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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