Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained its ratings for Soneri Bank Limited, recognizing the institution's strategic growth and customer-focused initiatives. Soneri Bank has expanded its branch network significantly, adding 101 new branches in the past year, bringing the total to 544, with new branches contributing significantly to deposit growth.

The bank reported substantial growth in its customer base, recording a 119% increase over the past year. Deposits grew by approximately 5%, with a notable rise in the proportion of low-cost Current Account Savings Account (CASA) deposits to 82%. Advances also saw an 18.2% increase, improving the advances-to-deposits ratio to 44.8%.

Despite these achievements, Soneri Bank's net profit saw a slight decline of 2.86%, attributed to a 26.2% rise in non-markup expenses amidst high inflation and branch expansion costs. However, the bank's asset quality showed improvement with a higher non-performing loan coverage ratio and a lower infection ratio.

The bank's leadership continues to focus on optimizing deposit composition and enhancing digital presence to improve customer experience and operational efficiency. These efforts align with the bank's strategic goals of long-term sustainability through digital innovation and customized solutions.