Soneri Bank reports strong 18.2% YoY profit growth in Q1 2024

By MG News | April 30, 2024 at 03:21 PM GMT+05:00

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April 30, 2024 (MLN): Soneri Bank Limited (PSX: SNBL) has revealed its financial statement today for quarter ended March 31, 2024, as per which the bank posted a profit worth Rs1.76 billion [EPS: Rs1.5965], depicting an 18.2% YoY rise compared to Rs1.49bn [EPS: Rs1.35] profit earned in the same period last year (SPLY).

Going by the income statement, the bank witnessed an increase of 20.87% YoY in its net interest income (NII) to stand at Rs5.85bn, compared to Rs4.84bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs27.51bn), up by around 40% YoY.

On the other hand, the bank’s total non-markup income dropped by 98.50% YoY to Rs1.6bn, owing to a significant drop in Foreign exchange income.

On the expense side, the bank’s total non-markup expenses increased by 25.38% to Rs4.38bn in Q12024 compared to Rs3.5bn in Q12023.

The increase was attributed to the jump of 26.41% YoY in operating expenses, rising from Rs3.41bn in Q12023 to Rs4.31bn in Q12024.

Similarly, SNBL’s expenses towards the Workers' welfare fund also went up during the review period, while they fell significantly on other charges.

In addition, the bank incurred a provision reversal of Rs487.51m during the review period compared to the provision expense of Rs417.24m in the corresponding period last year.

On the tax front, the bank paid Rs1.79bn, 48.85% YoY higher than the amount paid in Q12023.

Condensed interim profit and loss account for the quarter ended March 31, 2024 ('000 Rupees)
	Mar-24	Mar-23	% Change
Mark-up/return/interest earned	27,513,674	19,700,985	39.66%
Mark-up/return/interest expensed	21,665,000	14,862,155	45.77%
Net mark-up/return/interest income	5,848,674	4,838,830	20.87%
Non mark-up/interest income
Fee and commission income	969,097	665,358	45.65%
Dividend income	12,172	51,177	-76.22%
Foreign exchange income	509,635	1,055,487	-51.72%
(Loss) / Gain on sale of securities - net	85,626	-29,367	-391.57%
Other income	26,578	27,479	-3.28%
Total non-mark-up/interest income	1,603,108	1,770,134	-98.50%
Total income	7,451,782	6,608,964	12.75%
Non mark-up/interest expense
Operating expenses	4,309,757	3,409,320	26.41%
Workers' welfare fund	75,023	60,377	24.26%
Other charges	120	27,571	-
Total non-mark-up/interest expenses	4,384,900	3,497,268	25.38%
Profit before provisions	3,066,882	3,111,696	-1.44%
Credit loss allowance and write offs - net	-487,510	417,235	-216.84%
Extraordinary / unusual items	-	-
Profit before taxation	3,554,392	2,694,461	31.91%
Taxation	1,794,361	1,205,448	48.85%
Profit after taxation	1,760,031	1,489,013	18.20%
Earnings per share - basic and diluted (rupees)	1.5965	1.3506	-

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