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

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By 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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