Soneri Bank Limited (PSX: SNBL) Reports 18.2% YoY Rise in Quarterly Profit
Soneri Bank Limited (SNBL) has released its financial statement for the quarter ending March 31, 2024, indicating a notable upturn in profits. The bank disclosed a profit of Rs1.76 billion, reflecting an impressive 18.2% Year-over-Year (YoY) increase compared to the same period last year. This translates to an Earnings Per Share (EPS) of Rs1.5965, showcasing solid growth from Rs1.35 in the corresponding quarter of the previous fiscal year.
According to the income statement, SNBL experienced a significant boost in its net interest income (NII), which surged by 20.87% YoY to reach Rs5.85 billion. This increase is primarily attributed to a substantial rise in interest-earning assets, totaling around Rs27.51 billion, marking an impressive 40% YoY growth.
However, the bank’s total non-markup income witnessed a sharp decline of 98.50% YoY to Rs1.6 billion, mainly due to a notable decrease in Foreign Exchange income.
On the expenditure front, SNBL’s total non-markup expenses escalated by 25.38% to Rs4.38 billion in Q1 2024, compared to Rs3.5 billion in Q1 2023. This rise can be attributed to a 26.41% YoY increase in operating expenses, climbing from Rs3.41 billion to Rs4.31 billion during the same period.
Additionally, expenses towards the Workers’ Welfare Fund saw an upward trend, while expenditures on other charges experienced a significant decrease.
Moreover, the bank recorded a provision reversal of Rs487.51 million during the review period, as opposed to a provision expense of Rs417.24 million in the corresponding period last year.
