JS Bank, Samba Bank profit increase more than 90%
JS Bank declares cash dividend of Rs1.2 per share
JS Bank declares cash dividend of Rs1.2 per share. PHOTO: FILE
KARACHI:
JS Bank posted a net profit of Rs2 billion in 2015, which is 91% higher than its earnings recorded in the preceding year.
According to a stock filing on Monday, the bank’s board of directors also announced a cash dividend of Rs1.20 per preference share issued by the bank.
The net interest income of JS Bank after post-provisions clocked up at Rs4.7 billion in 2015, up 57.2% from a year ago. In contrast, the year-on-year increase in the non-interest income of the bank equalled 27%. Non-interest income amounted to almost Rs3.3 billion, as the gain on the sale of securities rose 52.7% over the year. Fee, commission and brokerage income increased 34.6% to Rs1.1 billion in 2015, which helped grow non-interest income despite a year-on-year decrease of 37.3% in dividend income.
The tax expense of JS Bank increased almost 110% year on year to Rs1.1 billion in 2015. The effective tax rate increased to 36.1% from 34% in 2014.
With 213,000 shares changing hands on Monday, the JS Bank stock closed at Rs6.85 per share, down 1.8% from a day ago. Meanwhile, Samba Bank also announced on Monday earnings of Rs430.6 million for 2015, up 90.4% from the preceding year. The rise in Samba Bank’s profitability was on the back of its non-interest income. Increasing by 270.6% over the year, it clocked up at Rs805.2 million. The substantial rise in non-interest income of the bank took place because its net gain on the sale of securities amounted to Rs484.7 million, up 13 times from a year ago.
As opposed to significant increase in non-interest income, Samba Bank posted relatively slower growth in its net interest income. It rose 10.9% year on year to clock up Rs2.1 billion at the end of 2015. With 136,500 shares changing hands on Monday, the Samba Bank stock closed at Rs6.80 per share, down 8.8% from a day ago.
Published in The Express Tribune, February 23rd, 2016.
JS Bank posted a net profit of Rs2 billion in 2015, which is 91% higher than its earnings recorded in the preceding year.
According to a stock filing on Monday, the bank’s board of directors also announced a cash dividend of Rs1.20 per preference share issued by the bank.
The net interest income of JS Bank after post-provisions clocked up at Rs4.7 billion in 2015, up 57.2% from a year ago. In contrast, the year-on-year increase in the non-interest income of the bank equalled 27%. Non-interest income amounted to almost Rs3.3 billion, as the gain on the sale of securities rose 52.7% over the year. Fee, commission and brokerage income increased 34.6% to Rs1.1 billion in 2015, which helped grow non-interest income despite a year-on-year decrease of 37.3% in dividend income.
The tax expense of JS Bank increased almost 110% year on year to Rs1.1 billion in 2015. The effective tax rate increased to 36.1% from 34% in 2014.
With 213,000 shares changing hands on Monday, the JS Bank stock closed at Rs6.85 per share, down 1.8% from a day ago. Meanwhile, Samba Bank also announced on Monday earnings of Rs430.6 million for 2015, up 90.4% from the preceding year. The rise in Samba Bank’s profitability was on the back of its non-interest income. Increasing by 270.6% over the year, it clocked up at Rs805.2 million. The substantial rise in non-interest income of the bank took place because its net gain on the sale of securities amounted to Rs484.7 million, up 13 times from a year ago.
As opposed to significant increase in non-interest income, Samba Bank posted relatively slower growth in its net interest income. It rose 10.9% year on year to clock up Rs2.1 billion at the end of 2015. With 136,500 shares changing hands on Monday, the Samba Bank stock closed at Rs6.80 per share, down 8.8% from a day ago.
Published in The Express Tribune, February 23rd, 2016.