Rupees in '000)
	June 23	June 22	% Change
Mark-up/return/interest earned	13,807,536	9,603,441	43.78%
Mark-up/return/interest expensed	10,241,682	7,499,304	36.57%
Mark-up/return/interest income	3,565,854	2,104,137	69.47%
NON MARK-UP/INTEREST INCOME
Fee and commission income	198,888	215,153	-7.56%
Dividend income	16,737	29,063	-42.41%
Foreign exchange income	731,264	629,258	16.21%
Gain / (loss) on securities	(515,239)	(172,097)	199.39%
Other income	9,230	5,972	54.55%
Total non mark-up/interest income	440,880	707,349	-37.67%
Total Income	4,006,734	2,811,486	42.51%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	2,233,584	1,910,239	16.93%
Workers' Welfare Fund	26,000	12,800	103.13%
Other charges	-	1,303	-
Total non mark-up/interest expenses	2,259,584	1,924,342	17.42%
Profits before provisions	1,747,150	887,144	96.94%
(Provisions) / reversal and write offs - net	(592,127)	(273,274)	116.68%
Profit before taxation	1,155,023	613,870	88.15%
Taxation	(448,977)	(274,679)	63.46%
Profit after taxation	706,046	339,191	108.16%
Earning per share - basic (Rupees)	0.70	0.34	-

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