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Sonali Bank FY'18 net profit falls YOY

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Sonali Bank FY'18 net profit falls YOY

Bangladesh-based Sonali Bank Ltd. reported a year-over-year decline in net profit for the 2018 full year as the bank posted provisions for loans and advances.

The bank on April 29 reported a consolidated full-year net profit after taxation of 2.32 billion Bangladeshi taka, down from 7.16 billion taka in the same period the prior year. EPS fell to 5.61 taka from 18.68 taka.

Net interest loss for the period came to 6.21 billion taka, compared to a net interest loss of 15.14 billion taka in the prior-year period.

Investment income inched up to 34.36 billion taka from 34.01 billion taka. Commission, exchange and brokerage income fell to 11.18 billion taka from 12.59 billion taka.

Total operating income for the year rose to 39.59 billion taka from 31.77 billion taka, while total operating expenses declined to 19.24 billion taka from 19.71 billion taka. Profit before provision, amortization and taxes climbed to 20.35 billion taka from 12.06 billion taka.

Provisions for loans and advances amounted to 7.83 billion taka, compared to a reversal of 468.8 million taka in the prior-year period.

As of April 29, US$1 was equivalent to 84.38 Bangladesh taka.