Soneri Bank Limited reported earnings per share of PKR 5.5 in CY23 against an earnings per share of PKR 1.7 in CY22. Furthermore, in 3QCY24 the company reported earnings per share of PKR 4.3 against PKR 3.8 in SPLY.
Company Net Interest Income stand at PKR 18,248 million in 3QCY24 against PKR 16,101 million in SPLY depicting an increase of 13%. The bank’s capital adequacy ratio currently stands at 18.6%. Discussions are ongoing between the bank, regulatory authorities, and government-appointed bodies regarding ADR.
Regardless of the outcome, the bank is confident it can achieve the 50% ADR limit. Presently, their ADR ranges between 40% and 50%. Till date, the bank has expanded its branch network by adding 97 new branches, bringing the total to 540 branches. Over the past year, the bank introduced several innovative offerings, including a platinum debit Mastercard, enhanced mobile banking services, and the acquisition of point-of-sale (POS) systems to facilitate its customers.
Additionally, the bank has launched priority banking services for high-net-worth individuals. Banks current accounts comprise 33% and savings accounts represent 49% of the bank’s total deposits, reflecting year-on-year growth of 22% and 14%, respectively. The bank’s investment portfolio is heavily weighted towards Pakistan Investment Bonds (PIBs) at floating rates, accounting for 49% of the total portfolio.
Treasury Bills (T-Bills) make up 35% of the portfolio. They further added that the bank aims to convert 31% of its branches to Islamic banking windows by the end of 2025.
Looking ahead, the bank plans to add 126 new branches to its network by 2025. This expansion strategy is expected to enhance visibility, attract higher deposits, and support continued growth. The bank remains optimistic about maintaining profitability, supported by increased branch presence and a higher proportion of current deposits relative to total deposits.
Important Disclosures
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