Staff ReporterWednesday, February 27, 2013 - Karachi—Soneri Bank Limited has announced its results for the year ended 31 December 2012 posting highest profit after tax in last six years. The Chairman of the Bank, Alauddin J Feerasta, presided over the Board that met in Lahore on 23 February 2013.
The Board noted with satisfaction that bank has outperformed the market in both advances and deposit growth and achieved strong growth in all areas of the Bank’s operations. Deposits grew by 21.15% over 2011 and advances (gross) recorded a growth of 17.14% over 2011. The bank’s after tax profit increased to Rs 1,104 million, up from Rs 784 million, primarily due to a solid growth in Net Interest Income of 23.82%, (up from Rs 3,912 million to Rs 4,844 million) and effective monitoring of non-performing loan portfolio.
The Bank’s EPS went up to Rs 1.10 from Re 0.78 as a result. As of 31 December 2012, the Bank is in compliance with Minimum Capital Requirement of the State Bank of Pakistan.
Analyzing the reasons for successful performance in 2012, Bank sources explain that the increase in core revenue was registered mainly on account of growth and restructuring in its main areas of activity; advances, deposits and trade, which allowed the bank to enhance its earnings from both investments and foreign exchange. Furthermore, the Bank continued to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements and is confident that actions taken in 2012 would further help in controlling future infections and securing upcoming recoveries.
Soneri Bank at year end has a branch network of 233 and intends to continue with its growth strategy. The Bank will maintain its focus on technology, branch upgrades and human resources to meet customer expectations in an increasingly competitive environment.