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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Posted on: 2023-08-24T15:08:47+05:00
