AGL 38.40 Decreased By ▼ -0.15 (-0.39%)
AIRLINK 135.00 Increased By ▲ 1.25 (0.93%)
BOP 5.09 Increased By ▲ 0.02 (0.39%)
CNERGY 3.79 Decreased By ▼ -0.03 (-0.79%)
DCL 7.59 Increased By ▲ 0.11 (1.47%)
DFML 44.45 Decreased By ▼ -0.98 (-2.16%)
DGKC 77.40 Increased By ▲ 2.06 (2.73%)
FCCL 26.88 Decreased By ▼ -0.52 (-1.9%)
FFBL 52.97 Increased By ▲ 3.27 (6.58%)
FFL 8.54 Increased By ▲ 0.01 (0.12%)
HUBC 123.80 No Change ▼ 0.00 (0%)
HUMNL 9.94 Increased By ▲ 0.09 (0.91%)
KEL 3.73 Decreased By ▼ -0.09 (-2.36%)
KOSM 8.08 Decreased By ▼ -0.31 (-3.69%)
MLCF 33.70 Increased By ▲ 0.44 (1.32%)
NBP 58.49 Decreased By ▼ -0.45 (-0.76%)
OGDC 149.95 Increased By ▲ 1.85 (1.25%)
PAEL 24.70 Decreased By ▼ -0.20 (-0.8%)
PIBTL 5.85 Increased By ▲ 0.13 (2.27%)
PPL 111.65 Increased By ▲ 2.45 (2.24%)
PRL 23.90 Increased By ▲ 0.07 (0.29%)
PTC 12.10 Increased By ▲ 0.27 (2.28%)
SEARL 56.89 Decreased By ▼ -0.36 (-0.63%)
TELE 7.00 Decreased By ▼ -0.02 (-0.28%)
TOMCL 35.15 Increased By ▲ 0.83 (2.42%)
TPLP 7.05 No Change ▼ 0.00 (0%)
TREET 14.16 Increased By ▲ 0.06 (0.43%)
TRG 46.23 Decreased By ▼ -1.66 (-3.47%)
UNITY 26.08 Increased By ▲ 0.58 (2.27%)
WTL 1.21 Decreased By ▼ -0.01 (-0.82%)
BR100 8,735 Increased By 125.5 (1.46%)
BR30 26,256 Increased By 208.9 (0.8%)
KSE100 82,722 Increased By 754.8 (0.92%)
KSE30 26,382 Increased By 306.9 (1.18%)

LAHORE: The Board of Directors of Soneri Bank Limited, in their 202nd meeting held in Lahore on Wednesday, approved the Bank’s financial results for the year ended 31 December 2023.

The Bank posted impressive growth in earnings with profit before tax (PBT) reported at Rs. 12,357 million for the year ended 31 December 2023 as against Rs 4,554 million earned during previous year; which signifies an impressive 171.35 percent year on year growth. Profit after tax (PAT) for the current year alsosurged to Rs. 6,075 million as against Rs 1,883 million in the last year, translating to a growth of 222.61 percent year on year.

Accordingly, the Bank’s EPS was reported at Rs 5.5108 per share for the current year, as compared to Rs 1.7082 earned in the previous year.

With the Bank’s EPS at historic high levels; The Board of Directors has recommended cash dividend for the year ended 31 December 2023 @ 30.00 percent i.e. Rs 3.00 per share (2022: @ 10.00 percent i.e. Rs 1.00 per share), subject to shareholders’ approval in the forthcoming AGM.

Fund based income continued to improve at the back of improved spreads and robust asset and liability management keeping in view the interest rate regime, and the Bank’s Net Interest Income (NII) grew by 102 percent to Rs 22,759 million for the current year, as against Rs 11,267 million reported last year. Non markup income (NMI) also registered a healthy growth of 25.23 percent YoY, with NMI reported at Rs 6,459 million for the current year as against Rs 5,157 million for last year, with core fee income reflecting an improvement of 26.97percent year on year.

Non-markup expenses were reported at Rs 15,471 million for the current year as against Rs 12,245 million reported for the previous year. Despite unprecedented inflation levels, growth in expenses was kept restricted at 26.35 percent as compared to the previous year; as a result of strict cost rationalization measures and prudent

cost control policies and discipline.

During the year, Bank registered a landmark achievement in terms of deposits, crossing the half a trillion landmark by the end of September 2023. Continuing with the growth momentum, deposits closed at Rs 517.869 billion. On a year on year basis, overall deposits registered a 26.42 percent increase.

The Bank’s focus remains on CASA mix improvement and retention of current accounts and rationalizing funding costs, whilst ensuring service levels of the highest quality. At the year end, the Bank’s CASA mix stood at 79.22 percent at 31 December 2023 as against 79.19 percent at the end of 31 December 2022.

The Bank continues to prudently monitor the overall assets portfolio, whilst building up provision levels so as to maintain coverage at reasonable levels.

During the year, net provisions against loans, advances and investments amounted to Rs 1,389 million, as against a net reversal of Rs 375 million booked in the previous year. Resultantly, the Specific provisioning coverage improved to80.01 percent at 31 December 2023(December 2022: 71.61 percent).

The Bank remains adequately capitalized, with a Capital Adequacy Ratio of 18.44 percent at 31 December 2023 (December 2022: 15.19 percent). The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios currently stand at 241.46 percent and 193.90 percent respectively, comfortably above the regulatory requirements.

The Bank remains focused on maximizing shareholder value through our customer focused business strategy aimed at serving the needs of our customers across all business segments.

Copyright Business Recorder, 2024

Comments

Comments are closed.