Silkbank Limited’s profits drop by 84%

MG News | August 28, 2019 at 11:53 AM GMT+05:00

0:00

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%

Copyright Mettis Link News

Related News

Hala Enterprises to increase weaving capacity by 75%

PSX Closing Bell: Flatlined but Holding On

PACRA maintains Nimir Chemicals' ratings

Name	Price/Vol	%Chg/NChg
KSE100	156,177.82 367.85M	-0.00% -3.12
ALLSHR	95,630.38 1,498.37M	-0.06% -60.44
KSE30	47,678.47 206.79M	-0.08% -35.92
KMI30	229,682.22 174.86M	-0.02% -39.87
KMIALLSHR	64,366.76 638.47M	-0.08% -53.31
BKTi	41,922.80 89.51M	-0.11% -46.72
OGTi	31,735.79 16.87M	-0.80% -255.97

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	115,800.00	117,685.00 114,850.00	-1290.00 -1.10%
BRENT CRUDE	67.84	68.59 67.62	-0.63 -0.92%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	93.50	93.50 93.50	0.15 0.16%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	63.93	64.67 63.69	-0.59 -0.91%
SUGAR #11 WORLD	16.23	16.59 16.23	-0.33 -1.99%