Silkbank Limited’s profits drop by 84%

By 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

PSX in FY25: From Oof to Boom

PSX Closing Bell: Record Breaker

BAPL works to resume core operations

Name	Price/Vol	%Chg/NChg
KSE100	131,073.13 5.53M	0.56% 729.10
ALLSHR	81,523.98 15.78M	0.62% 499.99
KSE30	40,156.45 3.82M	0.62% 248.19
KMI30	191,036.81 4.17M	0.79% 1501.80
KMIALLSHR	55,167.16 10.34M	0.70% 383.50
BKTi	35,110.59 0.16M	0.49% 169.85
OGTi	28,704.66 1.35M	1.44% 408.60

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	109,300.00	110,105.00 109,200.00	-985.00 -0.89%
BRENT CRUDE	68.63	69.00 68.41	-0.48 -0.69%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.75 0.78%
ROTTERDAM COAL MONTHLY	109.20	110.00 108.25	1.70 1.58%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.99	67.50 66.78	-0.46 -0.68%
SUGAR #11 WORLD	15.56	15.97 15.44	-0.14 -0.89%