Soneri Bank records a 26% growth in earnings during 2020

By MG News | February 17, 2021 at 02:51 PM GMT+05:00

0:00

February 17, 2021 (MLN): Soneri Bank Limited has earned Rs. 2.4 billion (EPS: 2.1772) during the year ended December 31, 2020, which is about 26% higher as compared to the profits earned last year.

The Bank also announced a final Cash Dividend of Rs. 1.25 per share i.e. 12.50% for the year.

According to the financial report issued by the company, the net interest income rose by 34% during the year owing to higher interest income earned. The non-interest income also increased by nearly 33% despite a fall in fee income by 5%, dividend income by 59%, and forex income by 9%.

The total expenses of the bank increased by 11% due to an increase in operating expenses by 8% and payment of Rs. 85.7 million made in workers’ welfare fund.

The financial position of the bank was further dented by provisions of Rs. 1.4 billion recorded during the year, as well as an increase in income tax expense by 22%

Consolidated Financial Results for the year ended December 31, 2020 (Rupees in '000)
	Dec-20	Dec-19	% Change
Mark-up/return/interest earned	42,228,185	38,790,413	8.9%
Mark-up/return/interest expensed	(31,572,929)	(30,864,247)	2.3%
Net mark-up and interest income	10,655,256	7,926,166	34.4%
NON-MARK-UP / INTEREST INCOME
Fee and commission income	1,774,841	1,874,447	-5.3%
Dividend income	134,133	332,221	-59.6%
Foreign exchange income	1,037,446	1,141,514	-9.1%
Income/(loss) from derivatives
Gain/(loss) on securities - net	818,393	(523,831)
Other income	42,682	36,811	15.9%
Total non-markup / interest income	3,807,495	2,861,162	33.1%
Total income	14,462,751	10,787,328	34.1%
NON-MARK-UP / INTEREST EXPENSES
Operating expenses	(8,857,542)	(8,190,466)	8.1%
Workers welfare fund - net	(85,718)	120,733
Other charges	(83,033)	(59,748)	39.0%
Total non-markup / interest expenses	(9,026,293)	(8,129,481)	11.0%
Profit before provisions	5,436,458	2,657,847	104.5%
Provisions/(Reversals) and write offs - net	(1,401,703)	588,899
Extra-ordinary / unusual items
PROFIT BEFORE TAXATION	4,034,755	3,246,746	24.3%
Taxation	(1,634,483)	(1,340,722)	21.9%
PROFIT AFTER TAXATION	2,400,272	1,906,024	25.9%
Basic and diluted earnings per share	2.1772	1.7289	25.9%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	130,155.03 317.22M	1.53% 1955.60
ALLSHR	80,958.20 942.86M	1.47% 1170.58
KSE30	39,815.78 129.84M	1.82% 710.78
KMI30	189,161.51 136.41M	1.20% 2245.90
KMIALLSHR	54,726.45 468.69M	0.97% 524.57
BKTi	34,846.46 52.56M	4.09% 1369.78
OGTi	28,198.13 12.77M	0.84% 235.55

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,215.00	108,340.00 105,440.00	2465.00 2.33%
BRENT CRUDE	67.72	67.75 66.94	0.61 0.91%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.75 0.78%
ROTTERDAM COAL MONTHLY	103.80	0.00 0.00	-3.70 -3.44%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.03	66.06 65.23	0.58 0.89%
SUGAR #11 WORLD	15.92	15.97 15.77	0.22 1.40%