Soneri Bank's profit surges 3.2x YoY to Rs4.14bn in 9MCY23

October 16, 2023 (MLN): Soneri Bank Limited (PSX: SNBL) has revealed its financial statement today for the 9MCY23, as per which the bank posted a profit worth Rs4.14 billion [EPS: Rs3.76], depicting a surge of 3.2x YoY, compared to Rs1.3bn [EPS: Rs1.17] in the same period last year (SPLY), bank’s filing on PSX showed today.

Going by the income statement, the bank witnessed an increase of 2.08x in its net interest income (NII) to stand at Rs16.1bn, compared to Rs7.76bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs69.54bn), up by 54.52% YoY.

During the period under review, the bank’s total non-markup income increased by 14.58% YoY to Rs4.66bn, owing to a significant rise in Foreign Exchange Income to clock in at Rs2.19bn, depicting an increase of 24.82% YoY.    

Moreover, SNBL’s loss on securities also reduced from Rs257.16 million in 9MCY22 to Rs87.68m in 9MCY23.

In addition, the bank incurred a provision reversal of Rs1.32bn during the review period compared to the provision expense of Rs525.28m in the corresponding period last year.

On the expense side, the bank’s total non-markup expenses increased by 22.25% to Rs11bn in 9MCY23 compared to Rs9bn in 9MCY22.

The increase was attributed to the jump of 20.69% YoY in the operating expenses from Rs8.93bn in 9MCY22 to Rs10.77bn in 9MCY23.

Similarly, SNBL’s expenses towards the Workers' welfare fund and other charges also went up during the review period.

On the tax front, the bank paid Rs4.29bn, 2.1x higher than the amount paid in 9MCY22.

CopyrightMettis Link News