Corporate Corner: Soneri Bank approves 2017 accounts

KARACHI: The annual financial statements of Soneri Bank Limited for the year ended December 31, 2017 were approved by shareholders of the bank in its 26th AGM held on Friday, March 30, 2018. The meeting was chaired by Alauddin Feerasta, chairperson of the Bank. The bank declared Rs1.64 billion after tax profit for the year ended December 31, 2017. The shareholders also approved a cash dividend of Rs0.75 per share, which was recommended by the board of directors in their meeting held on February 20, 2018. The chairperson briefed shareholders that key reasons for sustained performance in 2017 were continued focus on core area of activity, advances, deposits and trade and strategic positioning which allowed the bank to maintain its earnings from both investments and non-markup sources in prevailing low interest rate environment and reduced spreads. The deposits grew by 8.30% over 2016 and net advances recorded a growth of 31.11% over 2016. Bank’s net assets (including surplus) amounted to Rs18.50 billion as on December 31, 2017.

Published in The Express Tribune, April 3^rd, 2018.

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