SNBL: PAT clocks in at Rs2.4bn, up by 19% YoY

MG News | February 17, 2022 at 05:42 PM GMT+05:00

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February 17, 2022 (MLN): Soneri Bank Limited (PSX: SNBL) has observed an increase of 19% YoY in its profit after tax (PAT) for the year ended on December 31, 2021, from Rs2.4 billion (EPS: Rs2.17) to Rs2.85bn (EPS: Rs2.58), the company filing on PSX showed today.

In conjunction with the results, the board of directors of the bank has announced an interim cash dividend of Rs1.5 per share i.e. 5% for the year ended on December 31, 2021.

Going by the financial statement, the bank witnessed an increase in the net interest income by 2.65% YoY to clock in at Rs10.93bn in CY21, against Rs10.65bn in CY20. While the non-interest income of the bank moved up by 12.68% to stand at Rs4.29bn as compared to the same period last year.

During the review period, the foreign exchange income of the bank soared by almost 12% to reach Rs1.16bn. On the other hand, the capital gain on securities has tumbled by 55% to record at Rs364mn in CY21.

On the expense front, the non-markup interest expenses of SNBL jumped by 13% on the back of higher workers’ welfare fund (up by 40.38%), and operating expenses (up by 13.34%). While, the bank’s expenses in terms of other charges saw a substantial decline of 62% in CY21, compared to the same period last year.

Further, SNBL has booked provisioning reversal of Rs111.9mn during CY21, compared to the provisions of Rs1.4bn corresponding to CY20.

Profit and Loss account for the year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Mark-up/return/interest earned	37,133,146	42,228,185	-12.07%
Mark-up/return/interest expensed	26,195,612	31,572,929	-17.03%
Net mark-up/return/interest income	10,937,534	10,655,256	2.65%
Non-mark-up/interest income
Fee and commission income	2,073,603	1,774,841	16.83%
Dividend income	350,340	134,133	161.19%
Foreign exchage income	1,161,427	1,037,446	11.95%
Gain on sale of securities - net	364,109	818,393
Other income	340,756	42,682	698.36%
Total non-mark-up/interest income	4,290,235	3,807,495	12.68%
Total income	15,227,769	14,462,751	5.29%
Non mark-up/interest expense
Operating expenses	10,038,717	8,857,542	13.34%
Workers' welfare fund	120,333	85,718	40.38%
Other charges	31,456	83,033	-62.12%
Total non-mark-up/interest expenses	10,190,506	9,026,293	12.90%
Profit before provisions	5,037,263	5,436,458	-7.34%
(Reverals) / provisions and writeoffs - net	(111,956)	1,401,703	-
Profit before taxation	5,149,219	4,034,755	27.62%
Taxation	2,295,072	1,634,483	40.42%
Profit after taxation	2,854,147	2,400,272	18.91%
Earnings per share - basic (Rs)	2.58	2.17	18.89%

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