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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