While bigger banks continue to shy away from their core business of lending, Soneri Bank (SBL) continues to do what banks are supposed to. SBL announced its 3Q CY13 results, recording an impressive 48 percent year-on-year profitability growth despite a shrinking top line.
Detailed financials are yet to be made public, but a peek at 1H CY13 balance sheet offers indication enough how SBL has upped its ante on advances, with a healthy ADR of over 60 percent-–a number where the larger peers are far off from. Kudos to Soneri for this job, as it would be quite enticing for a bank of its size to just do the low-risk banking and park deposits in government papers.
Although Soneri’s top line has thinned slightly as against the previous quarter, the bank has managed to maintain its gross spreads. SBL has witnessed a decent double digit growth in deposits, with ever improving CASA, enabling it keep a lid on cost of funds. Lower provision charges are also indicative of SBL’s aggressive provision earlier and prudent lending.
What really made the difference to the bottom line was a sizeable jump in non-mark-up income. Non-core activities such as commission and dividend income shored up the other income, leading to a significant contribution towards profits.
SBL has kept a check on its NPL growth, but the coverage ratio is still on the lower side, which may require more provisioning to be expensed in the future. With interest rates revised upwards, SBL can expect to benefit from its high exposure in advances and an improved CASA ratio in the near future.
====================================================================
SONERI BANK LIMITED
====================================================================
Rs (mn) 3QCY13 2QCY13 chg
====================================================================
Markup Earned 3266 3424 -5%
Markup Expenses (2118) (2185) -3%
Net Markup Income 1148 1239 -7%
Provisioning (56) (241) -77%
Net Markup Income after provisions 1092 998 9%
Non Mark-up/Interest Income 728 552 32%
Operating Revenues 1820 1550 17%
Non Mark-up/Interest Expenses (1289) (1174) 10%
Profit Before Taxation 531 376 41%
Taxation (159) (124) 28%
Profit After Taxation 372 251 48%
EPS (Rs.) 0.37 0.25
--------------------------------------------------------------------
Source: KSE Notice
====================================================================
Other corporate results
====================================================================
PHILIP MORRIS (PAKISTAN) LIMITED
====================================================================
Rs (mn) 9M-FY13 9M-FY12 Chg
====================================================================
Turnover-net 10649 10174 5%
Cost of sales 7784 7366 6%
Gross profit 2865 2808 2%
Operating profit/(loss) -182 42 -536%
Other income 116 70 65%
Profit/(loss) before tax -505 -210 141%
Profit/(loss) after tax -457 -263 74%
EPS (Rs)-basic -7.42 -4.27
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
SHIFA INTERNATIONAL HOSPITALS LIMITED
====================================================================
Rs (mn) 1Q-FY13 1Q-FY12 Chg
====================================================================
Revenue-net 1488 1183 26%
Other income 12 7 61%
Operating cost 1313 1097 20%
Profit before tax 140 43 223%
Profit after tax 92 51 81%
EPS (Rs)-basic 1.83 0.61
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
TPL TRAKKER LIMITED
====================================================================
Rs (mn) 1QFY13 1QFY12 chg
====================================================================
Turnover-net 338 218 55%
Cost of sales 168 122 38%
Gross profit 173 96 79%
Other ioperating ncome 1 2 -42%
Operating profit 54 20 172%
Profit before tax 25 4 468%
Profit after tax 22 2 860%
EPS (Rs)-basic 0.10 0.01
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
JAPAN POWER GENERATION LIMITED
====================================================================
Rs (mn) 1QFY13 1QFY12 chg
====================================================================
Sales-net 192 1,577 -88%
Cost of sales 101 1,635 -94%
Gross profit 92 (58) -258%
Other operating income #DIV/0!
Operating profit/(loss) 65 (77) -184%
Profit before tax (165) (374) -56%
Profit after tax (165) (375) -56%
EPS (Rs)-basic (1.06) (2.40) -55.83%
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
GADOON TEXTILE MILLS LIMITED
====================================================================
Rs (mn) 1QFY13 1QFY12 chg
====================================================================
Sales-net 5,385 4,264 26%
Cost of sales 4,696 3,933 19%
Gross profit 689 330 109%
Other operating income 149 32 369%
Operating profit 443 208 113%
Profit before tax 323 160 102%
Profit after tax 305 130 135%
EPS (Rs)-basic 13.01 5.56
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
D. M. TEXTILE MILLS LIMITED
====================================================================
Rs (mn) 1QFY13 1QFY12 chg
====================================================================
Sales-net 129.4 2.4 5270%
Cost of sales 117.1 6.9 1594%
Gross profit 12.3 (4.6) -367%
Other operating income 0.9 1.1 -18%
Operating profit/(loss) 9.6 (6.5)
Profit/(loss) before tax 3.4 (12.9)
Profit/(loss) after tax 2.0 (12.9)
EPS (Rs)-basic (0.66) (4.22)
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
KOHINOOR ENERGY LIMITED
====================================================================
Rs (mn) 1QFY13 1QFY12 chg
====================================================================
Sales-net 3,549 3,261 9%
Cost of sales 3,202 2,961 8%
Gross profit 348 300 16%
Other operating income 5 4 31%
Operating profit 284 235 21%
Profit before tax 245 158 55%
Profit after tax 244 156 56%
EPS (Rs)-basic 1.44 0.92
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
SHAHTAJ TEXTILE LIMITED
====================================================================
Rs (mn) 1QFY13 1QFY12 chg
====================================================================
Sales-net 1,052 946 11%
Cost of sales 977 834 17%
Gross profit 75 112 -33%
Other operating income 5 2 117%
Profit before tax 32 57 -45%
Profit after tax 21 37 -44%
EPS (Rs)-basic 2.15 3.85
--------------------------------------------------------------------
Source: KSE notice
====================================================================
====================================================================
BALUCHISTAN WHEELS LIMITED
====================================================================
Rs (mn) 1QFY13 1QFY12 chg
====================================================================
Sales-net 270 293 -8%
Cost of sales 214 252 -15%
Gross profit 56 41 36%
Profit before tax 33 17 93%
Profit after tax 22 10 115%
EPS (Rs)-basic 1.67 0.78
--------------------------------------------------------------------
Source: KSE notice
====================================================================
Comments
Comments are closed.