Soneri Bank's earnings increase by 16% during 1HCY20

MG News | August 27, 2020 at 11:50 AM GMT+05:00

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August 27, 2020 (MLN): Soneri Bank has reported a 16% increase in its profits for the half-year ended June 30, 2020, from Rs. 974.9 million (EPS: 0.8844) to Rs. 1.13 billion (EPS: 1.0243).

The growth in the bank’s earnings was mainly led by an increase in the net interest income by 37%, as well as non-interest income by 89%. Both of these factors prompted the total income to increase by 49%.

The massive increase in non-interest income can be attributed to Foreign exchange income and non-core income, as both of them increase by 19% and 24%, respectively. The presence of capital gains further helped in alleviating the total income of the bank.

On the other hand, the total expenses surged by just 11%, that too because of higher operating expenses and non-core charges.

The biggest blow to the financial position of Soneri Bank was the payment of provisions amounting to Rs. 1.02 billion, which ultimately caused the profit margins to lessen significantly.

Consolidated Financial Results for the half-year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Mark-up / return / interest earned	23,388,495	15,454,193	51%
Mark-up / return / interest expensed	(18,033,530)	(11,558,614)	56%
Net mark-up / interest income	5,354,965	3,895,579	37%
NON-MARK-UP / INTEREST INCOME
Fee and commission income	837,227	905,424	-8%
Dividend income	81,951	139,367	-41%
Foreign exchange income	624,095	525,938	19%
Gain / (loss) on securities - net	498,492	(494,607)
Other income	20,332	16,368	24%
Total non-markup / interest income	2,062,097	1,092,490	89%
Total income	7,417,062	4,988,069	49%
NON-MARK-UP / INTEREST EXPENSES
Operating expenses	(4,339,061)	(4,087,882)	6%
Workers welfare fund	(43,120)	123,004
Other charges	(74,812)	(59,351)	26%
Total non-markup / interest expenses	(4,456,993)	(4,024,229)	11%
Profit before provisions	2,960,069	963,840	207%
Provisions and write offs - net	(1,029,121)	668,856
Extraordinary/unusual items
PROFIT BEFORE TAXATION	1,930,948	1,632,696	18%
Taxation	(801,643)	(657,697)	22%
PROFIT AFTER TAXATION	1,129,305	974,999	16%
Earnings per share	1.0243	0.8844	16%

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