The Board of Directors of Soneri Bank Limited, in their 209th meeting held in Karachi on 7th February 2025 and chaired by Mr. Amin A. Feerasta, approved the Bank’s financial statements for the year ended 31 December 2024. The results reflect consistent and sustained growth in all areas as the Bank posted Profit before Tax (PBT) of Rs. 12,638 million and Profit after Tax (PAT) of Rs. 5,901 million for the year ended 31 December 2024, as compared to Rs. 12,357 million and Rs. 6,075 million respectively in the last year. This indicates a growth of 2.27 percent in PBT; despite a declining interest rate environment with sustained pressure on spreads. The PAT shows a meager decline of 2.87 percent due to additional tax incidence on Banking Companies introduced via Income Tax (Amendment Ordinance), 2024. The Bank’s EPS was recorded at Rs. 5.3528 per share for the current year, as compared to Rs. 5.5108 for the comparative year. The Bank’s Net Interest Income for the year ended 31 December 2024 improved to Rs. 24,948 million from Rs. 22,759 million recorded for the comparative prior year, indicating a growth of 9.62 percent, on the back of improved volumes and spreads. Non-interest income for the year was reported at Rs. 6,755 million as against Rs. 6,459 million for the comparative year, improving by 4.58 percent, at the back of significantly improved trade volumes which grew by 36.91 percent year on year. Non-markup expenses were reported at Rs. 19,525 million for the current year as against Rs. 15,471 million reported for the comparative prior year. Despite high inflation levels and the ongoing branch expansion drive, growth in expenses, was restricted at 26.20 percent as compared to the previous year mainly due to prudent cost control policies and discipline. Building on its strategic drive of footprint expansion; the Bank is now operating with a network of 544 branches (December 2023: 443 branches) and has added 101 more branches nationwide. The Bank’s deposits registered an increase of 4.88 percent when compared to year ended 31 December 2023, ending at Rs. 543,146 million at 31 December 2024. Year-end CASA mix improved to 82.56 percent as against 79.60 percent at 31 December 2023. The Bank’s net advances portfolio stood at Rs. 243,366 million as at 31 December 2024, 18.28 percent higher than the year end 2023 level. Net investments increased by Rs. 73,965 million or 23.83 percent from the year-end balance of Rs. 310,341 million, ending at Rs. 384,306 million as at 31 December 2024. As at 31 December 2024, the Bank’s non-performing loans to total advances ratio has come down significantly to 3.13 percent (December 2023: 4.90 percent) due to efficient results on the recovery front and the adoption of the charge off policy introduced during the year by SBP. Moreover, specific coverage stands at 90.02 percent (December 2023: 80.01 percent) and overall coverage including the Expected Credit Loss provision under IFRS 9, Financial Instruments, clocking at a remarkable 102.90 percent. The Bank remains adequately capitalized, with a Capital Adequacy Ratio of 17.69 percent at 31 December 2024. The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios currently stand at 176.91 percent and 157.15 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.