Soneri Bank Announces First Quarter – 2012 Financial Results
Karachi: Soneri Bank Limited posted a pre-tax profit of Rs. 679.60 million for the first quarter of 2012. Presiding the Board meeting held earlier this week, the Chairman, Mr. Alauddin Feerasta expressed satisfaction on the Bank’s performance during the period and mentioned that the Bank has entered in its 20th year of operations with sound footing and is poised to grow at an even faster pace.
The first quarter net mark-up income after provisions jumped up by 63.26% and amounted to Rs. 1,109.93 million as compared to Rs. 679.85 million generated during the first quarter of 2011. The overall comparable growth in pre-tax profit was 56.20%, which amounted to Rs. 679.60 million, whereas the net profit after tax amounted to Rs. 493.84 million up by 62.77% from Rs. 303.39 million recorded during the first quarter of last year.
In line with the growth strategy, the Bank’s net asset registered a growth of 4.78% during the first three months of its 2012 operations. During the first quarter, the total deposits crossed the Rs. 100 billion mark and closed at Rs. 103,948.62 million as at March 31, 2012 and the net advances also registered a similar trend and grew by 4.83% to close at Rs. 68,492.64 million.
Bank sources explained that besides overall growth on the business and operations side, one of the key reasons behind this improved profitability is the control over non-performing loan portfolio, which has resulted in a net reversal of Rs. 52.32 million during the first three months of the year 2012.
Sources reiterated the Bank’s resolve to continue its policies of proactive loan recoveries and restructurings and at the same time ensuring that adequate provisioning is made as per the regulatory requirements.
Soneri Bank is operating with a network of 214 branches across the country and has plans to continue with its network expansion plan with increased focus on trade finance and transactional banking services. The Bank continues to invest in technology, human resources and improving service quality in order to meet customer expectations in an increasingly competitive environment.
For more information, Contact:
Soneri bank Limited
5th floor, Al Rahim Tower, I.I. Chundrigar Road,
P.O. Box No. 5856,
Tel: 243956267, 2444401-5
Fax: 2446661 and 2446734