KARACHI (PR) - The annual financial statements of Soneri Bank Limited for the year ended 31 December 2014 were approved by the shareholders of the Bank in its 23rdAGM. The meeting was chaired by AlauddinFeerasta, Chairman of the Bank.

Bank declared Rs.1.58billion after tax profit for the year ended 31 December 2014.The Shareholders also approved a cash dividend of Rs.1.00 per share, which was recommended by the Board of Director in their meeting held on February 14, 2015.

The Chairman briefed the shareholders that 2014 was a year of challenges yet the annual results reflect sound growth in all areas of Bank’s operations. Total deposits as reported in the annual audited accounts, reflected a sound growth of 16.13 percent to close at Rs.163.25billion whereas the net advances at the end of the year 2014 amounted to Rs.106.08billion, which is up by 9.16 percent. Resultantly, the net assets closed at Rs.17.04billion thus translating into a growth of 28.28 percent from the 2013 level.

Presenting the results, he said that key reasons for successful performance in 2014were the increased focus on the core areas of activity, advances, deposits and trade which allowed the Bank to enhance its earnings from both investments and foreign exchange sources.