By Hifsa Raja

The Summit Bank Limited’s interest expense was Rs482 million in the first three months ending March 31, 2022, compared with Rs313 million in the corresponding period of the previous year. In FY22, the interest expense grew, while the interest income declined, reports WealthPK.

The interest income shows a decline of Rs181 million in 3MFY22 from Rs182 million in 3MFY21.

Similarly, the loss before taxation registered an increase during the three-month period of FY22 to reach Rs1.77 billion from a Rs1.73 billion loss in the corresponding period of FY21.

The loss after taxation shows an increase from Rs1.81 billion in three months of FY22 compared with Rs1.16 billion over the corresponding period of FY21, reports WealthPK.

Financial Performance

During the Fiscal Year 20-21, the company’s interest expense was Rs1.1 billion over Rs1.4 billion in 2019-20. 

The company’s interest income was Rs1.37 billion in 2020-21 over Rs1.56 billion in 2019-20. 

The loss before taxation was Rs4.95 billion in 2020-21 and over Rs10 billion in 2019-20.

The loss after taxation for FY21 was Rs2.91 billion from a Rs6.93 billion loss in FY20.

Earnings Per Share

The earnings per share was minus Rs3.32 in 2018, minus Rs3.58 in 2019, minus Rs2.63 in 2020 and minus Rs1.09 in 2022.

As of December 31, 2021, directors have 17 shares of the company, associated companies, undertakings, and related parties 68.01%, banks, development financial institutions, non-banking financial institutions 6%, foreign shareholders 3.32%, individuals 14.41%, and others 8.26%.

Profit or loss over the years:

The total income was positive over the previous three years, which is good news for the company. The company was in profit from 2016 to 2018. However, the profits were low and the losses were substantial from 2018 to 2021.

In 2016, the total return on equity was negative for the last few years.

Summit Bank Limited was incorporated in Pakistan as a public company on December 9, 2005, under the repealed Companies Ordinance, 1984.

Credit : Independent News Pakistan-WealthPk