SBL's half yearly profits grow by 89%

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MG News | August 15, 2018 at 03:08 PM GMT+05:00

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In their Board of Directors meeting held on August 15th 2018, Samba Bank Limited reviewed their Profit and Loss Account for the half year period ended on June 30th 2018.

As per the report, in compasirion with the half year ended in June 30th 2017, SBL's Mark-up/return/interest income increased by 12.5%, while Net provision against loans and advances was reported at Rs.164 million.

Moreover, Recoveries against debt written-off suffered a reduction of 51% while Net mark-up/return/interestincome after provision witnessed an increase of 37%.

Other than that, Total non mark-up/interest income increased by 46% while Total non mark-up/interest expenses increased by 21%.

Overall Profit for the period witnessed a remarkable increase of almost 90%. Furthermore, Earnings per share increased by 91%, reported at Rs.0.44 per share

 

Profit and Loss Account for the Half year Ended June 30th 2018 ('000 Rupees)
  Jun-18 Jun-17 % Change
Mark-up/return/interest earned                        3,619,687                        3,505,328 3.26%
Mark-up/return/interest expensed                        2,356,544                        2,382,502 -1.09%
Mark-up/return/interest income                        1,263,143                        1,122,826 12.50%
Provision against loans and advances - net                            164,060                         (121,063)  
Reversal of provision for diminution in the value of investments - net                            (24,640)                              16,398  
Recoveries against debt written-off                                1,242                                2,560 -51.48%
Net mark-up/return/interestincome after provision                        1,403,805                        1,020,721 37.53%
NON MARK-UP/INTEREST INCOME    
Fee, commission and brokerage income                            131,546                            101,293 29.87%
Dividend income                              22,146                              18,160 21.95%
Income from dealing in foreign currencies                              71,607                              48,790 46.77%
Gain on sale of securities - net                            267,246                            167,847 59.22%
Unrealised gain/(loss) on revaluation of investments classified as held for trading - net                                    (20)                                  (173) -88.44%
Other income                                    267                                    177 50.85%
Total non mark-up/interest income                            492,792                            336,094 46.62%
NON MARK-UP/INTEREST EXPENSES    
Administrative expenses                        1,138,775                            945,607 20.43%
Other provisions/write-offs - net                            (12,019)                                       -    
Workers' Welfare Fund                              15,114                                8,020 88.45%
Other charges                              15,663                                         6  
Total non mark-up/interest expenses                        1,157,533                            953,633 21.38%
Extraordinary items/unusual items                                       -                                         -    
Profit before taxation                            739,064                            403,182 83.31%
Taxation                         (298,663)                         (170,876) 74.78%
Profit after taxation                            440,401                            232,306 89.58%
Earning per share - basic (Rupees)                                   0.44                                   0.23 91.30%

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