Soneri Bank records 25.9pc jump in profit

The Board of Directors of Soneri Bank Limited on Wednesday approved the bank’s financial statements for the year ended 31st December 2020.

The bank posted profit before tax (PBT) of Rs4,035 million and profit after tax (PAT) of Rs2,400 million for the year 2020, as compared to Rs3,247 million and Rs1,906 million in 2019, reflecting a growth of 24.27pc and 25.93pc, respectively.

The bank’s earnings per improved to Rs2.1772 per share in 2020 from Rs1.7289 last year. The board has also recommended cash dividend for 2020 at 12.50pc i.e. Rs1.25 per share.

The bank’s Net Interest Income (NII) was reported at Rs10,655 million, improving by 34.43pc, driven by volumetric increase and maintained spreads. Non fund based income (NFI) was reported at Rs3,807 million, indicating a YoY growth of 33.08pc percent. Profit before provisions and taxation was reported at Rs5,436 million, reflecting an impressive growth of 104.54pc against the corresponding year.

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Growth in expenses was restricted at 11.03pc as compared to the prior year, with non-markup expenses reported at Rs9,026 million for the year ended 31 December 2020.

The bank’s net advances portfolio stood at Rs164,545 million as at 31 December 2020, 19.7pc lower than the year end 2019 level. However, net investments witnessed a significant volumetric increase of Rs72,900 million or 41.17pc YoY.

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