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Soneri Bank Limited Shareholders Approve 2023 Financial Statements in 32nd AGM

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Soneri Bank Limited Shareholders Approve 2023 Financial Statements in 32nd AGM

The annual audited financial statements of Soneri Bank Limited for the year ended 31 December 2023 were approved by the shareholders of the Bank in their 32nd AGM held in Lahore and through video-link via Zoom on Friday, 08 March 2024.

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The meeting was chaired by Alauddin Feerasta, Chairman of the Board, with Muhtashim Ahmad Ashai, President and Chief Executive Officer and other members of the Board of Directors and senior management also in attendance.

The Bank posted profit before tax (PBT) of Rs. 12,357 million and profit after tax (PAT) of Rs 6,075 million in the year 2023, as compared to Rs 4,554 million and Rs. 1,883 million respectively in 2022; which represents a healthy growth of 171.35 percent and 222.61 percent respectively as compared to last year. Earnings per share (EPS) for the year was reported at Rs 5.51 per share for the current year, as compared to Rs 1.71 for the comparative prior year. During the meeting, the shareholders approved the final cash dividend for the year ended 31 December 2023 @ 30.00 percent i.e. Rs 3.00 per share, as recommended earlier by the Board of Directors.

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The Bank’s Net Interest income for the year was reported at Rs 22,759 million, significantly increased by 102.00 percent against Rs 11,267 million for the prior year, while non-interest income increased by 25.23 percent to end at Rs 6,459 million as against Rs 5,157 million for the last year. Despite inflationary pressures, growth in expenses was restricted at 26.35 percent as compared to the prior year with Non-markup expenses reported at Rs 15,471 million for the year ended December 2023.

During the year 2023 the Bank surpassed the landmark number of half a trillion, and the Bank’s Deposits registered an increase of 26.42 percent when compared to 31 December 2022, ended at Rs 517,869 million at 31 December 2023. However, the Bank’s CA percentage is 30.42 percent as at 31 December 2023, with year end Current deposits at Rs. 157,541 million as against Rs. 134,080 million at the year end 2022.

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During the year, net provisions against loans, advances and investments amounted to Rs 1,389 million, as against a net reversal of Rs. 375 million booked in the previous year. Resultantly, the Specific provisioning coverage improved to 80.01 percent at 31 December 2023 (December 2022: 71.61 percent).

The Bank’s Capital Adequacy Ratio as at 31 December 2023 stands at 18.44 percent, while the Leverage Ratio is at 4.02 percent.

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