August 24, 2021 (MLN): Soneri Bank Limited (PSX: SNBL) has posted a surge of 61.36% YoY in its profitability for the half-year ended June 30, 2021 from Rs1.13 billion (EPS: 1.02) to Rs1.82bn (EPS: 1.65).
The growth in the bank’s earnings was mainly led by provision reversals booked during the review period.
Going by the financial statement sent to PSX today, the bank witnessed an increase in the net interest income by 6.54% YoY to clock in at Rs5.7bn in 1HCY21, against Rs5.35bn in 1HCY20. On the other hand, non-interest income of bank saw a meagre decline of 0.53% to stand at Rs2.05bn as compared to the same period last year.
During the review period, foreign exchange income of the bank plunged by 24.16% to reach Rs473.31million while, the capital gain on securities has also tumbled by 7.10% to record at Rs463mn in 1HCY21.
On the expense front, the non-markup interest expenses of SNBL jumped by 12.19% on the back of higher workers’ welfare fund (up by 53%), and operating expenses (up by 13.29%). While, the bank’s expenses in terms of other charges saw a substantial decline of 82.45% in 1HCY21, compared to the same period last year.
Further, SNBL has booked provisioning reversal of Rs270.45mn during 1HCY21, compared to the provisions of Rs1.03bn corresponding to the same period of CY20 which provided a boost to the Bank’s earnings.
|
Profit and Loss account for the half year ended June 30, 2021 ('000 Rupees) |
|||
|
June'21 |
June'20 |
% Change |
|
|
Mark-up/return/interest earned |
18,567,944 |
23,388,495 |
-20.61% |
|
Mark-up/return/interest expensed |
12,863,000 |
18,033,530 |
-28.67% |
|
Net mark-up/return/interest income |
5,704,944 |
5,354,965 |
6.54% |
|
Non mark-up/interest income |
|||
|
Fee and commission income |
987,686 |
837,227 |
17.97% |
|
Dividend income |
103,610 |
81,951 |
26.43% |
|
Foreign exchage income |
473,312 |
624,095 |
-24.16% |
|
(Loss) / Gain on sale of securities – net |
463,089 |
498,492 |
|
|
Other income |
23,528 |
20,332 |
15.72% |
|
Total non-mark-up/interest income |
2,051,225 |
2,062,097 |
-0.53% |
|
Total income |
7,756,169 |
7,417,062 |
4.57% |
|
Non mark-up/interest expense |
|||
|
Operating expenses |
4,920,989 |
4,339,061 |
13.41% |
|
Workers' welfare fund |
65,969 |
43,120 |
52.99% |
|
Other charges |
13,130 |
74,812 |
-82.45% |
|
Total non-mark-up/interest expenses |
5,000,088 |
4,456,993 |
12.19% |
|
Profit before provisions |
2,756,081 |
2,960,069 |
-6.89% |
|
(Reversals) / provisions and writeoffs – net |
(270,445) |
1,029,121 |
|
|
Extraordinary / unusual items |
– |
– |
|
|
Profit before taxation |
3,026,526 |
1,930,948 |
56.74% |
|
Taxation |
1,204,264 |
801,643 |
50.22% |
|
Profit after taxation |
1,822,262 |
1,129,305 |
61.36% |
|
Earnings per share – basic (rupees) |
1.6529 |
1.0243 |
61.37% |
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