Soneri Bank posts Rs407m profit for 1Q2020

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The Board of Directors of Soneri Bank Limited, in its 176th meeting held in Lahore, approved the bank’s condensed interim financial statements for the quarter ended 31 March 2020.

The bank posted a profit before tax (PBT) of Rs684 million and a profit after tax (PAT) of Rs407 million for the quarter under review, as compared to Rs1,149 million PBT and Rs691 million PAT in the same period of last year.

The bank’s earnings per share were recorded at Re0.3696 for the reporting quarter, as compared to Re0.6271 last year.

Profit before provisions and taxation was reported at Rs1,017 million for Q12020, indicating an impressive growth of 78pc over last year’s Rs571 million.

Net Interest Income (NII) was reported at Rs2,109 million for Q12020, improving by 6pc from last year’s Rs1,996 million. The growth was primarily due to improved volumes as well as spreads.

Non-Interest Income was reported at Rs1,168 million for Q12020, improving impressively by 76pc from the level of Rs665 million in the corresponding period of last year. The growth was due to increase in foreign exchange earnings and gains earned on securities, which improved by Rs251 million and 247 million, respectively.

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