KARACHI: The annual audited financial statements of Soneri Bank Limited for the year ended 31 December 2024 were approved by the shareholders of the Bank in their 33rd AGM held in Lahore and through video-link via Zoom on Thursday. The meeting was chaired by Amin A. 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 12,638 million and profit after tax (PAT) of Rs 5,901 million in the year 2024, as compared to Rs 12,357 million and Rs 6,075 million respectively in 2023. Earnings per share (EPS) for the year was reported at Rs 5.35 per share for the current year, as compared to Rs 5.51 for the comparative prior year.
During the meeting, as recommended earlier by the Board of Directors, the shareholders approved the final cash dividend @ 17.50 percent, i.e., Rs 1.75 per share, in addition to the interim cash dividend of 12.50 percent, i.e., Rs 1.25 per share, already declared and paid, thus total 30 percent, i.e., 3.00 per share for the year ended 31 December 2024.
The Bank’s Net Interest income for the year was reported at Rs 24,948 million, increasing by 9.62 percent from Rs 22,759 million recorded for the prior year, while non-interest income increased by 4.58 percent to end at Rs 6,755 million as against Rs 6,459 million for the last year.
The Bank’s Non-markup expenses were reported at Rs 19,525 million for the current year as against Rs 15,471 million reported for the comparative prior year. Despite high inflation levels and the ongoing branch expansion drive, growth in expenses was restricted at 26.20 percent as compared to the previous year mainly due to prudent cost control policies and discipline. Building on its strategic drive of footprint expansion, the Bank is now operating with a network of 544 branches (December 2023: 443 branches) and has added 101 more branches nationwide.
The Bank’s deposits registered an increase of 4.88 percent when compared to 31 December 2023, ending at Rs 543,146 million on 31 December 2024. Year-end CASA mix improved to 82.56 percent as against 79.60 percent at 31 December 2023.
During the year, net reversals against loans, advances and investments amounted to Rs 461 million, as against net provisions of Rs 1,389 million booked in the previous year. Resultantly, the Specific provisioning coverage improved to 90.02 percent at 31 December 2024 (December 2023: 80.01 percent) and overall coverage including the Expected Credit Loss provision under IFRS 9, Financial Instruments, clocking at a remarkable 102.90 percent.
The Bank’s Capital Adequacy Ratio as at 31 December 2024 stands at 17.69 percent, while the Leverage Ratio is at 3.45 percent.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.