The Board of Directors of Soneri Bank Limited, in their 206th meeting held in Karachi on 23th August 2024, approved the Bank’s condensed interim financial statements for the half year ended 30 June 2024.The Board of Directors has also declared an interim cash dividend for the half year ended 30 June 2024 @ 12.50 percent, i.e., Rs. 1.25 per share. The results reflect consistent and sustained growth in all areas as the Bank posted profit before tax (PBT) of Rs. 6,492 million and profit after tax (PAT) of Rs. 3,204 million for the half year ended 30 June 2024, as compared to Rs. 5,207 million and Rs. 2,527 million respectively in the same period last year. This indicates an impressive growth of 24.68 percent and 26.79 percent respectively. The Bank’s EPS was recorded at Rs. 2.9058 per share for the current reporting period, as compared to Rs. 2.2918 for the comparative prior period. The Bank’s net interest income for the half year ended 30 June 2024 improved to Rs. 11,598 million from Rs. 10,124 million for the comparative prior period, indicating growth of 14.56 percent, on the back of improved volumes and spreads. Non-interest income for the period was reported at Rs. 3,606 million as against Rs. 2,888 million for the comparative prior period, improving by 24.87 percent, at the back of significantly improved trade volumes which grew by 76.19 percent period on period. Non-markup expenses were reported at Rs. 9,034 million for the current year as against Rs. 7,057 million reported for the comparative prior period. Despite unprecedented inflation levels and the ongoing branch expansion drive, growth in expenses, was restricted at 28.01 percent as compared to the previous year; mainly due to prudent cost control policies and discipline. Having targeted the milestone of opening 100 new branches this year, the Bank is now operating with a network of 508 branches (December 2023: 443 branches) and has added 65 more branches nationwide. The Bank’s deposits registered an increase of 15.34 percent when compared to 31 December 2023, ending at Rs. 597,336 million at 30 June 2024. Period end CASA mix improved to 82.62 percent as against 79.22 percent at 31 December 2023. The Bank’s net advances portfolio stood at Rs. 215,053 million as at 30 June 2024, 4.52 percent higher than the year end 2023 level. Net investments increased by Rs. 110,152 million or 35.49 percent from the year-end balance of Rs. 310,341 million, ending at Rs. 420,493 million as at 30 June 2024. As at 30 June 2024, the Bank’s non-performing loans to total advances ratio has come down significantly to 4.13 percent (December 2023: 4.90 percent) due to efficient results on the recovery front. Moreover, specific coverage stands at 95.09 percent (December 2023: 80.01 percent) and overall coverage including the Expected Credit Loss provision under IFRS 9, Financial Instruments, clocking at a remarkable 113.37 percent. The Bank remains adequately capitalized, with a Capital Adequacy Ratio of 17.36 percent at 30 June 2024. The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios currently stand at 180.21 percent and 174.56 percent respectively, comfortably above the regulatory requirements. The Bank remains focused on maximizing shareholder value through our customer focused business strategy aimed at serving the needs of our customers across all business segments.