KARACHI: The Board of Directors of Soneri Bank Limited, in their 196th meeting held in Lahore on Wednesday, announced the Bank’s financial results for the year ended 31 December 2022.
The Bank posted profit before tax (PBT) of Rs 4,554 million and profit after tax (PAT) of Rs 1,883 million for the year ended December 2022, as compared to Rs 5,149 million and Rs 2,854 million respectively for the prior year. The Bank’s EPS was recorded at Rs 1.7082 per share for the current reporting period, as compared to Rs 2.5889per share for the year 2021.
The Bank’s Net Interest income for the year ended at Rs 11,267 million, increasing by 3.01 percent against Rs 10,938 million for the prior year, while non-interest income increased by 20.21 percent to end at Rs 5,157 million as against Rs 4,290 million for the last year. Despite inflationary pressures, growth in expenses was restricted at 20.16 percent as compared to the prior year with non-markup expenses reported at Rs 12,245 million for the year ended December 2022.
The Board of Directors has recommended cash dividend for the year ended 31 December 2022 at 10.00 percent i.e. Rs 1.00 per share (2021: at 15.00 percent i.e. Rs 1.50 per share), subject to shareholders’ approval in the forthcoming AGM.
The Bank’s net advances portfolio increased to Rs 208,434 million as at 31 December 2022, 25.95 percent higher than the year end 2021 level, while the Bank’s non-performing loans to total Advances ratio improved to 4.71 percent (December 2021: 5.95 percent). Specific coverage was at 71.61 percent (December 2021: 76.51 percent).
Bank’s deposits registered an increase of 1.64 percent when compared to 31 December 2021, ending at Rs. 409,643 million at 31st December 2022. The Bank’s CA mix improved to 32.73 percent in December 2022 as against 27.17 percent at December 2021, with yearend Current Accounts at Rs 134,080 million as against Rs 109,494 million at the year end 2021.
As a result of the changes introduced by the Finance Act 2022, the overall effective tax rate for the Bank for the year ended 31 December 2022 stood at 58.65 percent (2021: 44.57 percent).
Following the exercise of the call option for its existing TFCII of Rs 3,000 million, the Bank issued fresh unsecured, subordinated, rated, privately placed Term Finance Certificates of Rs 4,000 million on 26 December 2022, having a tenor of 10 years. The Pacra has assigned a rating of “A+” with Stable Outlook to this instrument. The instrument is in process of being subsequently listed under the Debt Security Listing Regulations.
Copyright Business Recorder, 2023
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