Soneri Bank’s Q1 2025 profit drops nearly 35% to Rs1bn

By MG News | April 15, 2025 at 01:53 PM GMT+05:00

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April 15, 2025 (MLN): Soneri Bank Limited (PSX: SNBL) reported a profit after taxation of Rs1.15bn for the quarter ended 31 March 2025, marking a sharp 34.82% decline compared to Rs1.76bn in the same period last year.

Earnings per share (EPS) for the quarter stood at Rs1.0406, compared to Rs1.5965 in Q1 2024.

The drop in profitability was largely driven by higher taxation and a reversal in credit loss allowance trends.

Tax expenses rose 22.02% to Rs2.19bn, while the bank booked a net credit loss allowance of Rs300.64 million this quarter, compared to a net reversal of Rs487.51m in Q1 2024.

As a result, profit before taxation decreased 6.12% to Rs3.34bn from Rs3.55bn.

Despite a decline of 19.02% in mark-up/return/interest earned to Rs22.28bn, the bank saw a 24.62% year-on-year increase in net mark-up income, reaching Rs7.29bn, thanks to a 30.80% drop in interest expensed.

Non-mark-up income stood at Rs1.56bn, marginally lower than Rs1.60bn last year.

Operating expenses increased by 19.27% to Rs5.14bn, in line with industry-wide cost pressures.

Including Workers' Welfare Fund and other charges, total non-mark-up expenses rose to Rs5.21bn, up 18.93% from the same period last year.

Condensed Interim Statement of Profit and Loss account (Un-Audited) for the quarter ended 31 March 2025	2025	2024	%Change
Mark-up / return / interest earned	22,279,844	27,513,674	-19.02%
Mark-up / return / interest expensed	14,991,221	21,665,000	-30.80%
Net mark-up / interest income	7,288,623	5,848,674	24.62%
Fee and commission income	1,202,894	969,097	24.13%
Dividend income	-	12,172
Foreign exchange income	331,947	509,635	-34.87%
(Loss) / gain on securities - net	-10,965	85626
Other income	39,628	26,578	49.10%
Total non-markup / interest income	1,563,504	1,603,108	-2.47%
Total income	8,852,127	7,451,782	18.79%
Operating expenses	5,140,119	4,309,757	19.27%
Workers' Welfare Fund	74,181	75,023	-1.12%
Other charges	499	120	315.83%
Total non mark-up / interest expenses	5,214,799	4,384,900	18.93%
Profit before credit loss allowance	3,637,328	3,066,882	18.60%
Credit loss allowance and write-offs - net	300,637	-487,510
Profit before taxation	3,336,691	3,554,392	-6.12%
Taxation	2,189,423	1,794,361	22.02%
Profit after taxation	1,147,268	1,760,031	-34.82%
Basic/Diluted earnings per share	1.0406	1.5965

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