Soneri Bank reports 13.8pc YoY PAT growth for nine months

KARACHI: Soneri Bank Limited has announced its financial results for the nine months ending on September 30, 2024, with Profit After Tax (PAT) growing by 13.8 per cent year-on-year to Rs4,717 million. The results were approved at the bank’s 207th Board of Directors meeting held in Karachi on October 16.

The bank’s profit before tax (PBT) rose by 14.13 per cent to Rs9,629 million compared to Rs8,437 million in the same period last year. Earnings per share (EPS) increased to Rs4.2784 from Rs3.7595 in the previous period.

Net interest income grew by 13.34 per cent to Rs18,248 million, driven by improved volumes and spreads. Non-interest income also saw an increase of 12.13 per cent, reaching Rs5,225 million, supported by a 45.48 per cent rise in trade volumes. Despite inflation and branch expansion efforts, Soneri Bank effectively managed expenses, with non-markup expenses rising by 27.53 per cent to Rs. 14,036 million. The bank now operates with 525 branches, having added 82 new branches in 2024.Deposits increased by 12.01 per cent to Rs. 580,041 million, with the CASA ratio improving to 82.69 per cent. Although net advances fell by 4.11 per cent to Rs. 197,293 million, net investments surged by 29.07 per cent, reaching Rs400,542 million.

Soneri Bank’s non-performing loans ratio dropped to 3.62 per cent, with specific coverage improving to 95.91 per cent. The bank’s capital adequacy ratio stands at 18.59 per cent, and liquidity ratios remain strong, comfortably above regulatory requirements.The bank remains focused on driving shareholder value through its customer-centric strategy.