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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Posted on: 2024-08-23T15:22:11+05:00
