Soneri Bank posts net profits of Rs1.176bln

Soneri Bank Limited posted profit before tax of Rs2.049 billion and profit after tax of Rs1.176 billion for the half year ended 30 June 2016, a statement said on Tuesday. 

“These amounts are higher than the corresponding period last year  7.07 percent and 6.13 percent respectively,” it added  During the period deposits grew 9.18 percent closing at Rs202.22 billion (December 2015: Rs.185.22 billion). Net advances grew 3.47 percent to Rs.115.88 billion (December 2015: Rs.112.00 billion).The bank’s net assets (including surplus) amounts to Rs18.07 billion as at 30 June 2016.  

“The bank continues to follow a prudent policy of making provisions against infected loan portfolio in line with regulatory requirements,” the statement said.