Soneri Bank Limited has announced its results for the year ended December 31, 2012 posting highest profit after tax in last six years. Chairman of the Bank, Alauddin J Feerasta, presided over the Board that met in Lahore on February 23, 2013.
The Board noted with satisfaction that bank had outperformed the market in both advances and deposit growth and achieved strong growth in all areas of the Bank's operations. Deposits grew by 21.15 percent over 2011 and advances (gross) recorded a growth of 17.14 percent over 2011.
The bank's after tax profit increased to Rs 1,104 million, up from Rs 784 million, primarily due to a solid growth in Net Interest Income of 23.82 percent, (up from Rs 3,912 million to Rs 4,844 million) and effective monitoring of non-performing loan portfolio. The Bank's EPS went up to Rs 1.10 from Re 0.78 as a result. As of 31 December 2012, the Bank is in compliance with Minimum Capital Requirement of the State Bank of Pakistan.
Analysing the reasons for successful performance in 2012, Bank sources explain that the increase in core revenue was registered mainly on account of growth and restructuring in its main areas of activity; advances, deposits and trade, which allowed the bank to enhance its earnings from both investments and foreign exchange.
Furthermore, the Bank continued to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements and is confident that actions taken in 2012 would further help in controlling future infections and securing upcoming recoveries.-PR
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