PR KARACHI - Soneri Bank Limited posted profit before tax of Rs1,449.97 million and profit after tax of Rs811.85 million for the half year ended June 30.This translates into earning per share of Re0.74 versus Rs1.07 in the corresponding period last year. The operating environment defined by low interest rates/margins and aftermath of high yielding bond bonanza has impacted banking industry profitability. Bank’s strategy to meet this challenge has borne fruit and bank is well positioned to withstand these pressures. The Board, in its 156th meeting held on 21st August, approved the bank’s half-yearly financial statements.

During the period, deposits grew by 11.67 percent closing at Rs.234.43 billion (December 2016: Rs.209.93 billion). Net advances grew by 19.51 percent to Rs.149.75 billion (December 2016: Rs.125.31 billion). The Bank’s net assets (including surplus) amounts to Rs.17.21 billion as at 30th June. The Bank continues to follow a prudent policy of making provisions against infected loan portfolio in line with regulatory requirements.