October 26, 2018 (MLN): Soneri Bank Limited (SNBL) has reported its cumulative profit for the three quarters of current year at Rs.1.3 billion, marking an increase of 5% over the gains in the corresponding period of last year.
SNBL’s net mark-up/return/interest income after provisions was uplifted considerably (+Rs.654 million), by reversals on provision against loans and advances (Rs.317.4 million).
However, as gain on sales of securities dropped by 73% (-Rs.758 million) it had the largest impact on the fall of total non-mark-up/interest income (-Rs.338 million).
Moreover, administrative expenses rose by Rs.251 million.
Nonetheless, Soneri Bank not only balanced the negative impact of these components, but also managed to ensure growth in profits.
SNBL’s basic and diluted earnings per share are Rs.1.17 per share.
Profit and Loss account for the nine months ended September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
| Sep-18 | Sep-17 | % Change |
Mark-up/return/interest earned | 15,114,013 | 13,653,406 | 10.70% |
Mark-up/return/interest expensed | 9,971,567 | 8,747,880 | 13.99% |
Net mark-up/return/interest income | 5,142,446 | 4,905,526 | 4.83% |
(Reversal of Provision)/provision against loans and advances – net | (317,432) | 99,756 |
|
Reversal of provision against diminution in the value of investments – net | – | – |
|
Bad debts written off directly | – | 12 |
|
Net mark-up/return/interest income after provisions | 5,459,878 | 4,805,758 | 13.61% |
Non mark-up/interest income |
|
|
|
Fee, commission and brokerage income | 1,167,838 | 1,041,700 | 12.11% |
Dividend income | 152,973 | 146,048 | 4.74% |
Income from dealing in foreign currencies – net | 565,414 | 283,787 | 99.24% |
Unrealized loss on revaluation of investments classified as held-for-trading – net | (2,069) | 3,298 |
|
Gain on sale of securities – net | 275,100 | 1,032,986 | -73.37% |
Other income | 32,666 | 22,227 | 46.97% |
Total non-mark-up/interest income | 2,191,922 | 2,530,046 | -13.36% |
Non mark-up/interest expense |
|
|
|
Administrative expenses | 5,416,289 | 5,165,321 | 4.86% |
Provision against other assets – net | – | – |
|
Other charges | 68,242 | 70,775 | -3.58% |
Total non-mark-up/interest expenses | 5,484,531 | 5,236,096 | 4.74% |
Extraordinary/ unusual items | – | – |
|
Profit before taxation | 2,167,269 | 2,099,708 | 3.22% |
Taxation | 873,661 | 868,361 | 0.61% |
Profit after taxation | 1,293,608 | 1,231,347 | 5.06% |
Earnings per share – basic and diluted (rupees) | 1.17 | 1.12 | 4.46% |
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