Soneri Bank is in the news again for all the good reasons. The company has recently announced its profit for the first quarter of the current fiscal year. The financial institution has reportedly performed well and posted a net profit of PKR 916.33 million (before tax), which after tax and other deductions stands at PKR 595.62 million.
Soneri Bank is defying all the odds despite low interest rates and has experienced a surge in its earning. Moreover, during the similar time frame of the previous year the bank had booked a profit of PKR 822.30 million before tax and PKR 539.20 million after tax. The earnings per share of the bank also jumped to PKR 0.54 from PKR 0.49 this year.
According to a press release, the increase in earnings of the bank is due to higher revenues along with managed expenses. Also, net advances of the bank increased by 5.82% to PKR 132.60 billion from PKR 125.31 billion in December 2016. In addition, the bank’s net assets amounted to PKR 17.21 billion as of 31st March, 2017.
Moreover, it is recently reported that Soneri Bank’s CEO has been given a huge raise. Mohammad Aftab Manzoor, CEO and President of Soneri Bank has been given an annual raise of PKR 8.7 million in his basic salary. According to the terms mentioned in his revised contract, he will receive monthly gross salary of PKR 4 million, i.e. PKR 48 million per annum excluding all the fringe benefits and bonus.
It is safe to assume that Soneri Bank is making efforts to deliver strong results and is well positioned to leverage the upcoming economic opportunities. In any case, we will continue to track the upcoming trends of the financial institution to keep our readers updated.