KARACHI -The Board of Directors of Soneri Bank Limited, in their 176th meeting held in Lahore on 23rd April 2020, approved the Bank’s condensed interim financial statements for the quarter ended 31 March 2020.

The Bank posted profit before tax (PBT) of Rs. 684 million and profit after tax (PAT) of Rs. 407 million for the quarter ended March 2020, as compared to Rs. 1,149 million and Rs. 691 million respectively in the same period last year. The Bank’s EPS was recorded at Re. 0.3696 per share for the current reporting quarter, as compared to Re. 0.6271 for the comparative prior period.

Profit before provisions and taxation was reported at Rs. 1,017 million for Q12020, indicating an impressive growth of 78 percent from the level of Rs. 571 million for the corresponding prior period.

Net Interest Income (NII) was reported at Rs. 2,109 million for Q12020, improving by 6 percent from the level of Rs. 1,996 million for the corresponding prior period. The growth was primarily due to improved volumes as well as spreads.

Non-Interest Income was reported at Rs. 1,168 million for Q12020, improving impressively by 76 percent from the level of Rs. 665 million for the corresponding prior period. The growth was due to increase in foreign exchange earnings and gains earned on securities which improved by Rs. 251 million and 247 million respectively.