Silkbank’s losses nearly double to Rs12.3bn in 2021

MG News | November 14, 2024 at 03:15 PM GMT+05:00

0:00

November 14, 2024 (MLN): Silkbank Limited (PSX: SILK) reported its annual financial statement for the year ended December 31, 2021, showing a substantial increase in losses to Rs12.28 billion (LPS: Rs1.35).

This compares to a loss of Rs6.57bn (LPS: Rs0.72) in the previous year.

The widening losses were driven by negative non-markup income and significantly higher tax expenses.

Going by the income statement made available by the company on the PSX, the bank saw its net markup interest income rise 64.61% to Rs2.89bn in 2021.

Conversely, the bank’s total non-markup income fell to a negative Rs3.92bn, driven by a shift from income on securities to losses, along with substantial other losses reported by the bank.

The bank's total non-mark-up/interest expenses of SILK stood at Rs7.61bn, unchanged compared to 2020.

SBL's net credit loss allowance and write-offs inched up to Rs9.95bn during the review year.

On the tax front, the bank paid Rs3.66bn, against a tax expense of Rs3.12bn reported in 2020.

Profit and Loss Account for the year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Mark-up/return/interest earned	16,605,275	22,660,455	-26.72%
Mark-up/return/interest expensed	(13,772,039)	(20,939,321)	-34.23%
Net mark-up/ interest income	2,833,236	1,721,134	64.61%
NON MARK-UP/INTEREST INCOME
Fee, commission and brokerage income	2,358,726	2,233,451	5.61%
Dividend income	-	10,673	-100.00%
Income from dealing in foreign currencies	279,879	228,626	22.42%
Loss on derivatives	(81,093)	98,162
Loss on sale of securities - net	(1,580,710)	3,737,433	-182.61%
Other income	(4,897,308)	(212,329)	2206.47%
Total non-mark-up /interest income	(3,920,506)	6,096,016	-164.31%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	(7,453,013)	(7,574,453)	-1.60%
Workers Welfare Fund	-	-	-
Other charges	(152,583)	(35,561)	329.07%
Total non-mark-up /interest expenses	(7,605,596)	(7,610,014)	-0.06%
Other (provisions)/(write-off)/reversal - net	(9,946,449)	(9,898,597)	0.48%
Extra-ordinary/unusual items		-
Profit before taxation	(18,639,315)	(9,691,461)	92.33%
Taxation	6,358,094	3,119,609	103.81%
Loss after taxation	(12,281,221)	(6,571,852)	86.88%
Loss per share (basic and diluted)	(1.35)	(0.72)	-

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	169,864.53 309.70M	0.77% 1289.83
ALLSHR	102,725.13 871.92M	0.54% 553.85
KSE30	51,670.42 144.06M	0.97% 495.07
KMI30	244,230.82 127.19M	0.88% 2126.86
KMIALLSHR	67,141.83 400.81M	0.66% 438.06
BKTi	45,511.25 34.21M	0.74% 335.27
OGTi	33,787.05 15.45M	0.86% 288.90

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	90,330.00	93,070.00 89,640.00	-1680.00 -1.83%
BRENT CRUDE	61.22	61.86 60.81	-0.06 -0.10%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	1.00 1.11%
ROTTERDAM COAL MONTHLY	97.30	97.30 97.30	0.90 0.93%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	57.53	58.19 57.15	-0.07 -0.12%
SUGAR #11 WORLD	15.10	15.27 14.83	0.25 1.68%