Corporate Corner: Soneri Bank announces 2016 results

LAHORE: The Board of Directors of Soneri Bank Limited met in Lahore under the Chairmanship of Alauddin Feerasta, February 15, 2017 to review the performance of the bank and approved the financial statements for the year ended December 31, 2016. While addressing the meeting, the chairman highlighted that 2016 was the year when the bank completed its 25 years of operation and is standing tall and on course to meet its strategic objectives. The bank posted profit before tax of Rs3,077.34 million and profit after tax of Rs1,878.84 million for the year ended December 31, 2016. This translates into earnings per share of Rs1.7042 (31 December 2015; Rs2.0071). 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 December 31, 2016 at 12.5% ie Rs1.25 per share.

Published in The Express Tribune, February 17^th, 2017.

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