Soneri Bank announces 2016 Results
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.