Karachi: The Pakistan Credit Rating Agency Limited (PACRA) announced that it has maintained the ratings of Soneri Bank Limited, citing the bank's strategic growth and robust business profile. The bank's expansion efforts, notably the addition of 101 new branches in CY24, brought its total to 544 branches, marking a significant milestone in its growth strategy. This expansion has contributed to a significant increase in the customer base and deposit growth.

Soneri Bank, under its experienced leadership, has seen substantial growth in its low-cost deposit base alongside improvements in deposit composition and cost efficiency. The bank's trade business volumes have also witnessed notable growth as it continues to expand its footprint through a growing branch network and strategic digital initiatives aimed at enhancing customer experience and operational efficiency.

In the past year, the bank's total deposits grew by approximately 5%, with a significant increase in the current and savings accounts ratio. The advances registered an 18.2% increase, reflecting an improvement in the asset quality. The non-performing loan coverage ratio improved to 90%, while the infection ratio decreased to 3.1%, indicative of strong recovery efforts.

Despite a rise in non-markup expenses driven by inflation and branch expansion, the bank saw a rise in net-markup and non-markup income. However, net profit declined slightly by 2.86% to PKR 5.9 billion. The bank's equity base increased to PKR 30.8 billion, and the capital adequacy ratio was reported at 17.7%.

Looking forward, Soneri Bank aims to enhance its deposit base and customer relationships through digital innovation and customized solutions. The bank plans to sustain growth by focusing on core and trade-related income while improving operational efficiency and maintaining a low-cost deposit base.