F.P. Report
KARACHI: The Board of Directors of Soneri Bank Limited, in their 204th meeting held in Karachi on 30th April 2024, approved the Bank’s condensed interim financial statements for the quarter ended 31 March 2024.
The Bank posted profit before tax (PBT) of Rs. 3,554 million and profit after tax (PAT) of Rs. 1,760 million for the quarter ended March 2024, as compared to Rs. 2,694 million and Rs. 1,489 million respectively in the same period last year growing impressively by 31.91 percent and 18.20 percent respectively.
The Bank’s EPS was recorded at Rs. 1.5965 per share for the current reporting quarter, as compared to Rs. 1.3506 for the comparative prior period. The Bank’s net interest income for the quarter ended 31 March 2024 improved to Rs. 5,849 million from Rs. 4,839 million for the comparative prior period, indicating an impressive growth of 20.87 percent, on the back of improved volumes and spreads. Non-interest income for the period was reported at Rs. 1,603 million as against Rs. 1,770 million for the comparative prior period.
Non-markup expenses were reported at Rs. 4,385 million for the current year as against Rs. 3,497 million reported for the comparative prior period. Despite high inflation levels and expansionary costs, growth in expenses was restricted at 25.38 percent over the previous year; mainly due to cost rationalization measures and prudent expense control policies and discipline. The Bank is now operating with a network of 460 branches (December 2023: 443 branches) and plans to open 100 new branches during the year 2024.
The Bank’s Deposits registered an increase of 6.52 percent when compared to 31 December 2023, ending at Rs. 551,659 million at 31 March 2024; surpassing the Rs. 550 billion benchmark. Period end CASA mix improved to 79.99 percent as against 79.22 percent at 31 December 2023.
The Bank’s net advances portfolio stood at Rs. 218,551 million as at 31 March 2024, 6.22 percent higher than the year end 2023 level. Net investments increased by Rs. 15,405 million or 4.96 percent from the year-end balance of Rs. 310,341 million, ending at Rs. 325,746 million as at 31 March 2024.
As at 31 March 2024, the Bank’s Non-performing loans to total Advances ratio has reduced to 4.26 percent (December 2023: 4.90 percent), with specific coverage at 81.11 percent (December 2023: 80.01 percent) and overall coverage including the Expected Credit Loss provision under IFRS 9, Financial Instruments, clocking at 97.80 percent.
The Bank remains adequately capitalized, with a Capital Adequacy Ratio of 16.92 percent at 31 March 2024. The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios currently stand at 187.11 percent and 167.89 percent respectively, 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.
