Soneri Bank Limited posted a profit before tax of Rs 1,015.803 million and profit after tax of Rs 660.012 million for the first quarter ended 31 March 2018. These amounts are higher than the corresponding period last year by 10.86 percent and 10.81 percent respectively.
The Board in its 162nd meeting held on 20 April 2018, approved the Bank's un-audited condensed interim financial statements for the quarter ended 31 March 2018.
During the period, deposits declined by 5.35 percent closing at Rs 215.188 billion (December 2017: Rs 227.348 billion) depicting the management's strategy to shed high cost deposits to improve on spreads. Net Advances also declined marginally by 1.64 percent standing at Rs 161.603 billion (December 2017: Rs 164.293 billion). Moreover, the gross coverage ratio has improved at end of the quarter to 85.11 percent (December 2017: 82.77 percent). The Bank's net asset (including surplus) amounts to Rs 18.231 billion as at 31 March 2018.
Soneri Bank continues to operate with adequate liquidity and capital adequacy levels and maintains reputable standing with international financial institutions.-PR
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