February 17, 2021 (MLN): Soneri Bank Limited has earned Rs. 2.4 billion (EPS: 2.1772) during the year ended December 31, 2020, which is about 26% higher as compared to the profits earned last year.
The Bank also announced a final Cash Dividend of Rs. 1.25 per share i.e. 12.50% for the year.
According to the financial report issued by the company, the net interest income rose by 34% during the year owing to higher interest income earned. The non-interest income also increased by nearly 33% despite a fall in fee income by 5%, dividend income by 59%, and forex income by 9%.
The total expenses of the bank increased by 11% due to an increase in operating expenses by 8% and payment of Rs. 85.7 million made in workers’ welfare fund.
The financial position of the bank was further dented by provisions of Rs. 1.4 billion recorded during the year, as well as an increase in income tax expense by 22%
|
Consolidated Financial Results for the year ended December 31, 2020 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-20 |
Dec-19 |
% Change |
|
|
Mark-up/return/interest earned |
42,228,185 |
38,790,413 |
8.9% |
|
Mark-up/return/interest expensed |
(31,572,929) |
(30,864,247) |
2.3% |
|
Net mark-up and interest income |
10,655,256 |
7,926,166 |
34.4% |
|
NON-MARK-UP / INTEREST INCOME |
|||
|
Fee and commission income |
1,774,841 |
1,874,447 |
-5.3% |
|
Dividend income |
134,133 |
332,221 |
-59.6% |
|
Foreign exchange income |
1,037,446 |
1,141,514 |
-9.1% |
|
Income/(loss) from derivatives |
|||
|
Gain/(loss) on securities – net |
818,393 |
(523,831) |
|
|
Other income |
42,682 |
36,811 |
15.9% |
|
Total non-markup / interest income |
3,807,495 |
2,861,162 |
33.1% |
|
Total income |
14,462,751 |
10,787,328 |
34.1% |
|
NON-MARK-UP / INTEREST EXPENSES |
|||
|
Operating expenses |
(8,857,542) |
(8,190,466) |
8.1% |
|
Workers welfare fund – net |
(85,718) |
120,733 |
|
|
Other charges |
(83,033) |
(59,748) |
39.0% |
|
Total non-markup / interest expenses |
(9,026,293) |
(8,129,481) |
11.0% |
|
Profit before provisions |
5,436,458 |
2,657,847 |
104.5% |
|
Provisions/(Reversals) and write offs – net |
(1,401,703) |
588,899 |
|
|
Extra-ordinary / unusual items |
|||
|
PROFIT BEFORE TAXATION |
4,034,755 |
3,246,746 |
24.3% |
|
Taxation |
(1,634,483) |
(1,340,722) |
21.9% |
|
PROFIT AFTER TAXATION |
2,400,272 |
1,906,024 |
25.9% |
|
Basic and diluted earnings per share |
2.1772 |
1.7289 |
25.9% |
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