KARACHI ( TARIQ REPORT )
The annual financial statements of Soneri Bank Limited for the year ended 31 December 2015 were approved by the shareholders of the Bank in its 24th AGM held on Friday, 25 March 2016. The meeting was chaired by Mr. Alauddin Feerasta, Chairman of the Bank.
Bank declared Rs.2.21 billion after tax profit for the year ended 31 December 2015.The Shareholders also approved a cash dividend of Rs. 1.25 per share, which was recommended by the Board of Directors in their meeting held on 11 February 2016.
The Chairman briefed the shareholders that key reasons for better performance in 2015 were continued focus on core area of activity, advances, deposits and trade and strategic positioning which allowed the Bank to enhance its earnings from both investments and non-markup sources. Total deposits as reported in the annual audited accounts, reflecting sound growth of 13.46 closed at Rs.185.22 billion while net advances at the end of the year 2015 amounted to Rs.112.00 billion, being up by 3.74 percent. Resultantly, the net assets closed at Rs.18.19 billion thus translating into a growth of 6.76 percent from the 2014 level.
During the year, the Bank issued Listed Term Finance Certificates (TFC – 2) worth Rs. 3.00 billion. The issue was successfully closed and was oversubscribed by Rs.810 million (1.3 times). Issue was structured as Pre-IPO subscription of Rs.2.25 billion and IPO of Rs.0.75 billion.