AGL 39.50 Increased By ▲ 1.24 (3.24%)
AIRLINK 140.20 Decreased By ▼ -0.80 (-0.57%)
BOP 5.45 Increased By ▲ 0.01 (0.18%)
CNERGY 3.79 Decreased By ▼ -0.05 (-1.3%)
DCL 7.70 Increased By ▲ 0.10 (1.32%)
DFML 47.80 Increased By ▲ 1.61 (3.49%)
DGKC 78.25 Increased By ▲ 0.75 (0.97%)
FCCL 29.19 Decreased By ▼ -0.09 (-0.31%)
FFBL 56.60 Increased By ▲ 0.10 (0.18%)
FFL 8.70 Increased By ▲ 0.10 (1.16%)
HUBC 101.40 Increased By ▲ 2.71 (2.75%)
HUMNL 13.90 Decreased By ▼ -0.20 (-1.42%)
KEL 3.86 Increased By ▲ 0.03 (0.78%)
KOSM 7.62 Increased By ▲ 0.23 (3.11%)
MLCF 36.90 Increased By ▲ 0.20 (0.54%)
NBP 69.29 Increased By ▲ 0.39 (0.57%)
OGDC 167.25 Decreased By ▼ -2.25 (-1.33%)
PAEL 25.54 Increased By ▲ 0.14 (0.55%)
PIBTL 6.53 Decreased By ▼ -0.03 (-0.46%)
PPL 130.50 Decreased By ▼ -0.50 (-0.38%)
PRL 25.01 Decreased By ▼ -0.10 (-0.4%)
PTC 15.60 Decreased By ▼ -0.04 (-0.26%)
SEARL 59.15 Increased By ▲ 1.15 (1.98%)
TELE 6.94 Increased By ▲ 0.04 (0.58%)
TOMCL 36.37 Increased By ▲ 1.13 (3.21%)
TPLP 7.80 Increased By ▲ 0.07 (0.91%)
TREET 14.05 Decreased By ▼ -0.05 (-0.35%)
TRG 45.59 Increased By ▲ 0.90 (2.01%)
UNITY 25.94 Increased By ▲ 0.53 (2.09%)
WTL 1.23 Increased By ▲ 0.02 (1.65%)
BR100 9,183 Increased By 31.4 (0.34%)
BR30 27,305 Increased By 71.2 (0.26%)
KSE100 86,318 Increased By 477.6 (0.56%)
KSE30 27,309 Increased By 75.1 (0.28%)

KARACHI: The Board of Directors of Soneri Bank Limited, in their 183rd meeting held on 17th February 2021, approved the Bank’s financial statements for the year ended 31 December 2020.

The Bank posted profit before tax (PBT) of Rs. 4,035 million and profit after tax (PAT) of Rs 2,400 million in the year 2020, as compared to Rs 3,247 million and Rs 1,906 million respectively in 2019, reflecting a growth of 24.27 percent and 25.93 percent respectively. The Bank’s EPS has improved to Rs 2.1772 per share in 2020 from Rs 1.7289 per share in 2019. The Board of Directors has also recommended cash dividend for the year ended 31 December 2020 @ 12.50 percent i.e. Rs 1.25 per share.

The Bank’s Net Interest Income (NII) was reported at Rs 10,655 million, improving by 34.43 percent year on year, driven by volumetric increase and maintained spreads. Non fund based income (NFI) was reported at Rs 3,807 million, indicating a year on year growth of 33.08 percent. Profit before provisions and taxation for the year ended 31 December 2020, was reported at Rs 5,436 million, reflecting an impressive growth of 104.54 percent against the corresponding year.

Growth in expenses was restricted at 11.03 percent, as compared to the prior year, with non-markup expenses reported at Rs 9,026 million for the year ended 31 December 2020.

The Bank’s net advances portfolio stood at Rs 164,545 million as at 31 December 2020, 19.70 percent lower than the year end 2019 level. However, net investments witnessed a significant volumetric increase of Rs 72,900 million or 41.17 percent as against the prior year ending at Rs 249,956 million as at 31 December 2020. The Bank’s Non-Performing Advances to total Advances ratio stands at 6.25 percent at 31 December 2020 (December 2019: 5.13 percent), while specific coverage has improved to 75.16 percent (December 2019: 69.46 percent).

Deposits registered a healthy growth of Rs 43,416 million or 14.37 percent year on year, and were reported at Rs 345,499 million as at 31 December 2020. The Bank remains adequately capitalized, with CAR of 16.97 percent at 31 December 2020.

The Board of Directors recognized and appreciated the efforts of the management in delivering improved performance amidst challenging times. The Board remains confident that the Bank shall continue to protect and serve the interest of all stakeholders by fulfilling the growing banking needs of our society, and focusing on financial inclusion and customer satisfaction.—PR

Copyright Business Recorder, 2021

Comments

Comments are closed.