The Soneri Bank, in its 12th annual general meeting on Monday, approved the recommendation of its board of directors for issuance of 25 percent bonus share.
On the occasion, Badruddin Feerasta, the chairman of the bank's board, presented the annual report to shareholders.
He said the bank has shown a satisfactory performance in an environment where the banking sector remained flushed with surplus liquidity that resulted in a steep decline in return on deployed funds. Despite intense competition, the Soneri Bank had performed well during the year 2003, as it witnessed 36 percent increase in deposits, 13 percent growth in foreign trade, while pre-tax profit had increased by 31 percent, he added.
Badruddin Feerasta said the bank has opened five new branches in 2003, and the response from all the locations was encouraging, adding, at present, 44 branches were fully operational, while the bank's branch expansion programme was continuing, and a number of new branches would be added in 2004.
He said the bank's ATM network has increased, as 19 of its branches extends ATM facilities, while another 20 have been proposed to be added in 2004.
Out of 44 branches, 36 branches have been connected online on real time basis with various related facilities for our own customers, he added.
Badruddin said this service was even available in the remote areas like Gilgit, and the remaining branches would be brought under the online network by the end of the year.
Moreover, the work was under progress on other delivery channels like Internet banking and mobile banking, he added.
He said the bank has launched various consumer finance products successfully. "Pakistan Credit Rating Agency (Pvt) Limited has maintained the previous rating of 'A1+' for the short-term and 'AA-' for the long-term.
These ratings present very high credit quality and very low expectation of credit risk emanating from very strong capacity for timely payment of financial commitments", he said.
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