SBL's half yearly profits grow by 89%

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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