Soneri Bank announces profit after tax of Rs723mn for first quarter of 2019

Soneri Bank announces profit after tax of Rs723mn for first quarter of 2019

Soneri Bank Limited posted profit before tax (PBT) of Rs1,201 million and profit after tax (PAT) of Rs723 million for the quarter ended March 2019, as compared to Rs1,016 million and Rs660 million respectively in the same period last year.

This indicates a year-on-year PBT growth of 18.24 per cent and a PAT growth of 9.59 per cent.

The bank’s earnings per share improved to Rs0.6561 per share in March 2019 from Rs0.5987 per share in the same period last year. The Board in its 169th meeting held on April 24 approved the bank’s condensed interim financial statements for the quarter ended March 31.

The bank’s net advances portfolio grew by 2.09 per cent to Rs190,371 million. Non-performing loans decreased by 3.83 per cent from Rs11,537 million on December 31, 2018 to Rs10,923 million on March 31, 2019; thereby improving the infection ratio from 5.83 per cent on December 31 2018 to 5.50 per cent on March 31, 2019.

 

The deposit portfolio registered a decline of Rs3,588 million or 1.37 per cent when compared to 31 December, 2018, ending at Rs258,791 million as at March 31, 2019.

However the Bank’s CASA percentage improved to 64.14 per cent.