Soneri Bank observes decent gains in bottom-line earnings

MG News | April 24, 2019 at 05:04 PM GMT+05:00

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April 24, 2019 (MLN): Soneri Bank Limited (SNBL)’s net profit for the quarter ended March 31, 2019 has been reported at Rs.723 million (EPS: Rs.0.6561) which is a decent improvement of 9.6% compared to the results recorded in the corresponding quarter, last year.

The bank’s net mark-up/return/interest income (Rs.2 billion) grew by 22.5% while total non-mark-up/interest income (Rs.665.3 million) dropped by 28% on a year-on-year basis, on account of net losses on sale of securities and considerable decline of 31% in foreign exchange income which stands at Rs.150.9 million.

Despite this, the bank’s total income Rs.2.7 billion grew by 4.4% over the year, this quarter. On the other hand, total expenses Rs.2.1 billion grew by 16.4%.

Profit and Loss account for the quarter ended March 31, 2019 ('000 Rupees)
	Mar-19	Mar-18	% Change
Mark-up/return/interest earned	7,495,098	4,657,512	60.92%
Mark-up/return/interest expensed	5,434,872	2,975,537	82.65%
Net mark-up/return/interest income	2,060,226	1,681,975	22.49%
Non mark-up/interest income
Fee and commission income	455,288	410,456	10.92%
Dividend income	55,493	47,197	17.58%
Foreign exchange income	150,933	218,951	-31.07%
(Loss) / Gain on sale of securities - net	(4,541)	244,353
Other income	8,095	8,682	-6.76%
Total non-mark-up/interest income	665,268	929,639	-28.44%
Total income	2,725,494	2,611,614
Non mark-up/interest expense
Operating expenses	2,072,602	1,783,687	16.20%
Workers' welfare fund	25,515	22,805
Other charges	3,691	-	#DIV/0!
Total non-mark-up/interest expenses	2,101,808	1,806,492	16.35%
Profit before provisions	623,686	805,122
(Reversals) / provisions and write-offs - net	(577,354)	(210,681)
Extraordinary / unusual items	-	-
Profit before taxation	1,201,040	1,015,803	18.24%
Taxation	477,733	355,791	34.27%
Profit after taxation	723,307	660,012	9.59%
Earnings per share - basic and diluted (rupees)	0.6561	0.5987	9.59%

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