Soneri Bank posts Rs 750.16 million profit after tax

KARACHI: Soneri Bank Limited posted a profit after tax of Rs 750.16 million for the third quarter period ended September 30, 2011.

Total assets of the Bank closed at Rs 123,349.91 million, which are up 14.10 percent from the December 2010 levels.

This growth was primarily driven by a 12.13 percent rise in deposits, which as on September 30, 2011 amounted to Rs 91,968.45 million (December 2010: Rs 82,016.81 million).
The Loan and Investment portfolio also registered a similar trend and posted a combined increase of 15.8 percent over the December 2010 base.

Consequently, the Net Interest Margins of the Bank improved by a remarkable 35.28 percent growth in comparison to last year’s period.

The strong profitability augmented by the non-mark-up income stream comfortably absorbed the pressures from NPL provisioning and increased expense base and resulted in recording an encouraging growth in the post-tax profits for the third quarter performance of the Bank.

The above results were announced along with a declaration of 12.5 percent bonus shares by the Board.

Incorporating the above declaration with the discounted right issue completed earlier this year, the Bank will sufficiently comply with State Bank’s Minimum Capital Requirement for the year 2011.

Soneri Bank is amongst the fastest growing trade oriented bank operating with a branch network of 186 branches in all provinces of Pakistan.

The Bank has planned to increase its total branch network to over 200 branches in year 2011 and is determined to provide innovative and value-added services to its expanding client base.-PR

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