Corporate Corner: Soneri Bank announces 9MCY17 results
Expenses have increased due to branch expansion as well as inflationary impact
PHOTO: SONERI BANK WEBSITE
KARACHI:
Soneri Bank Limited posted a profit before tax of Rs2.09 billion and profit after tax of Rs1.231 billion for the nine months ended September 30, 2017. This translates into earnings per share of Rs1.12 versus Rs1.40 in the corresponding period of last year. This is due to the phenomena of maturity of high yielding bonds, a systemic theme across the industry impacting banking results. Bank’s strategy to meet this challenge has borne fruit and bank total revenue is at the same level as last year, which shows the gap has been made up. Expenses have increased due to branch expansion as well as inflationary impact. During the period deposits grew by 2.34% closing at Rs214.85 billion (December 2016: Rs209.93 billion).
Published in The Express Tribune, October 22nd, 2017.
Soneri Bank Limited posted a profit before tax of Rs2.09 billion and profit after tax of Rs1.231 billion for the nine months ended September 30, 2017. This translates into earnings per share of Rs1.12 versus Rs1.40 in the corresponding period of last year. This is due to the phenomena of maturity of high yielding bonds, a systemic theme across the industry impacting banking results. Bank’s strategy to meet this challenge has borne fruit and bank total revenue is at the same level as last year, which shows the gap has been made up. Expenses have increased due to branch expansion as well as inflationary impact. During the period deposits grew by 2.34% closing at Rs214.85 billion (December 2016: Rs209.93 billion).
Published in The Express Tribune, October 22nd, 2017.