January 31, 2024 (MLN): Soneri Bank Limited (PSX: SNBL) has revealed its financial statement today for the financial year 2023, as per which the bank posted a profit worth Rs6.08billion [EPS: Rs5.51], depicting a surge of 3.23xYoY, compared to Rs1.88bn [EPS: Rs1.71] in the same period last year (SPLY), bank’s filing on PSX showed today.
Along with the financial results, the Board of Directors (BoD) has declared a final cash dividend of Rs3 per share (i.e. 30 %) for the financial year ended December 31, 2023.
Going by the income statement, the bank witnessed an increase of 2.02x in its net interest income (NII) to stand at Rs22.76bn, compared to Rs11.27bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs98.03bn), up by 55.47% YoY.
During the period under review, the bank’s total non-markup income increased by 25.23% YoY to Rs6.46bn, owing to a significant rise in Fee and commission income to clock in at Rs3.09bn, depicting an increase of 26..97% YoY.
The other income was additionally supported by a 7.69% year-on-year increase in foreign exchange income, reaching Rs3.11bn in 2023.
Moreover, SNBL’s loss on securities also reduced from Rs533.14million in 2022 to Rs55.09m in 2023.
In addition, the bank incurred a provision reversal of Rs1.39bn during the review period compared to the provision expense of Rs374.57m in the corresponding period last year.
On the expense side, the bank’s total non-markup expenses increased by 26.35% to Rs15.47bn in 2023 compared to Rs12.24bn in 2022.
The increase was attributed to the jump of 25.04% YoY in operating expenses from Rs12.12bn in 2022 to Rs15.15bn in 2023.
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 Rs6.28bn, 2.35x higher than the amount paid in 2022.
| Financial Results for the year ended 31 December 2023 ('000 Rupees) | |||
|---|---|---|---|
| Dec-23 | Dec-22 | % Change | |
| Mark-up/return/interest earned | 98,033,321 | 63,056,613 | 55.47% |
| Mark-up/return/interest expensed | 75,274,756 | 51,789,857 | 45.35% |
| Net mark-up/return/interest income | 22,758,565 | 11,266,756 | 102.00% |
| Non mark-up/interest income | |||
| Fee and commission income | 3,085,682 | 2,430,292 | 26.97% |
| Dividend income | 221,566 | 279,629 | -20.76% |
| Foreign exchange income | 3,114,159 | 2,891,741 | 7.69% |
| (Loss) / Gain on sale of securities – net | -55,088 | -533,142 | -89.67% |
| Other income | 92,589 | 88,932 | 4.11% |
| Total non-mark-up/interest income | 6,458,908 | 5,157,452 | 25.23% |
| Total income | 29,217,473 | 16,424,208 | 77.89% |
| Non mark-up/interest expense | |||
| Operating expenses | 15,153,572 | 12,119,039 | 25.04% |
| Workers' welfare fund | 252,439 | 99,472 | 153.78% |
| Other charges | 65,065 | 26,245 | – |
| Total non-mark-up/interest expenses | 15,471,076 | 12,244,756 | 26.35% |
| Profit before provisions | 13,746,397 | 4,179,452 | 228.90% |
| (Reverals) / provisions and writeoffs – net | 1,389,282 | -374,569 | -470.90% |
| Extraordinary / unusual items | – | – | |
| Profit before taxation | 12,357,115 | 4,554,021 | 171.35% |
| Taxation | 6,281,655 | 2,670,778 | 135.20% |
| Profit after taxation | 6,075,460 | 1,883,243 | 222.61% |
| Earnings per share – basic and diluted (rupees) | 5.5108 | 1.7082 | – |
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Posted on: 2024-01-31T13:31:15+05:00
