Soneri Bank announces Third Quarter 2016 Results

Soneri Bank Limited posted profit before tax of Rs. 2,619.75 million and profit after tax of Rs. 1,541.71 million for the nine months ended 30 September 2016. The Board in its 151st meeting held on 21st October 2016, approved the Bank’s third quarter financial statements.

During the period deposits grew by 9.04 percent closing at Rs.201.97 billion (December 2015: Rs.185.22 billion). Net advances were down by 11.96% to Rs.98.61 billion (December 2015: Rs.112.00 billion) due to seasonal factors. Bank’s net assets (including surplus) amounted to Rs.18.26 billion as at 30 September 2016.

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 281 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.