LAHORE (PR): The Board of Directors of Soneri Bank Limited met
in Lahore under the chairmanship of Alauddin Feerasta, on February 15, 2017 to
review the performance of the bank and approved the financial statements for
the year ended December 31, 2016.
While addressing the meeting, the chairman highlighted that 2016
was the year where bank completed its 25 years of operation and is standing
tall and on course to meet its strategic objectives. For 2016, the bank has
posted profit before tax of Rs3,077.34 million and profit after tax of
Rs1,878.84 million for the year ended December 31, 2016. This translates into
earnings per share of Rs.1.7042 (December 31, 2015: Rs2.0071).
The reduction in earnings is mainly a factor of industry
predicament due to lower interest rates versus 2015. This pressure was offset
by lower provision due to higher recovery of non-performing loans. The Board of
Directors has also announced cash dividend for the year ended December 31, 2016
@ 12.5 percent ie Rs1.25 per share.
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