Soneri Bank’s nine-month profit rises 49.5pc to Rs1.81bn

The Board of Directors of Soneri Bank Limited, in its 181st meeting held on Wednesday, approved the bank’s condensed interim financial statements for the nine-month period ended 30 September 2020.

The bank posted a profit before tax (PBT) of Rs3,092.80 million and profit after tax (PAT) of Rs1,811.30 million for the nine months period ended 30 September 2020, as compared to Rs2,065.65 million and Rs1,211.09 million, respectively, for the same period last year, and growing by 49.73pc and 49.56pc, respectively.

The bank’s earning per share was recorded at Rs1.64 for the current reporting period, as compared to Rs1.09 for the comparative prior period.

Profit before provisions and taxation for the nine months period ended 30 September 2020, was reported at Rs4,393.01 million, indicating an impressive growth of 179.71pc from the level of Rs1,570.56 million for the corresponding prior period.

The bank’s net advances portfolio stood at Rs187,242.79 million as at 30 September 2020, 8.62pc lower than the year end 2019 level. Its non-performing advances to total advances ratio stands at 5.51pc at 30 September 2020 (December 2019: 5.13pc), while specific coverage has improved to 74.92pc (December 2019: 69.46pc).

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