Soneri Bank’s net earnings slide nearly 6.4%

October 24, 2019 (MLN) : Soneri Bank Limited (SNBL) has announced its financial results for the nine months ended on September 30, 2019, as per which, it has reported its net earnings of Rs. 2 billion (EPS: Rs. 1.09), i.e. around 6.4% lower than the same period of last year.

The bank’s interest income soared by 78.5%, but more than proportionate increase in interest expenses (up by 2 times YoY %) made the net interest income increased only by 19.32% to Rs 5.9 billion.

Total non-interest income declined by 26.22% due to losses incurred on securities to Rs 628 million and drop in other income by 16.33%.

However, operating expenses rose by 13.96% YoY. Other charges surged by 3.5 times compared to last year’s charges, resulting in rising of non-interest expenses by 11.6%.

 

Profit and Loss account for the nine months ended September 30, 2019 ('000 Rupees)

 

 

Sep-19

Sep-18

% Change

Mark-up/return/interest earned

           26,985,559

           15,114,013

78.55%

Mark-up/return/interest expensed

           21,018,420

           10,113,146

 

Net mark-up/return/interest income

             5,967,139

             5,000,867

19.32%

Non mark-up/interest income

   

Fee and commission income

             1,366,984

             1,167,838

17.05%

Dividend income

                 206,628

                 152,973

35.07%

Foreign exchange income

                 749,338

                 706,993

5.99%

(Loss) / Gain on sale of securities – net

              (628,511)

                 273,031

 

Other income

                   27,331

                   32,666

-16.33%

Total non-mark-up/interest income

             1,721,770

             2,333,501

-26.22%

Total income

             7,688,909

             7,334,368

4.83%

Extraordinary/unusual/interest expense

   

Operating expenses

             6,172,658

             5,416,289

13.96%

Workers' welfare fund

              (113,694)

                   49,508

 

Other charges

                   59,388

                   16,547

 

Total non-mark-up/interest expenses

             6,118,352

             5,482,344

11.60%

Profit before provisions

             1,570,557

             1,852,024

-15.20%

(Reversals) / provisions and write-offs – net

              (495,094)

              (315,245)

57.05%

Extraordinary / unusual items

                            –  

                            –  

 

Profit before taxation

             2,065,651

             2,167,269

-4.69%

Taxation

                 854,561

                 873,661

-2.19%

Profit after taxation

             1,211,090

             1,293,608

-6.38%

Earnings per share  – basic and diluted (rupees)

                   1.0985

                   1.1734

-6.38%

 

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Posted on: 2019-10-24T17:04:00+05:00

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