The annual financial statements of Soneri Bank Limited for the year ended 31 December 2017 were approved by the shareholders of the Bank in its 26th AGM held on Friday. The meeting was chaired by Alauddin Feerasta, Chairman of the Bank. Bank declared Rs 1.64 billion after tax profit for the year ended 31 December 2017. The shareholders also approved a cash dividend of Re. 0.75 per share, which was recommended by the Board of Directors in their meeting held on 20 February, 2018.
The Chairman briefed the 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 percent over 2016 and net advances recorded a growth of 31.11 percent over 2016. Bank's net assets (including surplus) amounted to Rs 18.50 billion as at 31 December 2017.-PR
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