Soneri Bank announces First Quarter Results for 2019

Soneri Bank Limited posted profit before tax (PBT) of Rs. 1,201 million and profit after tax (PAT) of Rs. 723 million for the quarter ended March 2019, as compared to Rs. 1,016 million and Rs. 660 million respectively in the same period last year. This indicates a year on year PBT growth of 18.24 percent and a PAT growth of 9.59 percent. The Bank’s EPS improved to Rs. 0.6561 per share in March 2019 from Rs. 0.5987 per share in the same period last year. The Board in its 169th meeting held on 24th April 2019, approved the Bank’s condensed interim financial statements for the quarter ended 31 March 2019.

The Bank’s net advances portfolio grew by 2.09 percent to Rs. 190,371 million. Nonperforming loans decreased by 3.83 percent from Rs. 11,357 million on 31 December 2018 to Rs. 10,923 million on 31 March 2019; thereby improving the infection ratio from 5.83 percent on 31 December 2018 to 5.51 percent on 31 March 2019.

The Deposit portfolio registered a decline of Rs. 3,588 million or 1.37 percent when compared to 31 December 2018, ending at Rs. 258,791 million as at 31 March 2019. However, the Bank’s CASA percentage improved to 64.14 percent. (December 2018: 60.76 percent).

The Board of Directors are confident that the Bank would continue to perform well, amidst a challenging economic environment and shall be able to achieve its KPIs and meet the expectations of our stakeholders.