Soneri bank posted a Profit after tax (PAT) of Rs. 975 million for the half-year ended 30 June 2019 as compared to Rs. 976 million in the same period of the previous year. The bank’s profits remained unchanged during this period.
The earnings per share for the period was reported at 0.8844 against Rs. 0.8853 for the same period last year.
The net mark-up income was increased by Rs. 597.078 million or 18.1% to Rs. 3.89 billion during the half-year ended 30 June 2019. A major part of the increase came from the upward revision of the policy rate by SBP as well as volumetric growth in advance.
The Core Fee and Commission Income were improved by 16.3% and foreign exchange earnings were improved by 12.2%. However, owing to a continuously declining trend in the Pakistan Stock Exchange, capital losses of Rs. 355.240 million (net of dividend income) were recorded during the half-year ended 30 June 2019, against a net gain of Rs. 388.170 million realized during the corresponding period of the prior year, stated the Transmission Report of the Bank
This caused a big dent in non-mark-up income which fell to Rs. 1.09 billion from Rs. 1.65 billion, down by 33.8%. The total income registered a marginal increase to Rs. 4,988 million from Rs. 4,450 million. During this period, no-mark-up expenses went up by 13.1% to Rs. 4.02 billion.
The Bank’s net advances portfolio grew by Rs. 14.08 billion or 7.6% from the year-end 2018 position and amounted to Rs. 200,557 million on 30 June 2019.
During the period under review, fresh credit for the corporate sector was approved after thorough risk appraisal. Strict monitoring of the Advances portfolio led to a decrease of 5.51% in Non-performing loans, which amounted to Rs. 10.73 billion on 30 June 2019.
The Bank’s deposit portfolio registered a growth of Rs. 25.39 billion or 9.7% from the amount recorded on 31 December 2018 and amounted to Rs. 287,770 million on 30 June 2019.
On 30 June 2019, the Bank’s CAR stood at 14.50% (December 2018: 14.70%), while LCR and NSFR ratios were 107.4% and 115.2% respectively.
The board of directors expressed confidence that the bank would continue to perform well, amidst a challenging economic environment and meet the expectations of our stakeholders.
SNBL’s shares at the bourse were closed at Rs 10.00, with no change. Overall 2000 shares were traded during Wednesday.
