Soneri Bank Limited Announces First Quarter Results for 2021

Karachi:The Board of Directors of Soneri Bank Limited, in their 184th meeting held in Lahore on 28th April 2021,approved the Bank’s condensed interim financial statements for the quarter ended 31 March 2021.
The Bank posted profit before tax (PBT) of Rs. 1,276 million and profit after tax (PAT) of Rs. 782 million for the quarter ended March 2021, as compared to Rs. 684 million and Rs. 407 million respectively in the same period last year. The Bank’s EPS was recorded at Re. 0.7092 per share for the current reporting quarter, as compared to Re. 0.3696 for the comparative prior period, indicating an impressive growth of 92 percent. The Bank’s Net Interest income for the quarter was reported at Rs. 2,720 million, improving by 28.98 percent against Rs. 2,109 million reported for the same period last year. Noninterest income for the period was reported at Rs. 961 million as against Rs. 1,168 million for the
comparative prior period. Overall income of the Bank indicated an improvement of Rs. 404 million, or 12.32 percent, year on year.
Growth in expenses was restricted at 11.88 percent as compared to the prior period with Non-markup expenses reported at Rs. 2,528 million for the current quarter.
As at 31 March 2021, the Bank’s net advances portfolio stood at Rs. 199,787 million, 21.42 percent higher than the year end 2020 level. Net investments also ended higher by 10.33 percent and closed at Rs. 275,773 million at the quarter end.
Deposits registered a slight decline of 2.30 percent when compared to 31 December 2020, ending at Rs. 337,569 million as at 31 March 2021, mainly due to fall in high cost deposits.
The Bank continues to remain adequately capitalized, with CAR of 15.37 percent as at 31 March 2021.
The Board of Directors recognized and appreciated the efforts of the management in delivering improved performance amidst challenging times. The Board remains confident that the Bank shall continue to protect and serve the interest of all stakeholders by fulfilling the growing banking needs of our society, and focusing on financial inclusion and customer satisfaction.