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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