Soneri Bank Limited posted profit before tax of Rs 1,449.97 million and profit after tax of Rs 811.85 million for the half year ended 30 June 2017. This translates into earning per share of Re. 0.74 versus Rs 1.07 in the corresponding period last year. The operating environment defined by low interest rates/margins and aftermath of high yielding bond bonanza has impacted banking industry profitability. Bank's strategy to meet this challenge has borne fruit and bank is well positioned to withstand these pressures. The Board in its 156th meeting held on 21 August 2017, approved the Bank's half yearly financial statements.
During the period deposits grew by 11.67 percent closing at Rs 234.43 billion (December 2016: Rs 209.93 billion). Net advances grew by 19.51 percent to Rs 149.75 billion (December 2016: Rs 125.31 billion).The Bank's net assets (including surplus) amounts to Rs 17.21 billion as at 30 June 2017. The Bank continues to follow a prudent policy of making provisions against infected loan portfolio in line with regulatory requirements
Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 283 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the Bank has been investing prudently in information technology, human resources, marketing and infrastructure.-PR
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