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Soneri Bank earns Rs. 1,883 million profit after tax (PAT) in the year 2022

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The Board of Directors of Soneri Bank Limited, in their 196th meeting held in Lahore on 22nd February 2023, announced the Bank’s financial results for the year ended 31 December 2022.

The Bank posted profit before tax (PBT) of Rs. 4,554 million and profit after tax (PAT) of Rs. 1,883 million for the year ended December 2022, as compared to Rs. 5,149 million and Rs. 2,854 million respectively for the prior year. The Bank’s EPS was recorded at Rs. 1.7082 per share for the current reporting period, as compared to Rs. 2.5889per share for the year 2021.

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The Bank’s Net Interest income for the year ended at Rs. 11,267 million, increasing by3.01 percent against Rs. 10,938 million for the prior year, while non-interest income increasedby20.21 percent to end at Rs. 5,157 million as against Rs. 4,290 million for the last year.

Despite inflationary pressures, growth in expenses was restricted at 20.16 percent as compared to the prior year with Non-markup expenses reported at Rs. 12,245 million for the year ended December 2022.

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The Board of Directors has recommended cash dividend for the year ended 31 December 2022 @ 10.00 percent i.e. Rs. 1.00 per share (2021: @ 15.00 percent i.e. Rs. 1.50 per share), subject to shareholders’ approval in the forthcoming AGM.

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The Bank’s net advances portfolio increased toRs. 208,434 million as at 31December 2022, 25.95 percent higher than the year end 2021 level, while the Bank’s Non-performing loans to total Advances ratio improved to 4.71 percent (December 2021: 5.95 percent). Specific coverage was at 71.61 percent (December 2021: 76.51 percent).

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