Soneri Bank shareholders approves 2023 annual results

KARACHI: 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.

The meeting was chaired by Mr. Alauddin Feerasta, Chairman of the Board, with Mr. 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.

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.