Karachi: Soneri Bank Limited has announced its financial results for the year ended December 31, 2024, during its 200th Board of Directors meeting held on February 7, 2025, at the PNSC Building in Karachi. The bank has approved the annual audited accounts and declared a final cash dividend of Rs.1.751 per share, amounting to 17.50% for its shareholders. This final dividend is in addition to the interim cash dividend of Rs.1.25 per share, which had been disbursed earlier, representing a 12.50% payout.
The financial report highlights that no bonus or right shares have been issued for the year 2024, and there were no other entitlements or corporate actions declared. The bank's audited statements, including the Statement of Financial Position, Profit and Loss, Changes in Equity, and Cash Flows, have been enclosed with the announcement for further details.
In terms of financial performance, Soneri Bank reported total assets worth Rs.739.50 billion for the year 2024, up from Rs.658.56 billion in 2023. The increase in assets is attributed to significant growth in investments, which rose to Rs.384.31 billion from Rs.310.34 billion the previous year, and advances, which increased to Rs.243.37 billion from Rs.205.75 billion in 2023.
The total liabilities also saw an escalation, reaching Rs.708.69 billion in 2024 compared to Rs.629.95 billion in the preceding year. The rise in liabilities is mainly due to increased borrowings, which surged to Rs.109.37 billion from Rs.68.74 billion, and deposits and other accounts, which climbed to Rs.543.15 billion from Rs.517.87 billion.
Net assets of the bank stood at Rs.30.81 billion for 2024, reflecting a growth from Rs.28.61 billion in 2023. The increase in net assets is supported by improved reserves, which increased to Rs.6.31 billion from Rs.5.13 billion, and a surplus on revaluation of assets reaching Rs.4.29 billion from Rs.1.66 billion in the previous year.
Soneri Bank's cash flows from operating activities generated Rs.72.02 billion in 2024, slightly down from Rs.72.66 billion in 2023. This was influenced by a net cash flow used in investing activities of Rs.62.10 billion and a net cash flow used in financing activities of Rs.6.46 billion for the year.
According to information available from the Pakistan Stock Exchange (PSX), the bank's profit before taxation was recorded at Rs.12.64 billion for 2024, compared to Rs.12.36 billion in the previous year. However, after adjustments, the net operating profit showed a downward trend, impacting the overall cash position.
The upcoming Annual General Meeting of Soneri Bank is scheduled for March 13, 2025, at the Upper Mall Scheme, Lahore, and will also be accessible via a video-link. The share transfer books will be closed from March 7 to March 13, 2025, inclusive of both dates, for determining the entitlement of shareholders to the declared dividend.
Soneri Bank has committed to transmitting its annual report through the Pakistan Unified Corporate Action Reporting System (PUCARS) at least 21 days before the Annual General Meeting, ensuring transparency and timely access to information for its shareholders and stakeholders.