The Board of Directors of Samba Bank Limited (SBL) met on 22nd February 2017 under the chair of Dr Shujaat Nadeem and approved the financial results of the Bank for the year ended December 31, 2016. Despite the challenges in the sector, SBL managed to maintain its performance by registering annual profit growth of around 14 percent in comparison with the preceding year while posting an aggregate profit of Rs 926 million before accounting for taxation.

This is reflected by an increase of 26 percent in the earnings per share (EPS) which rose to Rs 0.54/share during 2016 from Rs 0.43/share during 2015. The Balance Sheet of the Bank has crossed Rs 100bn mark with an increase of Rs 21bn from the preceding period upheld for comparison. In addition, the deposit base of the Bank increased to Rs 50bn mark demonstrating a rise of 30 percent during the year.

The gross mark-up income carried an increase of Rs 214 million to reach up to Rs 5,682 million against its prior Rs 5,468 million mark during 2015. The non-mark-up income of the Bank stood at Rs 1,079 million which has been seen to grow by Rs 274 million from the last year contributed by sustainable diversified growth in all areas of non-funded income including fee, commission, foreign currency dealing, and the trades in debt as well as equity securities. To be in line with the best banking service providers, the Bank has undergone a technological shift and migrated to a state of the art banking system, Temenos 24 on January 1st 2017.-PR

Copyright Business Recorder, 2017