Samba Bank Turns Profitable in 2023, Registers Rs1.24bn Net Profit

Samba Bank Limited (PSX: SBL) swung to a profit in 2023, as its net profit reached Rs1.24bn [EPS: Rs1.225] compared to a loss of Rs427.94m [LPS: Rs0.42] recorded in 2022.

Going by the income statement made available by the company on the PSX, the bank witnessed an increase of 71.14% YoY in its markup interest income to clock in at Rs8.1bn against Rs4.73bn incurred in the same period last year (SPLY).

Similarly, the bank’s total non-markup interest income increased by 4.95x YoY to Rs1.21 as compared to Rs244.11m reported in SPLY.

This growth in non-markup income is attributed to a substantial reduction in the bank’s loss on securities, which reduced to Rs399.97m compared to Rs1.28bn in 2022.

Accordingly, the bank’s total income was recorded at Rs9.31bn as against Rs4.98bn in SPLY, reflecting a growth of 87.02% YoY.

The nine months’ total non-mark-up/interest expenses of SBL stood at Rs4.83bn, up by 19.01% YoY.

On the taxation front, the bank paid Rs958.02m, against a tax rebate of Rs497.95m reported in 2022.