LAHORE (PR) - The annual financial statements of Soneri Bank Limited for the year ended 31 December 2012 were approved by the shareholders of the Bank in its 21st AGM held the other day. The meeting was chaired by Alauddin Feerasta, Chairman of the Bank.

Bank declared Rs.1, 104.19 million after tax profit for the year ended 31 December 2012 which is up from Rs.783.53 million for the year 2011. This was mainly driven by growth in net mark-up / interest income which registered a growth of 23.81 percent.

During the year, bank declared 11 percent bonus shares amounting to Rs.993.21 million increasing the paid up capital to Rs.9, 021.03 million, thus complying with the Minimum Capital Requirement of State Bank of Pakistan.

The Chairman briefed the shareholders that the annual results reflect sound growth in all areas of Bank’s operations. Total deposits as reported in the annual audited accounts adopted by the shareholders reflected a sound growth of 21.1 percent to close at Rs.120, 830.57 million whereas the net advances as at the end of the year 2012 amounted to Rs.76, 825.01 million, which is up by 17.58 percent. Resultantly, the net assets closed at Rs.12, 352.90 million thus translating into a strong growth of 12.53 percent from the 2011 level. The Chairman informed the shareholders that the Bank continued its focus on the core business area and managed to record remarkable growth in overall trade volumes handled during the year 2012.

Presenting the results he said that key reasons for successful performance in 2012 were the increased focus on core area of activity, advances, deposits and trade which allowed the Bank to enhance its earnings from both investments and foreign exchange sources.