KARACHI: Soneri Bank Ltd on Tuesday reported that its profitafter-tax fell 16.47 per cent to Rs1.470 billion for quarter ending on March 31 from Rs1.760bn.

The bank`s board of directors in its 210th meeting approved the bank`s interim financial state-ments for the quarter ended March 31.

The earnings per share declined to Rs1.04 during the quarter compared to Rs1.59 due to additional tax incidence on banking companies introduced via Income Tax (Amendment Ordinance) 2024 with an effective tax rate of 65.62pc against 50.48pc in the same quarter last year.