Soneri Bank witnesses a 6.8% increase in net profits

By MG News | February 13, 2020 at 03:42 PM GMT+05:00

0:00

February 13, 2020 (MLN): Soneri Bank Limited has announced the financial result for the year ended December 31, 2019, as per which the bank has witnessed a growth of 6.8% in its net earnings, from Rs. 1.78 billion last year to Rs. 1.9 billion this year.

The Net Mark-up Income of the bank rose by nearly 14% during the period, despite a substantial rise of 110% in the interest expense. On the other hand, the Non-Markup Interest Income fell by 12.2% owing to presence of losses pertaining to sale of securities.

The operating expense of the Bank swelled by 10.3%, while Workers’ Welfare Fund and Other charges increased by 97.6% and 191.6% respectively.

Another significant highlight of the results was the sevenfold increase in reversals, from Rs. 71 million last year to Rs. 588 million this year, which exerted further downward pressure on the earnings.

The Board of Directors of the Bank also announced a Final Cash Dividend of Rs. 1 for the aforesaid period.

Profit and Loss account for the year ended December 31, 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Mark-up/return/interest earned	38,790,413	21,599,792	79.59%
Mark-up/return/interest expensed	30,864,247	14,646,799	110.72%
Net mark-up/return/interest income	7,926,166	6,952,993	14.00%
Non mark-up/interest income
Fee and commission income	1,874,447	1,705,716	9.89%
Dividend income	332,221	258,938	28.30%
Foreign exchange income	1,141,514	988,637	15.46%
(Loss) / Gain on sale of securities - net	(523,831)	260,127
Other income	36,811	46,753	-21.26%
Total non-mark-up/interest income	2,861,162	3,260,171	-12.24%
Total income	10,787,328	10,213,164	5.62%
Non mark-up/interest expense
Operating expenses	8,190,466	7,420,176	10.38%
Workers' welfare fund	(120,733)	(61,077)	97.67%
Other charges	59,748	20,484	191.68%
Total non-mark-up/interest expenses	8,129,481	7,379,583	10.16%
Profit before provisions	2,657,847	2,833,581	-6.20%
(Reversals) / provisions and write-offs - net	(588,899)	(71,072)	728.59%
Extraordinary / unusual items	-	-
Profit before taxation	3,246,746	2,904,653	11.78%
Taxation	1,340,722	1,120,989	19.60%
Profit after taxation	1,906,024	1,783,664	6.86%
Earnings per share - basic and diluted (rupees)	1.7289	1.6179	6.86%

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