Soneri Bank records a 26% growth in earnings during 2020

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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Posted on: 2021-02-17T14:51:00+05:00

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