Soneri Bank’s Q3 profit drops 6.5% to Rs1.5bn

MG News | October 16, 2024 at 03:18 PM GMT+05:00

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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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