{"id":1358,"date":"2024-10-17T06:15:43","date_gmt":"2024-10-17T06:15:43","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1358"},"modified":"2025-01-14T15:10:10","modified_gmt":"2025-01-14T15:10:10","slug":"soneri-bank-reports-rs-9-6-billion-profit","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1358","title":{"rendered":"Soneri Bank Reports Rs 9.6 Billion Profit Before Tax for First 9 Months-2024"},"content":{"rendered":"\r\n\r\n\r\n

Karachi, October 16, 2024<\/em> \u2013 Soneri Bank Limited<\/a>\u2019s Board of Directors, in their 207th meeting held in Karachi, approved the Bank\u2019s condensed interim financial statements for the nine-month period ending September 30, 2024. The results underscore consistent and sustained growth across all areas of the Bank\u2019s operations.<\/p>\r\n\r\n\r\n\r\n

Soneri Bank reported a profit before tax (PBT) of PKR 9,629 million and a profit after tax (PAT) of PKR 4,717 million for the nine-month period, reflecting year-on-year growth of 14.13% and 13.80%, respectively, compared to PKR 8,437 million and PKR 4,145 million during the same period last year. The Bank\u2019s earnings per share (EPS) also saw an increase, rising to PKR 4.28 per share, up from PKR 3.76 per share for the corresponding period in 2023.<\/p>\r\n\r\n\r\n\r\n

The Bank\u2019s net interest income grew by 13.34% to PKR 18,248 million, compared to PKR 16,101 million in the same period last year, driven by improved volumes and spreads. Non-interest income for the period reached PKR 5,225 million, marking a 12.13% increase from PKR 4,660 million the previous year, supported by a substantial 45.48% increase in trade volumes.<\/p>\r\n\r\n\r\n\r\n

Despite ongoing branch expansion and inflationary pressures, Soneri Bank kept non-markup expense growth in check at 27.53%, reporting expenses of PKR 14,036 million, up from PKR 11,006 million during the same period last year. The Bank’s branch network has expanded significantly, adding 82 new branches to bring the total to 525 nationwide, up from 443 at the end of 2023. The Bank is on track to reach its goal of 100 new branches by year-end.<\/p>\r\n\r\n\r\n\r\n

Soneri Bank\u2019s deposit base grew by 12.01% over the nine-month period, reaching PKR 580,041 million as of September 30, 2024. The current and savings account (CASA) mix also improved, standing at 82.69%, up from 79.22% at the end of 2023. However, the Bank’s net advances portfolio saw a slight decrease of 4.11%, settling at PKR 197,293 million.<\/p>\r\n\r\n\r\n\r\n

Net investments showed a robust increase, rising by PKR 90,201 million, or 29.07%, to reach PKR 400,542 million by the end of the reporting period. Additionally, the Bank\u2019s non-performing loans (NPL) ratio dropped to 3.62%, down from 4.90% at the close of 2023, due to effective recovery efforts. Specific coverage improved to 95.91%, while overall coverage, including provisions under IFRS 9, reached an impressive 119.48%.<\/p>\r\n\r\n\r\n\r\n

Soneri Bank remains well-capitalized, reporting a Capital Adequacy Ratio (CAR) of 18.59%. Liquidity Coverage Ratio and Net Stable Funding Ratio stood at 181.36% and 184.02%, respectively, both comfortably exceeding regulatory requirements.<\/p>\r\n\r\n\r\n\r\n

With a clear focus on maximizing shareholder value, Soneri Bank continues to pursue a customer-centric business strategy aimed at meeting the evolving needs of its diverse clientele across all segments.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Karachi, October 16, 2024 – Soneri Bank Limited’s Board of Directors, in their 207th meeting held in Karachi, approved the Bank’s condensed interim financial statements for the nine-month period ending September 30, 2024. The results underscore consistent and sustained growth across all areas of the Bank’s operations. Soneri Bank reported a profit before tax (PBT) […]<\/p>\n","protected":false},"author":1,"featured_media":1359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[833,402,13,14,185],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t