KARACHI: Soneri Bank Ltd reported a 2.27 per cent year-on-year (YoY) rise in pre-tax profit (PBT) for the year ended 31 December 2024, despite a challenging interest rate environment. PBT reached Rs12.64 billion, up from Rs12.36 billion in 2023. Net profit after tax (PAT) dipped slightly by 2.87 per cent to Rs5.9 billion due to increased banking sector taxes. Earnings per share (EPS) were Rs5.35, compared to Rs5.51 the previous year.
Net interest income grew 9.62 per cent to Rs24.95 billion, driven by higher volumes and improved spreads. Non-interest income rose 4.58 per cent to Rs6.76 billion, boosted by a 36.91 per cent surge in trade volumes. Operating expenses increased 26.2 per cent to Rs19.53 billion, reflecting inflationary pressures and the bank’s expansion, which saw 101 new branches added, bringing the total to 544.
Deposits grew 4.88 per cent to Rs543.15 billion, with the current account and savings account (CASA) mix improving to 82.56 per cent. Net advances increased 18.28 per cent to Rs243.37 billion, while net investments rose 23.83 per cent to Rs384.31 billion.
The bank’s non-performing loan (NPL) ratio fell to 3.13 per cent from 4.9 per cent in 2023, attributed to improved recoveries and a new charge-off policy. Specific coverage reached 90.02 per cent, and overall coverage, including expected credit loss provisions, stood at 102.9 per cent.
Soneri Bank’s capital adequacy ratio was 17.69 per cent at year-end, and its liquidity coverage ratio and net stable funding ratio were 176.91 per cent and 157.15 per cent, respectively, all exceeding regulatory requirements. The bank said it remains focused on maximising shareholder value through a customer-centric strategy.