HomeNewsSoneri Bank posts impressive results for nine months

Soneri Bank posts impressive results for nine months

KARACHI-The Board of Directors of Soneri Bank Limited, in its 200th meeting held in Karachi on Monday, approved the bank’s condensed interim financial statements for the nine months ended 30th September, 2023.
The bank posted impressive growth in earnings with profit before tax (PBT) reported at Rs8,437 million for the nine months period ended 30 September 2023 as against Rs3,348 million earned for the comparative period last year; which signifies a 152.01 percent year on year growth. Profit after tax (PAT) for the current period also surged to Rs. 4,145 million as against Rs. 1,295 million for the comparative period last year, translating to a growth of 220.04 percent year on year. The bank’s EPS was reported at Rs. 3.7595 per share for the current period, as compared to Rs. 1.1747 earned for the comparative period last year.
Fund based income continued to improve at the back of improved spreads and prudent asset and liability management and the Bank’s Net Interest Income (NII) grew by 107.52 percent to Rs. 16,101 million for the current period, as against Rs. 7,759 million reported for the same period last year. Non markup income (NMI) for the period also registered a growth of 14.58 percent, with NMI reported at Rs. 4,660 million as against Rs. 4,067 million for the comparative prior period.
Non-markup expenses were reported at Rs. 11,006 million for the current period as against Rs. 9,003 million reported for the comparative prior period. Despite unprecedented inflation levels, growth in expenses was kept restricted at 22.25 percent as compared to the prior period; as a result of strict compliance of cost rationalization measures and prudent cost control policies and discipline.
The end of the current quarter also saw the bank registering a landmark achievement in terms of deposits as period end deposits crossed the Rs. 500 billion landmark, ending at Rs. 510.477 billion as at 30 September 2023. This indicates an impressive increase of 24.62 percent when compared to the year-end 2022.The bank’s focus remains on CASA mix improvement and retention of current accounts and rationalizing funding costs, whilst ensuring service levels of the highest quality. As at 30 September 2023 the bank’s CASA mix stood at 78.81 percent at 30 September 2023 as against 79.19 percent at 31 December 2022.
The bank continues to prudently monitor the overall portfolio so as to maintain coverage at reasonable levels. During the current period, net provisions against loans and advances and investments amounted to Rs. 1,317.328 million, as against a net reversal of Rs. 525.277 million booked in the comparative prior period. Specific provisioning coverage continues to be maintained at 70.88 percent (December 2022: 71.61 percent).
The bank remains adequately capitalized, with a Capital Adequacy Ratio of 17.61 percent at 30 September 2023 (December 2022: 15.19 percent). The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios currently stand at 229.18 percent and 193.32 percent respectively, which are comfortably above the regulatory requirements. The bank remains focused on maximizing shareholder value through our customer focused business strategy aimed at serving the needs of our customers across all business segments.

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