Soneri Bank reports Rs6bn profit for 2024, down 2.87% YoY

MG News | February 07, 2025 at 12:57 PM GMT+05:00

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February 07, 2025 (MLN): Soneri Bank Limited (PSX: SNBL) has reported a profit after taxation of Rs6 billion for the year ended December 31, 2024, reflecting a 2.87% decline compared to Rs6.1bn in 2023.

The bank’s earnings per share (EPS) stood at Rs5.35, slightly lower than the previous year’s Rs5.51.

Despite the slight decrease in net profit, the bank’s total income saw an 8.5% increase, reaching Rs32bn in 2024 from Rs29.22bn in 2023.

The growth was primarily driven by a 9.62% rise in net markup/return/interest income, which amounted to Rs24.95bn compared to R22.76bn in the prior year.

Non-markup income, however, saw a modest increase of 4.58%, totaling Rs6.75bn in 2024.

This growth was fueled by a substantial 40.73% increase in fee and commission income, which reached Rs4.34bn.

However, other revenue streams such as dividend income and foreign exchange income declined by 47.94% and 33.62%, respectively.

On the expense side, operating expenses surged by 26.73% to Rs.19.2bn, significantly impacting the bank’s overall profitability.

Total non-markup expenses rose by 26.2% to Rs19.52bn in 2024.

The Workers Welfare Fund expense remained relatively stable at Rs258.16 million, while other charges saw a slight decline of 3.84%.

Soneri Bank's profit before taxation stood at Rs12.64bn, marking a 2.27% year-on-year increase.

A notable turnaround was observed in the credit loss allowance, which showed a net reversal of Rs460.77mn in 2024, compared to a provision and write-off of Rs1.4bn in 2023.

Statement of Profit and loss account for the year ended 31 December 2024 (Rupees in '000)	31-Dec-24	31-Dec-23	%Change
Mark-up / Return / Interest earned	114,093,160	98,033,321	16.38%
Mark-up / Return / Interest expensed	89,145,629	75,274,756	18.43%
Net mark-up / Return / Interest income	24,947,531	22,758,565	9.62%
Fee and commission income	4,342,467	3,085,682	40.73%
Dividend income	115,358	221,566	-47.94%
Foreign exchange income	2,067,175	3,114,189	-33.62%
Gain / (Loss) on securities - net	118,515	(55,088)
Other income	111,198	92,589	20.10%
Total non mark-up / interest income	6,754,713	6,458,908	4.58%
Total income	31,702,244	29,217,473	8.50%
Operating expenses	19,204,120	15,153,572	26.73%
Workers Welfare Fund	258,161	252,439	2.27%
Other charges	62,565	65,065	-3.84%
Total non mark-up / interest expenses	19,524,846	15,471,076	26.20%
Profit before credit loss allowance	12,177,398	13,746,397	-11.41%
Credit loss allowance / provision and write-offs - net	(460,770)	1,389,282
Profit before taxation	12,638,168	12,357,115	2.27%
Taxation	6,736,874	6,281,655	7.25%
Profit after taxation	5,901,294	6,075,460	-2.87%
Basic and diluted earnings per share	5.3528	5.5108

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