Soneri Bank Limited posted a pre-tax profit of Rs 679.60 million for the first quarter 2012. Presiding the Board meeting held earlier this week the Chairman, Alauddin Feerasta expressed satisfaction on the bank's performance during the period and mentioned that the bank has entered in its 20th year of operations with sound footing and is poised to grow at an even faster pace.
The first quarter net mark-up income after provisions jumped up by 63.26 percent and amounted to Rs 1,109.93 million as compared to Rs 679.85 million generated during the first quarter 2011. The overall comparable growth in pre-tax profit was 56.20 percent, which amounted to Rs 679.60 million, whereas the net profit after tax amounted to Rs 493.84 million up by 62.77 percent from Rs 303.39 million recorded during the first quarter last year.
In line with the growth strategy bank's net asset registered a growth of 4.78 percent during the first three months of its 2012 operations. During the first quarter the total deposits crossed the Rs 100 billion mark and closed at Rs 103,948.62 million as on March 31, 2012 and the net advances also registered similar trend and grew by 4.83 percent to close at Rs 68,492.64 million.
Bank sources explained that besides overall growth on the business and operations side, one of the key reasons behind this improved profitability is the control over non-performing loan portfolio which has resulted in a net reversal of Rs 52.32 million during the first three months of year 2012. Sources reiterated bank's resolve to continue its policies of proactive loan recoveries and restructurings and at the same time ensuring that adequate provisioning is made as per the regulatory requirements.-PR