Earnings: Soneri Bank profits rise 59% over January-June 2012

KARACHI:

 Soneri Bank profits increased by 59% to Rs752.91 million in the first half of 2012 on the back of higher interest income and lower bad loans.

During the first half year, the bank’s total revenue rose 40% to Rs3.2 billion compared with the last year’s amount of Rs2.3 billion.

Besides an increase on the core income side, one of the key reasons behind the profitability growth has been controlled provisioning on account of the non-performing loan book, which as at June 30, 2012, resulted in a net reversal of Rs70.35 million against the preceding year’s Rs505.22 million charge.

Stepping into its 20th year of operation, the bank registered impressive growth of over 15% on the total deposit side, whereas total assets recorded an increase of 14.39% as compared to the 31 December 2011 levels.

Published in The Express Tribune, September 4^th, 2012.