SNBL declares Rs1.25 DPS as profit spikes 39% in Q2 CY24

By MG News | Category Equity | August 23, 2024 at 03:22 PM GMT+05:00

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August 23, 2024 (MLN): Soneri Bank Limited (PSX: SNBL) has revealed its financial statement today for quarter ended June 30, 2024, as per which the bank posted a profit worth Rs1.44 billion [EPS: Rs1.3093], depicting a growth of 39.11% compared to Rs1.04bn [EPS: Rs0.9412] profit earned in the same period last year (SPLY).

The Board of Directors (BoD) has also recommended an interim cash dividend of Rs1.25 per share i.e. 12.5%.

Going by the income statement, the bank witnessed an increase of 8.79% YoY in its net interest income (NII) to stand at Rs5.75bn, compared to Rs5.29bn in SPLY.

The surge in NII is due to a jump in interest-earning (Rs29.39bn), up by around 23% YoY.

Similarly, the bank’s total non-markup income increased significantly by 79.22% YoY to Rs2bn.

On the expense side, the bank’s total non-markup expenses surged by 30.6% to Rs4.65bn in Q2 2024 compared to Rs3.56bn in Q2 2023.

The increase was attributed to the jump of 29.98% YoY in operating expenses.

Similarly, SNBL’s expenses towards the Workers' welfare fund and other charges also went up during the review period.

In addition, the bank incurred a provision reversal of Rs165.06m during the review period compared to Rs329.81m in the corresponding period last year.

On the tax front, the bank paid Rs1.49bn, 1.31% YoY higher than the amount paid in Q2 2023.

Condensed interim profit and loss account for the quarter ended June 30, 2024 ('000 Rupees)
	Jun-24	Jun-23	% Change
Mark-up/return/interest earned	29,387,446	23,926,422	22.82%
Mark-up/return/interest expensed	23,637,675	18,641,271.00	26.80%
Net mark-up/return/interest income	5,749,771	5,285,151	8.79%
Non mark-up/interest income
Fee and commission income	1,100,225	681,981	61.33%
Dividend income	101,214	94,195	7.45%
Foreign exchange income	576,211	390,048	47.73%
(Loss) / Gain on sale of securities - net	202,972	-77,489	-361.94%
Other income	21,940	28,667	-23.47%
Total non-mark-up/interest income	2,002,562	1,117,402	79.22%
Total income	7,752,333	6,402,553	21.08%
Non mark-up/interest expense
Operating expenses	4,558,865	3,507,487	29.98%
Workers' welfare fund	57,475	52,439	9.60%
Other charges	32,939	0	-
Total non-mark-up/interest expenses	4,649,279	3,559,926	30.60%
Profit before provisions	3,103,054	2,842,627	9.16%
Credit loss allowance and write offs - net	165,065	329,808	-49.95%
Extraordinary / unusual items	-	-
Profit before taxation	2,937,989	2,512,819	16.92%
Taxation	1,494,519	1,475,177	1.31%
Profit after taxation	1,443,470	1,037,642	39.11%
Earnings per share - basic and diluted (rupees)	1.3093	0.9412	-

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