Soneri Bank Limited on Wednesday announced its results for the year ended 31 December 2013. The Chairman of the Bank, Alauddin Feerasta, presided over the Board meeting in Lahore. The Bank posted profit after tax of Rs 1.037 billion. The Board noted with satisfaction that bank has met SBP's Minimum Capital Requirement of the Rs 10 billion, and has outperformed the market in both advances and deposit growth and achieved strong growth in all areas of the Bank's operations.
Deposits grew by 16.58 percent over 2012 and gross advances recorded a growth of 25.30 percent over 2012. It's a great milestone that bank gross advances have crossed Rs 100 billion. Analysing the reasons for successful performance in 2013, Bank sources explain that the increase in gross revenue was registered mainly on account of growth in main areas of activity; ie advances, deposits and trade, which allowed the bank to enhance its earnings from both investments and foreign exchange. Furthermore, bank delivered well on its strategy to mobilise low cost deposits which had a positive impact on its spread.
The Bank continues to follow a prudent policy for making provisions for the infected loan portfolio in line with regulatory requirements and is confident that actions taken in 2013 would further help in controlling future infections and securing upcoming recoveries.-PR
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