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

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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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