Summit Bank faces extreme losses in 2017

Summit Bank has posted an unconsolidated loss of Rs 1.14 billion for the year that ended on December 31, 2017, which is 47.56% less than its loss of Rs 2.17 billion in the preceding year.

The bank is set to transfer its huge losses to Sindh Bank after its merger with the provincial government-owned bank.

The bank reserves have also seen a decline of Rs 6.3 billion, compared to a loss of Rs 1.72 billion last year.

A stock notice on Monday reported (diluted) loss per share of Summit Bank at Rs. 0.51 as opposed to a loss of Re. 1 in 2016. The board of directors did not announce any cash dividend.

The net interest income of the bank amounted to Rs 2.89 billion in 2017, up 4.33% from a year ago.

The net interest income after provisions was increased to Rs. 3.04 billion, up 238% as compared to Rs 889 million in the same period last year.

Deposits in the bank increased by 2% to Rs 145.72 billion at the end of 2017 as compared to last year’s Rs 142.87 billion. Summit Bank’s investments rose 5.15% to Rs 95.23 billion by the end of 2017.

At the time of filing this report, SMBL’s script at the bourse was trading at Rs 2.53, down by -3.44% with a turnover of 250,000 shares.

Hey, I'm Isra Shams, the Managing Editor at Brands Magazine & FHM Pakistan. My passion is writing and I want to make a difference in the world with the power of the pen!