Soneri Bank announces Third Quarter 2017 Results

Soneri Bank Limited posted profit before tax of Rs. 2,099.71 million and profit after tax of Rs. 1,231.35 million for the nine months ended 30 September 2017. This translates into earning per share of Rs. 1.12 versus Rs. 1.40 in the corresponding period last year. This is due to the phenomena of maturity of high yielding Bonds, a systemic theme across the industry impacting banking results. Bank’s strategy to meet this challenge has borne fruit and bank total revenue is at the same level as last year which shows the gap has been made up. Expenses have increased due to branch expansion as well as inflationary impact. The Board in its 158th meeting held on 18th October 2017, approved the Bank’s third quarterly financial statements.

During the period deposits grew by 2.34 percent closing at Rs. 214.85 billion (December 2016: Rs.209.93 billion). Net advances grew by 24.38 percent to Rs.155.85 billion (December 2016: Rs.125.31 billion).The Bank’s net assets (including surplus) amounts to Rs.17.12 billion as at 30 September 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 286 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.