Soneri Bank announces Annual Results for 2018

Soneri Bank Limited posted profit before tax (PBT) of Rs. 2.905 billion and profit after tax (PAT) of Rs. 1.784 billion for the year 2018, as compared to Rs. 2.848 billion and Rs. 1.660 billion respectively in 2017. These results have consequently improved the Bank’s EPS from Rs. 1.5056 per share in 2017 to Rs. 1.6179 per share in 2018. The Board in its 167th meeting held on 22nd February 2019, approved the Bank’s audited financial statements for the year ended 31 December 2018. The Board has also announced cash dividend for the year ended 31 December 2018 @ 10 percent i.e. Rs. 1.00/- per share.

During the year, Gross Advances portfolio grew by 12.77 percent or Rs. 22.059 billion as compared to the previous year, closing at Rs. 194.831 billion. Investments showed a substantial growth of 26.85 percent or Rs. 31.509 billion, with gross investments reported at Rs. 148.835 billion. Deposits registered an increase of 15.43 percent from Rs. 227.304 billion in 2017 to Rs. 262.379 billion in 2018. As at 31 December 2018, gross Advances to Deposits ratio (ADR) of the Bank stood at 74.26 percent as against 76.01 percent in 2017. The Bank’s net assets (including surplus) amount to Rs. 17.989 billion as at 31 December 2018.

During the year, the Bank successfully issued additional Tier-1 Capital in the form of listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible debt instruments with an issue size of Rs. 4 billion. The issue aims at supplementing the Bank’s tier 1 CAR and contributes towards enhancing the lending capacity of the bank.