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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Posted on: 2024-04-30T15:21:10+05:00
