August 28, 2019 (MLN): Silkbank Limited has announced Profit after Tax of Rs. 116 million (EPS: Rs. 0.01) for the half year ended June 30, 2019, signifying a decline of 84% over the same period of last year.
The Net Interest Income of the bank increased by merely 5%, owing to higher increase in interest expenses than interest returns.
On the flip side, the total expenses increased by 19.5%, on account of massive increase in non-core expenses.
Nevertheless, the bank received some breather via decline in income tax expenses by 58%.
|
Profit and loss account for the half year ended June 30, 2019 (Rupees'000) |
|||
|---|---|---|---|
|
|
June, 2019 |
June, 2018 |
% Change |
|
Mark-up / return / profit / interest earned |
9,549,836 |
7,085,853 |
34.77% |
|
Mark-up / return / profit / interest expensed |
-6,076,277 |
-3,772,746 |
61.06% |
|
Net Mark-up / return / profit / interest Income |
3,473,559 |
3,313,107 |
4.84% |
|
NON MARK-UP / INTEREST INCOME |
|
|
|
|
Fee and commission income |
1,057,416 |
899,930 |
17.50% |
|
Dividend income |
3,425 |
|
|
|
Foreign exchange (loss) / income |
-741,342 |
144,633 |
|
|
Income / (loss) from derivatives |
1,026,583 |
-10,771 |
|
|
(Loss) / gain on securities |
-39,908 |
-17,367 |
129.79% |
|
Other income |
47,254 |
720,898 |
-93.45% |
|
Total non-markup / Interest Income |
1,353,428 |
1,737,323 |
-22.10% |
|
Total Income |
4,826,987 |
5,050,430 |
-4.42% |
|
NON MARK-UP / INTEREST EXPENSES |
|
|
|
|
Operating expenses |
-3,838,901 |
-3,294,786 |
16.51% |
|
Workers Welfare Fund |
-5,186 |
-21,921 |
-76.34% |
|
Other charges |
-125,092 |
-4,553 |
|
|
Total non-markup / interest expenses |
-3,969,179 |
-3,321,260 |
19.51% |
|
Profit before provisions, extra ordinary / unusual item and taxation |
857,808 |
1,729,170 |
-50.39% |
|
Provisions and write offs – net |
-603,680 |
-655,951 |
-7.97% |
|
PROFIT BEFORE TAXATION |
254,128 |
1,073,219 |
-76.32% |
|
Taxation |
-137,297 |
-327,309 |
-58.05% |
|
PROFIT AFTER TAXATION |
116,831 |
745,910 |
-84.34% |
|
Basic and Diluted Earnings Per Share |
0.01 |
0.08 |
-87.50% |
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