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

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MG News | 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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