Press Releases

Karachi: 8th March 2017

With our brand promise of ‘Roshan Har Qadam’, Soneri Bank has collaborated with Hot Water Bottle Films for the most anticipated upcoming feature film “Chalay Thay Saath” which will release on April 21, 2017. The film is directed by Mr. Umer Adil and produced by Beenish Umer. The star cast includes Syra Shehroz, Kent S. Leung, Behroze Sabzwari, Mansha Pasha along with other actors.

On the occasion of press conference, Ms. Fariya Zaeem, Head of Marketing of Soneri Bank said: “With our vision to help the society grow, we hope to leverage this fusion positively and not only portray the enchanting northern side of Pakistan but also build good relationships on China Pakistan Economic Corridor (CPEC).”

“Chalay Thay Saath is a leap for our film industry as we have international actor Kent S. Leung acting alongside the brightest talents of our country. We hope that this film reaches and touches hearts of people and lends support to our Pakistani film industry.” Said Mr. Umer Adil

Roshan Har Qadam.

Karachi: 20 February 2017

The Board of Directors of Soneri Bank Limited met in Lahore under the Chairmanship of Mr. Alauddin Feerasta, on 15 February 2017 to review the performance of the Bank and approved the financial statements for the year ended 31 December 2016. Chairman while addressing the meeting highlighted that 2016 was the year where bank completed its 25 years of operation and is standing tall and on course to meet its strategic objectives. For 2016, Bank has posted profit before tax of Rs. 3,077.34 million and profit after tax of Rs. 1,878.84 million for the year ended 31 December 2016. This translates into earnings per share of Rs.1.7042 (31 December 2015: Rs.2.0071). The reduction in earnings is mainly a factor of industry predicament due to lower interest rates versus 2015. This pressure was offset by lower provision due to higher recovery of non-performing loans. The Board of Directors has also announced cash dividend for the year ended 31 December 2016 @ 12.5% i.e. Rs. 1.25 per share.

The Bank has shown re-enforcement in all core areas of the Bank’s operations. Deposits grew by 13.83% over 2015 and net advances recorded a growth of 11.88% over 2015. Bank’s net assets (including surplus) amounted to Rs.18.29 billion as at 31 December 2016.

Bank adequately meets the SBP Basel III requirements and is well positioned to meet its growth plans. The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements and is confident that actions taken in 2016 would further help in controlling future infections and securing upcoming recoveries.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 288 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Karachi: 08 December 2016

Soneri Bank
Sitting (Left to Right): Mr. Ovais Habib Khan (COO TPS), Mr. Ahmed Saqib Asad (CIO Soneri Bank), Mr. Amin A. Feerasta (COO Soneri Bank), Mr. Imran Qureshi (CEO Covalent & President Access Group), Mr. Shahzad Shahid (CEO TPS & Director Covalent)

Standing (Left to Right): Mr. Amyn Ghazali (Product Manager Covalent), Mr. Haris Waheed (Business Development Manager Covalent), Mr. Abbas Ali (CTO Access Group), Mr. Ahmad Anwaar (Head EBanking Soneri Bank), Mr. Faisal Qamar (Head ADC Business), Mr. Rashid Ahmed (Group Head, Services TPS)

Soneri Bank with its recent strategic alliances with Covalent, Access Group and TPS Joint venture brings together the combined expertise of all the companies on one common platform, with mutual goals for successful digital transformation.

With this collaboration with Covalent, Soneri Bank will experience enhance customer experience, efficient launching of new products and services, easier integration with other systems, easy access to data and information, and an expansive yet flexible platform. In our mission to provide innovative and efficient financial solutions to our customers and in regulation with the State Bank of Pakistan’s payment cards upgrades, Soneri Bank has embraced digital transformation.

As part of the agreement, Covalent will setup an EMV Compliant Card Management System to power Soneri Bank EMV Debit MasterCard program. This will provide Soneri Bank to a world of possibilities and with IRIS at the core, newer initiatives like EMV acquiring, cardless withdrawal and Prepaid Card Issuing will be future initiatives.

“We conducted an extensive review of several alternatives and determined that Covalent is suitable for us,” states Amin A. Feerasta Chief Operating Officer at Soneri Bank. Covalent wants us to innovate with their state-of-the-art IRIS platform and services. With common goals we will successfully optimize our service delivery.

“Having a progressive technology business partner is crucial for banks in this technological era because it ultimately influences our customer service experience,” said Ahmed Saqib Asad, CIO, Soneri Bank. “We believe Covalent will empower us with innovative technology to drive a more rewarding customer relationship and greater service efficiency.”

“Being able to identify with Soneri Bank’s technology requirements and innovate accordingly is a way forward to a sustainable and mutually beneficial business relationship. Our technology will provide Soneri Bank with the ability to launch different products of their choice with ease that will enhance their value to their end customers well into the future.” says Covalent CEO Imran Qureshi.

“Quick response to market, efficient services and innovative technology are key enablers of success for progressive banks like Soneri Bank. Covalent is committed to delivering best-in-class results for Soneri and enabling them to better serve their customers.” said Shahzad Shahid, Director, Covalent.

Incorporated in 2016, Covalent is the 1st Local Collaboration on the Cloud, formed with the objective of leading the way towards digital transformation of banks in the most cost effective and efficient way. We offer a digital payments platform that can address both the short and long term objectives of any financial institution.

Karachi: 18 November 2016

Karachi, Pakistan – November 9, 2016 – Soneri Bank Limited, one of Pakistan’s leading private commercial banks, and Mastercard, a leading technology company in the global payments industry, announced the launch of the Mastercard World debit card and FalconPay services for the bank’s customers.

Soneri World debit card is one of the most prestigious offerings amongst the category of cards with numerous benefits. Ideal for those who travel worldwide, the card offers customers access to VIP lounges internationally, complimentary services at world-class hotels, and accidental and health coverage, in addition to many other benefits.

FalconPay (powered by Mastercard) is a mobile financial services platform provided by Inov8. It will allow Soneri Bank to target new market segments within its mobile banking platform, while also creating accessible digital channels for the bank to leverage its conventional branch banking, by creating a distribution channel, which is more or less as effective as that of the other players of branchless banking.

The occasion was graced by Mr. Yaseen Anwar, Former Governor of State Bank of Pakistan, Mr. Mohammad Aftab Manzoor, President and CEO, Soneri Bank Ltd., Mr. Amin Feerasta, Chief Operating Officer, Soneri Bank Ltd., Mr. Ahmed Saqib Asad, Chief Information Officer, Soneri Bank Ltd., Mr. Khalid Elgibali, Division President, Middle East and North Africa, Mastercard,

Mr. Aurangzaib Khan, Area Head Pakistan & Afghanistan, Mastercard, Mr. Hasnain Sheikh, Chairman & Co-CEO, Inov8 Ltd., and a number of other senior officials from Soneri Bank, Mastercard and Inov8.

Mr. Yaseen Anwar, Former Governor, SBP, and a Member of the Advisory Board, Inov8, said, “Partnering with Inov8 would lead to many strategic benefits to Soneri Bank, which is one of the pioneering banks globally in QR payments.”

Mr. Mohammad Aftab Manzoor, President and CEO, Soneri Bank, said, “Soneri World debit card will provide consumers with a host of features and benefits. It is also equipped with the latest technology, to ensure safe and secure transactions.” He also added that signing the MOU for QR payments on the FalconPay platform would become the future of payments.

Mr. Amin Feerasta, Chief Operating Officer, Soneri Bank, said, “Soneri Bank has always been very focused on providing innovative services to our customers; our Mobile Banking app is the newest addition to our ADC suite and World debit card issuance would provide a number of prestigious benefits to our customers, with FalconPay adding more flexible options to the merchant retail payments via QR code, online payments and so on.”

Mr. Aurangzaib Khan, Area Head – Pakistan & Afghanistan, Mastercard, said, “Mastercard’s solutions will make everyday transactions easier and more secure for customers of Soneri Bank. As a leading technology company in the payments industry, Mastercard serves as a critical link that connects millions of consumers to businesses and banks all over the world, and we’re committed to leveraging the power of our industry-leading solutions to drive the use of electronic payments in Pakistan.”

Soneri Bank signs with Mastercard to launch World Debit Card and FalconPay

Bottom Row: From Left to Right: Faisal Qamar, Head of ADC Soneri Bank, Hasnain Sheikh, Co-CEO and Chairman Inov8, Mr. Amin Feerasta, Chief Operating Officer Soneri Bank, Mr. Khalid Elgibali, Division President Mastercard, Mr. Aurangzaib Khan, Area Head Pakistan and Afghanistan Mastercard.

Top Row: From Left to Right: Mr. Anwaar Ahmed, Head of eBanking and IT Ops. Soneri Bank, Mr. Aqib Zulfiqar, CFO, Bashir Sheikh, Co-CEO and Co-Founder Inov8, Mr. Ahmed Saqib Asad, CIO Soneri Bank, Mr. Mohammad Aftab Manzoor, President & CEO Soneri Bank, Mr. Yaseen Anwar, Member Advisory Board, Inov8, Mr. Farooq Sikander, Executive Consultant Inov8, Mr. Moiz Mujtaba, Team Lead Financial Solutions Inov8.

Karachi: 24 October 2016

Soneri Bank Limited posted profit before tax of Rs. 2,619.75 million and profit after tax of Rs. 1,541.71 million for the nine months ended 30 September 2016. The Board in its 151st meeting held on 21st October 2016, approved the Bank’s third quarter financial statements.

During the period deposits grew by 9.04 percent closing at Rs.201.97 billion (December 2015: Rs.185.22 billion). Net advances were down by 11.96% to Rs.98.61 billion (December 2015: Rs.112.00 billion) due to seasonal factors. Bank’s net assets (including surplus) amounted to Rs.18.26 billion as at 30 September 2016.

The Bank continues to follow a prudent policy of making provisions against infected loan portfolio in line with regulatory requirements.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 281 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the Bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Soneri Bank innovates with Zong for technological advancement
Karachi: 28 September 2016

IGI Life under its Window Takaful Operations and Soneri Bank signed a Bancatakaful Distribution agreement under which IGI Life’s takaful products will be distributed using Soneri Bank’s branch network. The signing ceremony was held at Soneri Bank’s head office in Karachi on Wednesday, September 21, 2016. Soneri Bank was represented by its Chief Operating Officer Mr. Amin A. Feerasta and Head of Bancassurance Mr. Afzal Shah. While IGI Life was represented by its Dy. Chief Executive Officer Mr. Nadeem R. Malik, Head of Window Takaful Operations Dr. Bakht Jamal, Head of Bancassurance Sales Mr. Saqib Burney and Manager Special Projects and New initiatives Mr. Khalid Qureshi. Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 277 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services.

Soneri Bank innovates with Zong for technological advancement
Karachi: 30th August 2016

Soneri Bank one of the fastest growing banks in Pakistan with the mission to provide innovative and efficient financial solutions to their customers, has recently signed a contract for EMV Debit Card issuance system with InfoTel Pakistan; one of the leading card service providers in the market and a partner of Thales-e-Security Solutions. With the introduction of EMV technology which allows Soneri Bank to offer multi- application services to their customers and ensures top level security along with the flexibility to use Chip based Card for numerous functions.

To launch this new partnership, an agreement was signed by Mr. Amin A. Feerasta – COO Soneri Bank and Mr. Riaz Siddiqui – Managing Director InfoTel Pakistan at Central office of the bank in Karachi. The signing ceremony was attended by members of the management team of both organizations along with Mr. James Cook – Regional Sales Director of Thales e-Security.

Under the new agreement, Soneri Bank will enable its system to offer its customer EMV Compliant Cards in Debit category thereby providing them with the cutting edge Global Standards of high end security and increase functionality.

Speaking at the signing ceremony Mr. Amin A. Feerasta – COO Soneri Bank stated “by complying to EMV, Soneri Bank will have a competitive advantage of issuing Chip based Debit cards thereby enabling them to be better equipped to offer more features and services in the days ahead. This agreement ensures that we partnered with a leading innovative player to provide our customers with high level of convenience, functionality and most importantly of security. Our objective is to provide our customers the best card products compatible locally and globally.

On this occasion Mr. Riaz Siddiqui – Managing Director – InfoTel Pakistan stated that “we will deliver the world’s best EMV technology i.e. Thales P3 which will provide customers with the highest possible security and the ability to add new applications during the cards lifetime and also prevent the bank from malicious activities”

Karachi: 18 August 2016

Soneri Bank Limited posted profit before tax of Rs. 2,048.66 million and profit after tax of Rs. 1,175.51 million for the half year ended 30 June 2016. These amounts are higher than the corresponding period last year by 7.07 percent and 6.13 percent respectively. The Board in its 150th meeting held on 16th August 2016, approved the Bank’s half yearly financial statements.

During the period deposits grew by 9.18 percent closing at Rs.202.22 billion (December 2015: Rs.185.22 billion). Net advances grew by 3.47% to Rs.115.88 billion (December 2015: Rs.112.00 billion).The Bank’s net assets (including surplus) amounts to Rs.18.07 billion as at 30 June 2016.

The Bank continues to follow a prudent policy of making provisions against infected loan portfolio in line with regulatory requirements

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 277 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the Bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Karachi: 21 April 2016

Soneri Bank Limited posted a profit before tax of Rs. 822.31 million and profit after tax of Rs. 539.21 million for the first quarter ended 31 March 2016. The Board in its 149th meeting held on 20 April 2016, approved the Bank’s first quaterly un-audited financial statements.

Deposits grew by 5.61 percent during the period closing at Rs.195.62 billion (December 2015: Rs.185.22 billion). Net Advances are almost at 2015 year end position standing at Rs.112.76 billion (December 2015: Rs.112.00 billion).The Bank’s Net assets (including surplus) amounts to Rs.17.60 billion as at 31 March 2016.

The Bank continues to follow a prudent policy of making provisions against infected loan portfolio in line with regulatory requirements.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 266 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Karachi: 25 March 2016

The annual financial statements of Soneri Bank Limited for the year ended 31 December 2015 were approved by the shareholders of the Bank in its 24th AGM held on Friday, 25 March 2016. The meeting was chaired by Mr. Alauddin Feerasta, Chairman of the Bank.

Bank declared Rs.2.21 billion after tax profit for the year ended 31 December 2015.The Shareholders also approved a cash dividend of Rs. 1.25 per share, which was recommended by the Board of Directors in their meeting held on 11 February 2016.

The Chairman briefed the shareholders that key reasons for better performance in 2015 were continued focus on core area of activity, advances, deposits and trade and strategic positioning which allowed the Bank to enhance its earnings from both investments and non-markup sources. Total deposits as reported in the annual audited accounts, reflecting sound growth of 13.46 closed at Rs.185.22 billion while net advances at the end of the year 2015 amounted to Rs.112.00 billion, being up by 3.74 percent. Resultantly, the net assets closed at Rs.18.19 billion thus translating into a growth of 6.76 percent from the 2014 level.

During the year, the Bank issued Listed Term Finance Certificates (TFC – 2) worth Rs. 3.00 billion. The issue was successfully closed and was oversubscribed by Rs.810 million (1.3 times). Issue was structured as Pre-IPO subscription of Rs.2.25 billion and IPO of Rs.0.75 billion

Soneri Bank innovates with Zong for technological advancement
From Right to left: Mr. Nabeel Ahmad VP Business Development Pakistan & Afghanistan MasterCard Middle East & North Africa; Mr. Aurangzaib Khan VP and Country Manager Pakistan & Afghanistan MasterCard Middle East & North Africa; Mr. Amin Feerasta Chief Operating Officer Soneri Bank Ltd; Mr. Ahmed Saqib Asad Chief Information Officer Soneri Bank Ltd and Mr. Faisal Qamar ADC Head Soneri Bank Ltd.

Karachi: 03 March 2016

Soneri Bank Limited, one of Pakistan’s leading private commercial banks, and MasterCard announced the launch of MasterCard Debit Cards for the bank’s customers.

The deal, covering the entire Pakistan market, allows Soneri Bank customers to exclusively leverage the power of MasterCard’s global presence to enjoy anytime, anywhere access to cash as well as numerous local and international merchant locations

MasterCard debit cards exclusively issued by Soneri Bank will come equipped with the latest technology to ensure safe and secure transactions and will offer cardholders a host of features and benefits including worldwide acceptance, emergency services, enhanced fraud protection and more.

Mr. Amin Feerasta, Chief Operating Officer (COO) Soneri Bank speaking at the occasion said, “Soneri Bank always adopts customer-centric approach, we are the pioneers in providing the ATM services to the Northern Areas of the country with our branches and ATM network growing incrementally. We believe that partnering with MasterCard for Soneri Debit Card would open more avenues to provide innovative services to our customers”.

Mr. Aurangzaib Khan, Country Manager, Pakistan and Afghanistan, MasterCard, said, “The agreement will make everyday transactions easier and more secure for customers of Soneri Bank – regardless of how or where they shop or make payments. As a technology company in the payments industry, MasterCard serves as a critical link that connects millions of consumers to businesses and banks all over the world, and we’re committed to leveraging the power of our industry-leading solutions to drive the use of electronic payments in Pakistan and transition the country towards a world beyond cash.”

Soneri Bank innovates with Zong for technological advancement
From Left to right first row: Amin A. Feerasta Chief Operating Officer Soneri Bank Ltd, Mohammad Aftab Manzoor President and CEO Soneri Bank Ltd, Jean-Paul Mergeai Managing Director Temenos Middle East and Africa, Juan Cejudo Regional Sales Manager Temenos GCC, Middle East

From Left to right second row: Navaid Kareem EVP Business Development NDC, Mir Tehmeed Head, Service Management & Projects Soneri Bank Ltd, Anjum Hai Chief Financial Officer Soneri Bank Ltd, Ammara Masood CEO NDC, Ahmed Saqib Asad Chief Information Officer Soneri Bank Ltd, Gary Rhodes Senior Client Engagement Manager Temenos.

Karachi: 17 March 2016

Soneri bank has taken another leap to enhance the technology platform in line with its focus to improve customer experience and wide range of product offering by signing agreement with Temenos for T24 core banking system.

Mr. Mohammad Aftab Manzoor, President & CEO Soneri Bank Ltd said, “With this technological transformation and our mission to provide innovative and efficient financial solutions, we aim to uplift our customer experience to international standards”.

Mr. Jean-Paul Mergeai Managing Director, Temenos Middle East & Africa Temenos said, “Temenos is extremely honoured to have been selected by Soneri Bank as their technology & business partners for the transformation of their core banking system. As our 10th signing in Pakistan, Soneri Bank is an important milestone in the continuous development of our business and the delivery of value to the Pakistani banking industry”.

11th February, 2016

The Board of Directors of Soneri Bank Limited met in Lahore under the Chairmanship of Mr. Alauddin Feerasta, on 11 February 2016 to review the performance of the Bank and approved the financial statements for the year ended 31 December 2015. The Bank has posted a profit after tax of Rs. 2.21 billion which is 39.87 percent higher than last year. This translates into earnings per share of Rs. 2.01 (31 December 2014: Rs.1.44). Profit before tax stands at Rs. 3.59 billion being 47.25 percent higher than last year. The Board of Directors has also announced cash dividend for the year ended 31 December 2015 @ 12.5% i.e. Rs. 1.25 per share.

The Bank has outperformed the market in deposit growth and also shown reinforcement in all core areas of the Bank’s operations. Deposits grew by 13.46% over 2014 and net advances recorded a growth of 3.74% over 2014. Bank also adequately meets the SBP Basel III requirements and is well positioned to meet its growth plans. Analyzing the reasons for successful performance in 2015, Bank sources explain that the increase in gross revenue was registered mainly on account of growth in earning assets, which increased bank net markup income. Furthermore, bank delivered well on its strategy to mobilize low cost deposits and invest in high yielding bonds. This provided the offset against pressure on spreads due to low rates. The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements and is confident that actions taken in 2015 would further help in controlling future infections and securing upcoming recoveries.

During the year, the Bank issued Listed Term Finance Certificates (TFC – 2) worth Rs.3.00 billion. The issue was successfully closed and was oversubscribed by Rs.810 million (1.3 times). Issue was structured as Pre-IPO subscription of Rs.2.25 billion and IPO of Rs.0.75 billion

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 266 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Soneri Bank innovates with Zong for technological advancement
09th December, 2015

First row from right to left Mr. Amin Feerasta Chief Operating Officer (SBL), Mr. Niaz A Malik, Deputy CEO (Zong). Second row right to left Mr. Mohammad Arif Usman Head of Administration (SBL), Mr. Ahmed Saqib Asad Chief Information Officer (SBL), Mr. Rizwan Siddiqui acting GM South (Zong), Mr. Naeem Ahmed Regional Manager South (Zong), Ms. Ashi Ishtiaq KAM South (Zong).

Islamabad – December 09, 2015: Zong, Pakistan’s most advanced and the only 3G and 4G network has signed a contract with Soneri Bank for the provisioning of Zong BizXcess & Enterprise Solution Services.

BizXcess is Zong’s unique service that allows the postpaid subscribers to choose a plan and get it customized with 3G / 4G, SMS and Group Call Add-Ons. The BizXcess offers different packages including EconoXcess 149, ProXcess, SmartXcess, SMS Add-Ons and Group Call Add-Ons. These packages offer call, SMS, internet and other facilities to Zong’s postpaid subscribers at very convenient rates.

Speaking at the signing ceremony, Niaz A Malik, Deputy CEO Zong said “This contract is another feather in Zong’s cap of cellular excellence. It is recognition in banking sector that Pakistan’s business community prefers Zong due to its highest standards of professionalism, technological advancement and affordability. Soon, Zong would be able to equip Pakistan’s entire banking sector with advanced technological tools practiced worldwide for e-banking.”

Mr Amin Feerasta, Chief Operating Officer (COO) Soneri Bank speaking at the occasion said, “Soneri Bank in its mission to continuously innovate and enhance customer service has invested in the world’s leading technology. This platform will allow Soneri Bank to provide consistent customer experience along all touch points.”

The Deputy CEO Zong hoped that the contract would go a long way in technologically better equipping Soneri Bank’s style of banking in a secure and foolproof manner. “With the help of Pakistan’s most advanced telecom techniques, Soneri Bank would stand equipped to offer banking services to its customers in a much more convenient, digitized, faster and durable way without any hassles.”

20th October, 2015

Soneri Bank Limited posted profit before tax of Rs. 2,622.22 million and profit after tax of Rs. 1,589.87 million for the nine months period ended 30 September 2015. In terms of growth PBT is up 49.86 percent and PAT by 41.92 percent over corresponding period last year.

The Board in its 146 th meeting held on 20 October 2015, approved the Bank’s third quarter financial statements. On this occasion the Chairman, Mr. Alauddin Feerasta appreciated the Bank’s continued strong performance during the third quarter and expressed satisfaction with results.

The key drivers of higher net earnings were primarily revenue growth and managed expenses. Bank’s revenue increased by 22.86 percent to Rs.8.06 billion, from last year’s figure of Rs.6.56 billion whereas expenses increased just by 6.48 percent. Bank’s net assets amounted to

Rs.18.07 billion as at 30 September 2015, being 6.04 percent higher than December 2014 base of Rs.17.04 billion. Deposits grew by 7.88 percent during the nine months closing at Rs.176.11 billion (December 2014: Rs.163.25 billion) and net advances down by 5.27 percent to Rs. 100.49

billion (December 2014: Rs.106.08 billion) due to seasonal factors. The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 249 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide

them par-excellence services, for which the Bank has been investing prudently in information technology, human resources, marketing and infrastructure.

21st August, 2015

Soneri Bank Limited posted profit before tax of Rs. 1,913.31 million and profit after tax of Rs. 1,107.61 million for the half year ended 30 June 2015. In terms of growth PBT is up 79.11 percent and PAT by 66.85 percent over corresponding period last year. The Board in its 144th meeting held on 13 August 2015, approved the Bank’s half yearly financial statements. On this occasion the Chairman, Mr. Alauddin Feerasta appreciated the Bank’s continued strong performance during the second quarter and expressed satisfaction with results.

The Key drivers of higher net earnings were primarily revenue growth and managed expenses. Bank’s revenue increased by 24.98 percent to Rs.5.42 billion, from last year’s figure of Rs.4.33 billion whereas expenses increased just by 3.88 percent. Bank’s Net assets amounted to Rs.17.82 billion as at 30 June 2015, being 4.60 percent higher than December 2014 base of Rs.17.04 billion. Deposits grew by 9.86 percent during the half year closing at Rs.179.34 billion (December 2014: Rs.163.25 billion) and Net advances down by 2.68 percent to Rs.103.24 billion (December 2014: Rs.106.08 billion) due to seasonal factors. The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements.

Soneri Bank successfully closed 2nd Issue of Rated, Listed, Unsecured and Subordinated Term Finance Certificates worth Rs.3,000 million. Issue was oversubscribed 1.3 times reflecting investors’ confidence in the bank. Going forward, this will enhance bank’s capital buffer and support future growth plan.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 247 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.

28th April, 2015

Soneri Bank Limited, under the umbrella of Soneri Mehnat Wasool Remittance, has partnered with Ria Money Transfer (“Ria”), a global leader in international money transfer and payment services, to provide money transfer services throughout Pakistan.

This new collaboration allows Pakistani expatriates from all over the world to send money to their families and friends through Ria locations worldwide. Soneri Bank customers can either receive money directly to their bank accounts, or beneficiaries can pick-up cash at a Soneri Bank branch. Beneficiaries selecting cash pick-up can receive their funds in as little as 10 minutes through Soneri Mehnat Wasool Remittance. The amount remitted from abroad is paid in Pakistani Rupee (PKR) and can be collected at more than 240 Soneri Bank branches in 106 cities across Pakistan.

Soneri Bank’s SEVP and Group Head, Shahid Abdullah, said, “We believe that partnering with Ria will play a pivotal role in boosting remittance inflows to Pakistan not only globally, but from the United States, where there is huge potential. It will also help to build up foreign reserves. We believe this collaboration has benefits for both institutions and is aligned with Soneri Bank’s vision, ‘to better serve customers, to help them and the society grow’ and our mission ‘to provide innovative and efficient financial solutions to our customers’.”

Ria’s President and CEO, Juan Bianchi also commented, “Our partnership with Soneri Bank provides more choices for Pakistanis living abroad who wish to send money home, as well as additional points for collecting remittances. Ria’s substantial network, combined with Soneri Bank’s own strategic locations, will also contribute to foreign reserves and economic growth in Pakistan, which is one of the top 10 remittance receiving countries in the world.”

About Soneri Bank:

Soneri Bank is a Pakistani commercial bank that was incorporated on September 28, 1991. The first branch commenced operations in Lahore on April 16, 1992, followed by the launch of Karachi’s first branch on May 09, 1992. With over 240 branches and 260 ATMs across the country, Soneri Bank is a growing bank well-positioned to provide competitive services in all spheres of banking.

The bank offers a diverse range of products and services to cater to the growing banking needs of today’s customers. The brand promise “Roshan Har Qadam” manifests their commitment to constantly innovate their product suite for the best match of personal & business needs of its customers, including Commercial, Retail and Corporate segments. For further details about Soneri bank you may visit www.soneribank.com

About Ria:

Ria is a global leader in money remittances and is a recognized benchmark in both quality and service. Ria initiates transfers through a network of sending agents and company-owned stores located throughout North America, Latin America, Europe and Australia as well as online from the United States at www.riamoneytransfer.com

Ria’s current global network spans 134 countries with services in over 243,000 locations. Ria is steadfast in its commitment to customers and remains ingrained within the communities in which they live. For more information visit www.riafinancial.com and www.riamoneytransfer.com

Ria is a subsidiary of Euronet Worldwide, Inc. (Nasdaq:EEFT), a worldwide leader in processing secure electronic financial transactions. Through three business segments – Electronic Financial Transactions (EFT), epay Prepaid Products and Money Transfer – Euronet offers a diverse portfolio of electronic payment alternatives to customers in approximately 160 countries. In addition to global money transfer services, Euronet’s product portfolio includes comprehensive ATM services, point-of-sale processing, card outsourcing services, prepaid mobile airtime, other prepaid content and mobile operator solutions.

For further information regarding this release, please contact:

Syed Muhammad Muzammil
Product Manager, Home Remittance, Soneri Bank Limited
syed.muzammil@soneribank.com
T: +92-311-7773034 or 111-567-890 Ext: 2155

Sian Bennett
PR & Communication, Ria Money Transfer
Sbennett@riafinancial.com

Soneri Bank Limited posted a profit before tax of Rs. 949.73 million and profit after tax of Rs. 613.28 million for the first quarter ended 31 March 2015. The Board in its 143rd meeting held on 17 April 2015, approved the Bank’s first quaterly un-audited financial statements. On this occasion the Chairman, Mr. Alauddin Feerasta appreciated the Bank’s continued positive performance during the quarter and expressed satisfaction on the record profit posted.

During the period Bank’s net revenue rose by 28.31 percent to Rs.2.61 billion, from last year’s figure of Rs.2.03 billion. Bank’s Net assets amounted to Rs.17.26 billion as at 31 March 2015, being 1.33 percent higher than 2014 base of Rs.17.04 billion. Deposits are almost at 2014 year end position standing at Rs.162.73 billion and Net advances are down by 6.48% to Rs.99.20 billion due to seasonal factors.

The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements .

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 246 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.

The annual financial statements of Soneri Bank Limited for the year ended 31 December 2014 were approved by the shareholders of the Bank in its 23rd AGM held on Friday, 27 March 2015. The meeting was chaired by Mr. Alauddin Feerasta, Chairman of the Bank.

Bank declared Rs.1.58 billion after tax profit for the year ended 31 December 2014. The Shareholders also approved a cash dividend of Rs.1.00 per share, which was recommended by the Board of Director in their meeting held on February 14, 2015.

The Chairman briefed the shareholders that 2014 was a year of challenges yet the annual results reflect sound growth in all areas of Bank’s operations. Total deposits as reported in the annual audited accounts, reflected a sound growth of 16.13 percent to close at Rs.163.25 billion whereas the net advances at the end of the year 2014 amounted to Rs.106.08 billion, which is up by 9.16 percent. Resultantly, the net assets closed at Rs.17.04 billion thus translating into a growth of 28.28 percent from the 2013 level.

Presenting the results, he said that key reasons for successful performance in 2014 were the increased focus on the core areas of activity, advances, deposits and trade which allowed the Bank to enhance its earnings from both investments and foreign exchange sources.

Flood Relief Fund

Soneri Bank Ltd has recently taken an initiative for the rehabilitation of flood affectees by presenting a Cheque of Rs. 10 Million to CM Punjab Mr. shahbaz Sharif as “Flood Relief Fund”. The cheque has been presented by GM (Central-I) Mr. Zia Amjad Hussain on behalf of SONERI BANK on Nov 26, 2014. On this occasion Chief Minister Punjab also commended the humanitarian spirit of those who have contributed their shares for national progress and prosperity.

Soneri Bank believes in shining the light of transformation on all walk of lives enabling the society towards step of prosperity – “Roshan Har Qadam”

Flood Relief Fund

First row from Left to Right Mr. Ahmed Saqib Asad Chief Information Officer (SBL), Mr. Kamal Ahmed Chief Digital Services Officer (PTCL), President & CEO Mr. Mohammad Aftab Manzoor (SBL) & Mr. Amin A Feerasta Chief Risk Officer (SBL).

Second row from left to right Mr. Abbas A. Bhatti Manager Corporate Services (PTCL), Mr. Mirza Sajid Baig GM Corporate Services (PTCL), Mr. Noman Muzaffar Head Infrastructure Services (SBL) & Mr. Khalid Aziz Senior Manager Corporate Services (PTCL) at Signing Ceremony of Soneri Bank Ltd and PTCL on 9th Dec 2014.

Soneri Bank Limited is embarking upon hosting the I.T. Data Centre Infrastructure at the PTCL’s Tier-III Data Center Site in Karachi. The PTCL Data Centre is equipped with state of the art facility which includes electrical power (UPS & Genset), precision cooling and rack space with committed sustenance and veracity thus augmenting uptime and minimizing risks. The bank will only avail the mentioned facilities, the ownership and governance of the I.T. Infrastructure/equipment will remain with the bank.

This is a commendable initiative taken by Soneri Bank’s Technology team for the mutual benefits of both Bank and customers, as this will provide a good response time, sustainability and a more secured platform which will enhance the sense of security and reliability in our valued customers.

Zia Amjad Hussain of Soneri Bank presented Rs 10 million for CM flood relief fund

November 27, 2014

Former President Rafique Tarar, Minister of State for Religious Affairs Pir Ameen-ul-Hasnat and prominent personalities from different walks of life met Punjab Chief Minister Muhammad Shahbaz Sharif, here on Wednesday and presented cheques for Rs 25 million for Chief Minister’s Flood Relief Fund. Former President Rafique Tarar gave Rs 0.4 million, Minister of State for Religious Affairs Pir Ameen-ul-Hasnat Rs 0.5 million, Zia Amjad Hussain of Soneri Bank Rs 10 million, Chief Executive Officer Lotte Chemical Lee and Chief Executive Officer Lotte Kolson Abdul Latif Rs 0.5mn million.

Member National Assembly Iffat Liaqat Ali and former MPA Chaudhry Liaqat Ali gave cheques for Rs 2.4 million. Tariq Ullah Sufi, Khalid Hadayat Sufi and Tanveer Ahmed Sufi Rs 2.0 million, former MPA Rana Iqbal Rs 0.4 million, Chairman Punjab Textbook Board Lahore Nawazish Ali Rs 6.0 million and Sheraz Waheed of Shahnawaz Limited Rs 2.5 million.

Speaking on the occasion, the Chief Minister commended the humanitarian spirit of the well known persons for the help and assistance of flood affectees. He said that Punjab government has set an example by completing the rehabilitation work of flood affectees within days. He said that historic package of 16 billion rupees has been given for compensating the losses of the flood-hit people. He said that, except the elements staging sit-ins, the whole nation stood by the distressed people and while the people were inundated, celebrations were being held on container in Islamabad. He said that the nation faced the worst flood of the history with courage and sincerity. He said that Punjab government and concerned institutions faced this challenge with courage.

He further said that federal and Punjab government of PML-N spared no effort for the help and assistance of the distressed people. He said that Prime Minister Muhammad Nawaz Sharif and I also visited flood-hit areas for several times. A special prayer was also offered on this occasion for national progress and prosperity.

Source: Business Recorder

Soneri Bank announces third quarter 2014 results

Oct 24, 2014

Soneri Bank Limited posted a pre-tax profit of Rs.1.75 billion for the nine months ended 30 September 2014. The Board in its 139 th meeting held on 23 October 2014, approved the Bank’s third quarterly financial statements. On this occasion, the Chairman, Mr. Alauddin Feerasta appreciated the Bank’s continued positive performance during the third quarter and expressed satisfaction on the overall scale of growth.

During the period, Bank’s total revenue amounted to Rs.6.56 billion, which is up by 22.13% from the last year’s comparative figure of Rs.5.37 billion. The deposits momentum continued, registering growth of 7.00% over 2013, to close at Rs.150.43 billion (December 2013: Rs.140.58 billion).

The Board was briefed that the Bank’s strategy of strong focus on the overall loan book and proactive management of non-performing loans is proving fruitful, and provisions are also down during the nine months period 2014 as compared to last year’s comparative figure.

Soneri Bank has a unique market position in trade-finance and transactions banking services, and boasts a loyal and satisfied client-base in all its 238 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the Bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Soneri Bank announces second quarter 2014 results

Aug 14, 2014

Soneri Bank Limited posted a pre-tax profit of Rs.1,068.26 million for the first half year ended 30 June 2014. The Board in its 138 th meeting held on 13 August 2014, approved the Bank’s half yearly financial statements. On this occasion the Chairman, Mr. Alauddin Feerasta appreciated the Bank’s continued positive performance during the second quarter and expressed satisfaction on overall scale of growth.

During the first half year Bank’s total revenue amounted to Rs.4,324.58 million, which is up by 24.06 percent from the last year’s comparative figure of Rs.3,485.75 million. The deposits momentum continued, registering growth of 10.76 percent over 2013, to close at Rs.155.71billion (31 December 2013: Rs.140.58 billion). Advances (net) were down due to seasonal factor.

The Board was briefed that the Bank’s strategy of strong focus on the overall loan book and proactive management of non-performing loans is proving fruitful, and provisions are also down in first half year 2014 as compared to last year’s comparative figure.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 236 branches all over the country. The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Inaugration Ceremony of Soneri Bank’s Corporate Branch Bahria Complex-III Karachi

September 22, 2014
Corporate Branch Bahria Complex-III

Chairman Mr. Alauddin Feerasta along with President & CEO Mr. Mohammad Aftab Manzoor & Chief Risk Officer Mr. Amin Feerasta at Inauguration Ceremony of Soneri Bank’s Corporate Branch Bahria Complex-III Karachi.

Soneri Bank is pleased to announce the commencement of Corporate Branch Bahria Complex-III on September 22, 2014. The Branch opening was inaugurated by the Chairman of Soneri Bank Limited, Mr. Alauddin Feerasta along with President & CEO of Soneri Bank Limited, Mr. Mohammad Aftab Manzoor accompanied by Chief Risk Officer Amin Feerasta.

The launch of Soneri Bank’s Corporate Branch is a step towards the success of our valued customers who maintain their trust with us, and to ensure that they receive all the financial facilities and hassle free services under the ambit of Soneri Bank Ltd. On this occasion, Chairman of the Bank, Mr. Alauddin Feerasta shared his thoughts about the 22 years history of customer centric approach where customers get facilities exceeding their expectations.

The President & CEO Mr. Mohammad Aftab Manzoor ascertained that the steady progress and growth of Soneri Bank is due to the continuous support and trust of our customers, and we as a management of Soneri Bank Ltd will continue with our commitment towards working for mutual benefits of both Customers and the Bank. With this understanding we increase our branch network to reach our valued customers with the best service quality.

Soneri Bank Announces 2013 Results

February 19, 2014

Soneri Bank Limited on Wednesday February 19, 2014 announced its results for the year ended 31 December 2013. The Chairman of the Bank, Mr. Alauddin Feerasta, presided over the Board that met in Lahore. The Bank posted profit after tax of Rs 1.037 billion. The Board noted with satisfaction that bank has met SBP’s Minimum Capital Requirement of the Rs. 10 billion, and has outperformed the market in both advances and deposit growth and achieved strong growth in all areas of the Bank’s operations. Deposits grew by 16.58% over 2012 and gross advances recorded a growth of 25.30% over 2012. It’s a great milestone that bank gross advances have crossed Rs. 100 billion.

Analyzing the reasons for successful performance in 2013, Bank sources explain that the increase in gross revenue was registered mainly on account of growth in main areas of activity; i.e. advances, deposits and trade, which allowed the bank to enhance its earnings from both investments and foreign exchange. Furthermore, bank delivered well on its strategy to mobilize low cost deposits which had a positive impact on its spread. The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements and is confident that actions taken in 2013 would further help in controlling future infections and securing upcoming recoveries.

Soneri Bank at year end has a branch network of 239 and intends to continue with its growth strategy. The branding and service quality programs which were successfully launched in 2013 will continue to be focused upon in 2014.

Thar Initiative Soneri Bank

Soneri Bank Limited recently undertook an initiative to assist the people affected by the drought devastation in Thar. Soneri Bank donated approximately 11.25 tonnes of food to be distributed in the form of 525 food hampers to the people of Thar. The food hampers were handed over to the Pakistan Army for distribution as part of a ceremony on 10th April 2014 at the Central Ordinance Depot. Present at the occasion were Mr. Amin Feerasta, Chief Risk Officer, Soneri Bank Ltd.; Ms. Fariya Zaeem, Head of Marketing, Soneri Bank Ltd.; and Mr. Anwar Hussain, Marketing Manager, Soneri Bank Ltd. Faced with frequent food shortages, the affected people found Soneri Bank’s efforts a welcome relief and hoped for similar gestures from the Bank in the future.

Soneri Bank Sponsors KGC Basant Scramble 2014 Golf Tournament

15 February 2014

Karachi Golf Club’s Basant Scramble 2014 Golf Tournament, exclusively sponsored by Soneri Bank Limited, took place on Saturday 15th February 2014. Opening on a sunny spring morning, the annual Basant golf event was attended by over a hundred golfers with active participation of Soneri Bank Limited senior management and corporate and retail clients. In celebration of Basant, the Golf Club was decorated with kites, streamers and balloons in cheerful colors, prompting a few enthusiastic attendees to join in the traditional festival kite-flying activity after the tournament.

The winning team of the tournament was Cdre. Zafar Mehmood, Mrs. Ghazala Zafar, Cdre. Mateen ur Rehman and Capt. Ansar Mehmood (57 net). The runner-up team consisted of Syed Ebtihaj Humayun, Saim Shazli, Mast. Nadir Khan, (59 net; two way tie won on Back Nine) and the second runner-up team of Cdre. Ghazanfar Abbas, Brig. Mazhar Abbas, Col. Nazir Chachar, Mast Waleed Chachar (59 net). The Subsidiary Prizes were awarded as follows: Most Basanti (male): S. M. Hassan and Sohail Shams; Most Basanti (female): Majida Habib and Tahira Raza; Closest To Line (Yellow Hole No 11): Faisal Garib; Closest To Pin (Blue Hole No 4): Core Shahid Habib.

The prizes for the winning team, runner-up, second runner-up and subsidiary prizes were distributed by Chief Guest Mr. Alauddin Feerasta, Chairman Soneri Bank Limited and Mr. Amin Feerasta, Chief Risk Officer Soneri Bank Limited. The Karachi Golf Club wore a festive look, celebrating Basant colors and received a heartening response from all participants.

KGC Basant Scramble 2014 Golf Tournament

Prizes were distributed by Mr. Alauddin Feerasta, Chairman, Soneri Bank Ltd and Mr. Amin Feerasta, Chief Risk Officer, Soneri Bank Ltd, with Mr. Ahmad Abdul Bari, Vice President of KGC, presiding over the ceremony.

KGC Basant Scramble 2014 Golf Tournament - 1
KGC Basant Scramble 2014 Golf Tournament - 2

Soneri Bank has recently signed Home Remittance Disbursement Arrangement with Wall Street Finance Canada Ltd under PRI

November 7, 2013

Soneri Bank has recently signed Home Remittance Disbursement Arrangement with Wall Street Finance Canada Ltd under PRI (Pakistan Remittance Initiative) and will now facilitate delivery / disburse payments of Wall street Finance Canada, to beneficiary through its satisfied client-base in all its 235 branches in 105 cities spread all over the country, which covers most of the high home remittance volume receiving areas in Pakistan.

Soneri Bank Limited was incorporated on Sept 28, 1991.The first branch commenced operations in Lahore on April 16, 1992, followed by Karachi’s first branch on May 09, 1992. The Bank has a unique market position in trade-finance and transactional banking services& boasts a loyal & satisfied client –based served across an expanding network in both urban and rural landscape. The Bank’s loyal customer base also speaks volume of our convenient banking experience & understanding of our customer’s needs.

With our vision to better serve customers to help them and the society to grow and our mission to provide innovative & efficient financial solutions, we are committed to enhance customer experience. Soneri Bank-RoshanHarQadam.

First Corporate Branch in Lahore

(Left to right): Syed Babar Ali of Packages Group, Mr. Alauddin Feerasta Chairman Soneri Bank Ltd, Mr. JafferaliFeerasta Chairman RupaliGroup, Mr. Amin Feerasta Country Credit Head Soneri Bank, (Second row, right to left): Mr. Bilal Asghar Corporate Banking Head Soneri Bank, Mr. Aftab Manzoor President & CEO Soneri Bank, with other valued customers.

On May 16, 2013, Soneri Bank Limited opened its First Corporate Branch at 307, Upper Mall Lahore. The Branch opening was performed by the Chairman of Soneri Bank Limited Mr. AlauddinFeerasta along with Syed Babar Ali of Packages Group in the presence of distinguished Corporate customers and the bank’s management. This dedicated Corporate Branch will serve the bank’s Corporate customers under one-window operation and will provide best value services in a timely manner.

On this occasion, Chairman of the bank, AlauddinFeerasta said that Soneri Bank Limited has a 20 year history of customer service and excellence and the bank is making steady progress through its growth plans. As a result, the bank now has 233 branches and 258 ATMs across Pakistan covering both urban and rural areas of Pakistan.

The President & CEO, Mr. Aftab Manzoor remarked that Soneri Bank Limited is driving its customer focused strategy and ensuring that our distribution points are best utilized in meeting our customer’s requirement in a satisfactory manner. In this regard, this Corporate branch will serve as the door opener and we are looking to expand these purpose built branches in other geographies, going forward.

Soneri Bank Announces Results For 2012

26 February 2013

Soneri Bank Limited posted a pre-tax profit of Rs. 1,635.33 million for the nine-month period which ended on 30 September, 2012.

The Board in its 126th meeting approved the Bank’s third quarterly financial statements. On this occasion the Chairman, Mr. AlauddinFeerasta, appreciated the Bank’s continued positive performance in almost all areas of its operations and expressed satisfaction on the overall scale of growth.

The Bank’s total revenue as at September 30, 2012 amounted to Rs. 4,851.51 million, which reflects an impressive growth of 36.61% from the previous year’s comparatives. The pre-tax profit of the Bank, after registering a growth of 54.70%, amounted to Rs. 1,635.33 million. Whereas the post-tax profit of the Bank for the third quarter closed at Rs. 1,082.37 million.

President Mr. Mohammad AftabManzoor said that stepping into its 20th year of operation, the Bank has achieved various milestones and is aggressively working on a progressive strategy aimed towards increasing profitability, reinforcing brand image, improving service quality and generating value for customers and shareholders.

The Board was briefed that going forward, the Bank plans to retain its focus on increasing the operating base with a special focus on increasing its liability book and following its policy of proactive loan restructurings and recoveries.

Soneri Bank enjoys an excellent standing in trade-finance and transactions’ banking services and is serving an increasing number of satisfied customers through a wide-spread branch network of 219 branches spread all across the country.

Soneri Bank Announces Results For 2012

31 December, 2012

Soneri Bank Limited has announced its results for the year ended 31 December 2012 posting highest profit after tax in last six years. The Chairman of the Bank, Mr. Alauddin J Feerasta, presided over the Board that met in Lahore on 23 February 2013. The Board noted with satisfaction that bank has outperformed the market in both advances and deposit growth and achieved strong growth in all areas of the Bank’s operations. Deposits grew by 21.15% over 2011 and advances (gross) recorded a growth of 17.14% over 2011. The bank’s after tax profit increased to Rs 1,104 million, up from Rs 784 million, primarily due to a solid growth in Net Interest Income of 23.82%, (up from Rs 3,912 million to Rs 4,844 million) and effective monitoring of non-performing loan portfolio. The Bank’s EPS went up to Rs 1.10 from Re 0.78 as a result. As of 31 December 2012, the Bank is in compliance with Minimum Capital Requirement of the State Bank of Pakistan.

Analyzing the reasons for successful performance in 2012, Bank sources explain that the increase in core revenue was registered mainly on account of growth and restructuring in its main areas of activity; advances, deposits and trade, which allowed the bank to enhance its earnings from both investments and foreign exchange. Furthermore, the Bank continued to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements and is confident that actions taken in 2012 would further help in controlling future infections and securing upcoming recoveries.

Soneri Bank at year end has a branch network of 233 and intends to continue with its growth strategy. The Bank will maintain its focus on technology, branch upgrades and human resources to meet customer expectations in an increasingly competitive environment.

Soneri Bank Declared After Tax Profit Of Rs.1,104.19 Million

31 December, 2012

The annual financial statements of Soneri Bank Limited for the year ended 31 December 2012 were approved by the shareholders of the Bank in its 21st AGM held on Thursday, 28 March 2013. The meeting was chaired by Mr. Alauddin Feerasta, Chairman of the Bank.

Bank declared Rs.1,104.19 million after tax profit for the year ended 31 December 2012 which is up from Rs.783.53 million for the year 2011. This was mainly driven by growth in net mark-up / interest income which registered a growth of 23.81 percent.

During the year bank declared 11 percent bonus shares amounting to Rs.993.21 million increasing the paid up capital to Rs.9,021.03 million, thus complying with the Minimum Capital Requirement of State Bank of Pakistan.

The Chairman briefed the shareholders that the annual results reflect sound growth in all areas of Bank’s operations. Total deposits as reported in the annual audited accounts adopted by the shareholders reflected a sound growth of 21.1 percent to close at Rs.120,830.57 million whereas the net advances as at the end of the year 2012 amounted to Rs.76,825.01 million, which is up by 17.58 percent. Resultantly, the net assets closed at Rs.12,352.90 million thus translating into a strong growth of 12.53 percent from the 2011 level.

The Chairman informed the shareholders that the Bank continued its focus on the core business area and managed to record remarkable growth in overall trade volumes handled during the year 2012.

Presenting the results he said that key reasons for successful performance in 2012 were the increased focus on core area of activity, advances, deposits and trade which allowed the Bank to enhance its earnings from both investments and foreign exchange sources.

Soneri Bank Limited Has Joined Hands With Moneygram

Soneri Bank Limited Has Joined Hands With Moneygram

Left to right: (Mr. Amir Arab, Mr. Irshad Nazir, Mr. Aftab Manzoor, Mr. Andrew Peter Kenneth, Mr. Reza Samad, Mr. Qurban Panjwani). The Agreement Signing Ceremony was held at the Soneri Bank Head Office on I.I. Chundrigar Road, Karachi.

Soneri Bank is now offering MoneyGram services at all its 214+ branches, across Pakistan.

Soneri Bank will now facilitate the delivery of MoneyGram payments to beneficiaries through its extensive branch network, which covers most of the high home remittance volume receiving areas in Pakistan. Recently Soneri Bank also became a member of the PRI Initiative, and is preparing to launch full-fledged home remittance facilitation services to beneficiaries and banks in Pakistan, as well as remitters and remittance companies abroad.

Speaking at the Agreement Signing Ceremony, Mr. Aftab Manzoor, President & CEO, Soneri Bank Ltd. said: “On the Home remittance front, Soneri Bank is committed to serving the community at large, and to making it convenient for beneficiaries of home remittances to receive payments quickly and efficiently. To support this commitment, we have recently established a dedicated home remittance business segment within the Bank and will continue to invest in people, technology and infrastructure in order to ensure that we are able to consistently deliver on our commitment, both to customers and our partners.”

Soneri Bank Announces Record High Half Yearly Profits – June 30, 2012

August 23, 2012

Soneri Bank Limited posted a record-high half year pre-tax profit of Rs 1,137.55million for period ended June 30, 2012. The Board in its 123rdmeeting approved the Bank’s half yearly financial statements. On this occasion the Chairman, Mr. Alauddin J. Feerasta appreciated Bank’s continued positive performance during the second quarter for year 2012 and expressed satisfaction on the overall scale of growth.

During the first half year Bank’s total revenue amounted to Rs 3,218.18m, which is up by a margin of 39.84% from the last year’s comparative of Rs 2,301.28m. The pre-tax profit of the bank amounted to Rs 1,137.55m which translated into a year on year growth of 67.50%, whereas the post-tax profits of the bank registered a growth of 58.74% and closed at Rs 752.91m as at June 30, 2012.

Besides increase in the core income side, one of the key reasons behind the profitability growth has been controlled provisioning on account of non-performing loan book, which as at June 30, 2012 resulted in a net reversal of Rs 70.35million as compared to Rs 505.22million charge last half year.

Stepping in its 20th year of its operation the Bank registered an impressive growth of over 15% on the total Deposit side, whereas the total assets recorded an increase of 14.39% when compared to December 31, 2011 levels. This momentum reflects the underlying gradual expansion strategy adopted by the Bank as a result of which the Bank has continually increased its operating footprint.

The Board was briefed that going forward the Bank plans to retain its focus on the overall loan book and follow the policy of proactive loan restructurings and timely recoveries and at the same time increase the overall revenue base of the Bank.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 214 branches spread all across the country. The Bank is committed to meet the increasing expectation of its customers and continue to provide them par-excellence services, for which the bank has been investing responsibly in information technology, human resources and infrastructure.

Soneri Bank Awarded Runners up Award for ‘Best Bank of the year 2011’ by CFA Association Pakistan

Jul 5, 2012

CFA Association has ranked Soneri Bank as the second best bank in Pakistan 2011 (in the medium-bank category). This reward takes into account the impressive performance and growth registered by Soneri Bank during the year 2011. Soneri Bank specialized in trade finance and transactional banking services and have a footprint of 214 branches across Pakistan. Operating with a deposit base of over Rs 103billion (as at March 31, 2012) Soneri Bank is one of the fast growing bank in the medium-sized bank category in Pakistan.

Soneri Bank Has Completed Its 20th Year of Operations

We are Proud to Step into our 21st year of quality banking with dynamic change. Our Contemporary Branding marks the beginning of the new era, and our commitment to giving customers premium services and an experience that’s far beyond banking.