Shareholders of Soneri Bank approve 2022 results

LAHORE    -   The annual audited financial statements of Soneri Bank Lim­ited for the year ended Decem­ber 31, 2022 were approved by the shareholders of the bank in their 31st AGM held in Lahore and through video-link via Zoom on Monday. 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. 4,554 million and profit after tax (PAT) of Rs. 1,883 million in the year 2022, as compared to Rs. 5,149 million and Rs. 2,854 million respective­ly in 2021. Earnings per share (EPS) for the year were reported at Rs. 1.71 per share for the cur­rent year, as compared to Rs. 2.59 for the comparative prior year. During the meeting, the share­holders approved the final cash dividend for the year ended 31 December 2022 @ 10.00 percent i.e. Rs. 1.00 per share, as recom­mended earlier by the Board of Directors. Briefing the share­holders on the financial results, the President and CEO men­tioned that bank’s net interest income for the year was report­ed at Rs. 11,267 million, increas­ing by 3.01 percent against Rs. 10,938 million for the prior year, while non-interest income in­creased by 20.21 percent to end at Rs. 5,157 million as against Rs. 4,290 million for the last year. He also mentioned that despite inflationary pressures, growth in expenses was restricted at 20.16 percent as compared to the prior year with non-markup expenses reported at Rs. 12,245 million for the year ended December 2022. He further explained that due to the changes introduced by the Finance Act 2022, the overall effective tax rate for the bank for the year ended 31 De­cember 2022 stood at 58.65 percent (2021: 44.57 percent). Bank’s deposits registered an increase of 1.64 percent when compared to 31 December 2021, ending at Rs. 409,643 million at 31 December 2022. However, the Bank’s CA mix improved to 32.73 percent in December 2022 as against 27.17 percent at Decem­ber 2021, with year end current deposits at Rs. 134,080 million as against Rs. 109,494 million at the year end 2021.

ePaper - Nawaiwaqt