Corporate Corner: Soneri Bank announces financial results

The bank approved financial statements and posted profits before and after tax

KARACHI: The Board of Directors of Soneri Bank Limited met in Karachi under the Chairmanship of Alauddin Feerasta, on February 20, 2018 to review the performance of the bank. It approved the financial statements for the year ended December 31, 2017. The bank posted profit before tax of Rs2.83 billion and profit after tax of Rs1.643 billion for the year ended December 31, 2017. This translates into earnings per share of Rs1.5 (December 31, 2016: Rs1.7). The variance in earnings mainly caused by the low interest rate environment was partially offset by volumetric growth in the balance sheet and an increase in trade volumes drove our non-markup income up compared to 2016. The Board of Directors has also announced final cash dividend for the year ended December 31, 2017 at 7.50% ie Rs0.75 per share.

Published in The Express Tribune, February 21^st, 2018.

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