Soneri Bank announces First Quarter 2017 Results

The Board of Directors of Soneri Bank Limited in its 155th meeting held on 17 April 2017, approved the Bank’s first quaterly un-audited financial statements. Bank posted a profit before tax of Rs. 916.33 million and profit after tax of Rs. 595.62 million for the first quarter ended 31 March 2017. These amounts are higher than the corresponding period last year by 11.43 percent and 10.46 percent respectively. These are attributable to higher revenue along with managed expenses.

During the period deposits grew by 3.03 percent closing at Rs.216.28 billion (December 2016: Rs.209.93 billion). Net advances grew by 5.82% to Rs.132.60 billion (December 2016: Rs.125.31 billion).The Bank’s net assets (including surplus) amounts to Rs.17.21 billion as at 31 March 2017.

The Bank continues to follow a prudent policy of making provisions against infected loan portfolio in line with regulatory requirements.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 282 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.