KARACHI: The annual audited financial statements of Soneri Bank Limited for the year ended 31 December 2020 were approved by the shareholders of the Bank in their 29th AGM held simultaneously via Zoom in Lahore and Karachi, on Friday, 26 March 2021. 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 also in attendance.
The Bank posted profit before tax (PBT) of Rs 4,035 million and profit after tax (PAT) of Rs 2,400 million in the year 2020, as compared to Rs 3,247 million and Rs 1,906 million respectively in 2019, which represented an increase of 24.27 percent and 25.93 percent respectively. Earnings per share (EPS) for the year was reported at Rs 2.1772 per share.
During the meeting, the shareholders approved the final cash dividend for the year ended 31 December 2020 @ 12.50 percent i.e. Rs 1.25 per share, as recommended earlier by the Board of Directors.
Briefing the shareholders on the financial results, the President and CEO mentioned that the Bank’s Net Interest Income (NII) improved by 34.43 percent year on year, primarily due to improved volumes as well as maintained spreads. He also mentioned that non fund based income (NFI) was reported at Rs 3,807 million, indicating a year on year growth of 33.08 percent.
With overall revenues ending higher by 34.07 percent and operating expenses growth restricted at 11.03 percent, he mentioned that the Bank’s operating profit for the year improved by an impressive 104.54 percent and was reported at Rs 5,436 million.
He further said that the Bank’s net investments witnessed a significant volumetric increase of Rs 72,900 million or 41.17 percent as against the prior year ending at Rs 249,956 million as at 31 December 2020. However, net advances portfolio stood at Rs 164,545 million as at 31 December 2020, 19.70 percent lower than the year end 2019 level.
Deposits at the year-end amounted to Rs 345,499 million as against Rs 302,082 million at 31 December 2019, indicating a growth of 14.37 percent.
While discussing the Bank’s outlook and strategy, the Chairman of the Board said that the country was indeed going through a tough phase, and the Covid-19 pandemic had put further stress on economic growth. He assured the Shareholders that the Board and the management of the Bank are working together in order to deliver on the Bank’s Strategic targets.—PR
Copyright Business Recorder, 2021