Soneri Bank’s Q3 profit drops 6.5% to Rs1.5bn
MG News | October 16, 2024 at 03:18 PM GMT+05:00
October 16, 2024 (MLN): Soneri Bank Limited (PSX: SNBL) has revealed its financial statement today for quarter ended September 30, 2024, as per which the bank posted a profit worth Rs1.51 billion [EPS: Rs1.3727], depicting a drop of 6.47% compared to Rs1.62bn [EPS: Rs1.4677] profit earned in the same period last year (SPLY).
Going by the income statement, the bank witnessed an increase of 11.26% in its net interest income (NII) to stand at Rs6.65bn, compared to Rs5.98bn in SPLY.
The surge in NII is due to a jump in interest-earning (Rs31bn), up by around 20% YoY.
Conversely, the bank’s total non-markup income dropped by 8.64% YoY to Rs1.62bn.
On the expense side, the bank’s total non-markup expenses surged by 26.67% to Rs5bn in Q3 2024 compared to Rs3.95bn in Q3 2023.
The increase was attributed to the jump of 27.98% YoY in operating expenses.
On the other hand, SNBL’s expenses towards the Workers' welfare fund and other charges dropped during the review period.
In addition, the bank incurred a provision expense of Rs130.41m during the review period compared to Rs570.29m in the corresponding period last year.
On the tax front, the bank paid Rs1.62bn, 0.72% YoY higher than the amount paid in Q3 2023.
| Condensed interim profit and loss account for the quarter ended September 30, 2024 ('000 Rupees) | |||
|---|---|---|---|
| Sep-24 | Sep-23 | % Change | |
| Mark-up/return/interest earned | 31,002,463 | 25,917,210 | 19.62% |
| Mark-up/return/interest expensed | 24,352,841 | 19,940,622.00 | 22.13% |
| Net mark-up/return/interest income | 6,649,622 | 5,976,588 | 11.26% |
| Non mark-up/interest income | |||
| Fee and commission income | 1,082,730 | 844,413 | 28.22% |
| Dividend income | 0 | 23,970 | -100.00% |
| Foreign exchange income | 543,124 | 872,478 | -37.75% |
| (Loss) / Gain on sale of securities - net | -37,671 | 19,175 | -296.46% |
| Other income | 30,883 | 12,070 | 155.87% |
| Total non-mark-up/interest income | 1,619,066 | 1,772,106 | -8.64% |
| Total income | 8,268,688 | 7,748,694 | 6.71% |
| Non mark-up/interest expense | |||
| Operating expenses | 4,937,418 | 3,858,070 | 27.98% |
| Workers' welfare fund | 64,017 | 65,917 | -2.88% |
| Other charges | 0 | 24,477 | - |
| Total non-mark-up/interest expenses | 5,001,435 | 3,948,464 | 26.67% |
| Profit before provisions | 3,267,253 | 3,800,230 | -14.02% |
| Credit loss allowance and write offs - net | 130,409 | 570,285 | -77.13% |
| Extraordinary / unusual items | - | - | |
| Profit before taxation | 3,136,844 | 3,229,945 | -2.88% |
| Taxation | 1,623,523 | 1,611,884 | 0.72% |
| Profit after taxation | 1,513,321 | 1,618,061 | -6.47% |
| Earnings per share - basic and diluted (rupees) | 1.3727 | 1.4677 | - |
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