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HomeEquitySilkbank Limited’s profits drop by 84%

Silkbank Limited’s profits drop by 84%

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

Posted on: 2019-08-28T11:53:00+05:00

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