KARACHI: The Board of Directors of Soneri Bank Limited, in their 179th meeting held in Karachi on 26th August 2020, approved the Bank's condensed interim financial statements for the half year ended 30 June 2020.
The Bank posted profit before tax (PBT) of Rs 1,931 million and profit after tax (PAT) of Rs 1,129 million for the half year ended June 2020, as compared to Rs 1,633 million and Rs 975 million respectively in the same period last year. The Bank's EPS was recorded at Rs 1.0243 per share for the current reporting period, as compared to Re 0.8844 for the comparative prior period.
Profit before provisions and taxation was reported at Rs 2,960 million for 1H2020, indicating an impressive growth of 207 percent from the level of Rs 964 million for the corresponding prior period.
The Bank's net advances portfolio stood at Rs 198,542 million as at 30 June 2020, 3 percent lower than the year end 2019 level. Non-performing loans decreased from Rs 10,903 million on 31 December 2019 to Rs 10,682 million on 30 June 2020. Net investments witnessed a volumetric increase of Rs 47,761 million or 27 percent from the yearend balance of Rs 177,056 million, ending at Rs 224,817 million as at 30 June 2020.
The Deposit portfolio registered a healthy growth of Rs 21,371 million or 7.07 percent when compared to 31 December 2019, ending at Rs 323,454 million as at 30 June 2020. The Board of Directors recognized and appreciated the efforts of the management in delivering steady performance amidst a challenging environment. In particular, the Board appreciated the services of the Bank's front line staff, who have helped ensure continuity of services for our customers during the uncertain times following the Covid-19 outbreak.-PR
Copyright Business Recorder, 2020
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