Soneri Bank posts Rs 1,589m profit after tax

October 19, 2015 Off By Web Desk

KARACHI:Soneri Bank Limited posted profit before tax of Rs 2,622.22 million and profit after tax of Rs 1,589.87 million for the nine months period ended 30 September 2015. In terms of growth, PBT is up 49.86 percent and PAT by 41.92 percent over corresponding period last year. The Board in its 146th meeting held on 20 October 2015, approved the Bank’s third quarter financial statements.

On the occasion, Bank’s Chairman, Alauddin Feerasta appreciated the Bank’s performance during the meeting and expressed satisfaction over the financial results.

The key drivers of higher net earnings were primarily revenue growth and managed expenses. Bank’s revenue increased by 22.86 percent to Rs 8.06 billion, from last year’s figure of Rs 6.56 billion whereas expenses increased just by 6.48 percent. Bank’s net assets amounted to Rs 18.07 billion as at 30 September 2015, being 6.04 percent higher than December 2014 base of Rs.17.04 billion.

Deposits grew by 7.88 percent during the nine months closing at Rs 176.11 billion (December 2014: Rs 163.25 billion) and net advances down by 5.27 percent to Rs 100.49 billion (December 2014: Rs.106.08 billion) due to seasonal factors. The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 249 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services.