ANNUAL REPORT 2018 We at Soneri Bank Believe That Human Lives Are More Than Just a Set of Numbers, They Are an Amalgamation of Dreams, Desires and Struggles
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STROKE OF THE HUMAN ELEMENT ANNUAL REPORT 2018 We at Soneri Bank believe that human lives are more than just a set of numbers, they are an amalgamation of dreams, desires and struggles. We understand our customer’s journey and aim to simplify their lives by adding a compassionate human touch to banking. Every relationship that we build is not just a financial transaction - it is a connection that lasts for a lifetime. CONTENTS Vision, Mission .................................................................................................... 04 Cash Flow Analysis.............................................................................................62 Core Values ......................................................................................................... 06 Market Statistics of SNBL Shares....................................................................63 Key Financial Highlights................................................................................... 08 Chairman’s Review ............................................................................................ 64 Technology...........................................................................................................10 Directors’ Report to Shareholders................................................................. 66 An Element of Growth........................................................................................12 Statement of Internal Controls........................................................................86 CSR ........................................................................................................................ 14 Code of Conduct.................................................................................................87 Products and Services ........................................................................................18 Mechanism Adopted For Board’s Performance Evaluation..................... 90 Board of Directors ............................................................................................. 30 Statement of Compliance with Listed Companies Leadership Team.................................................................................................34 (Code of Corporate Governance) Regulations, 2017................................. 91 Quality Initiatives................................................................................................38 Independent Auditor’s Review Report to the Members on the Organisational Structure...................................................................................42 Statement of Compliance Contained in Listed Companies (Code of Corporate Governance) Regulations, 2017.................................95 Corporate Information...................................................................................... 44 Independent Auditors’ Report to the Members ..........................................98 List of Committees of the Board of Directors ............................................ 45 Statement of Financial Position .....................................................................101 Board and Committees’ Meetings ..................................................................47 Profit and Loss Account..................................................................................102 Management Committees................................................................................ 48 Statement of Comprehensive Income .........................................................103 Key Performance Indicators............................................................................ 50 Cash Flow Statement.......................................................................................104 Six Years Financial Summary............................................................................51 Statement of Changes in Equity...................................................................105 Per Branch Performance .................................................................................. 54 Notes to the Financial Statement .................................................................106 Concentration of Advances, NPLs, Report of Shari’ah Board ................................................................................ 182 Deposits and Contingencies & Commitments...........................................55 Notice of the Annual General Meeting ........................................................184 Maturities of Assets and Liabilities.................................................................56 Jama Punji .......................................................................................................... 188 Key Interest-Bearing Assets and Liabilities..................................................57 Pattern of Shareholding ..................................................................................189 Statement of Value Addition ...........................................................................58 List of Branches................................................................................................. 192 Quarterly Performance......................................................................................59 List of Foreign Correspondents ....................................................................198 Six Years’ Vertical Analysis.............................................................................. 60 Six Years’ Horizontal Analysis.......................................................................... 61 AN ELEMENT OF FOCUS We at Soneri Bank envision to achieve the right banking solutions and are constantly looking to add a lens of perfection to all our approaches. With the aspiration to create the best financial solutions for our customers, we remain in the quest for excellence through innovation in all our actions. VISION To better serve customers to help them and the society grow. MISSION We provide innovative and ecient financial solutions to our customers. AN ELEMENT OF COLLABORATION We at Soneri Bank believe in providing best financial solutions that suit the needs of our customers. We hold immense value in the strong bond we create with our customers for a lifetime. CORE VALUES We believe in the following principles and core values that maintain uniformity in all our dealings. WE ARE CUSTOMER CENTRIC We build strong long-term relationships with our customers. We believe in exceeding our customers’ expectations. We believe in connecting with our customers through empathy and understanding. WE HAVE HIGH MORAL STANDARDS We build a culture of trust. We are open, honest and fair in all our dealings. We base our work on trust and integrity. WE TAKE OWNERSHIP We take responsibility and accountability for what we do. We stand up for what we believe is right. We accept the consequences of our decisions and actions that we take. WE ARE PRO-ACTIVE We plan ahead. We make swift and timely decisions and value time as our asset. We strive to stay ahead by anticipating change and forecasting risk. WE COLLABORATE We are one team with one vision. We encourage and support diversity across all channels. We value teams within and across business units. KEY FINANCIAL HIGHLIGHTS TOTAL ASSETS CAPITAL ADEQUACY RATIO Rs. 382.50 14.70% BILLION SHAREHOLDERS' EQUITY PROFIT BEFORE TAXATION Rs. 17.99 Rs. 2.90 BILLION BILLION EARNINGS PER SHARE DEPOSITS Rs. 262.38 Rs. 1.62 BILLION ADVANCES TO DEPOSIT RATIO TRADE VOLUMES 74.26% Rs. 367.16 BILLION AN ELEMENT OF ADVANCEMENT We at Soneri Bank believe in the culture of maximising technology by employing robust systems, speedy processes and innovative solutions, all of which contribute to the digital advancement of our product oering. These advancements not only help us ensure customer security at the highest level but shall also provide class leading convenience in our imminent digital products. TECHNOLOGY AN ELEMENT OF GROWTH 1991 1992 2000 2004 2008 2013 2015 2016 2018 The Soneri Widening Surpassing Setting Dawn Horizons Accelarating Roshan Har The First Step Milestones Benchmarks Charting the Soneri Bank was Growth Qadam Embarking Soneri Bank Course incorporated on Soneri Bank Soneri Bank on the Soneri Bank grew its Soneri Bank Soneri Bank 28th September, took its first step introduced celebrated its 25 footprint launched Islamic launched its new Digital Today, Soneri Bank 1991. by establishing customised glorious years through its Banking-Mustaqeem. identity ‘Roshan is accessible across the first products and Journey of banking. branch and ATM Har Qadam’ with the country with 5 branches. services for the network across betterment and a promise to Soneri Bank its branch major cities of convenience of enlighten lives of with the vision network of more the country. its customers. its stakeholders to enhance and than 290 branches and customers. facilitate the and 300+ ATMs. customer experience launched its Mobile App. AN ELEMENT OF COMPASSION We at Soneri Bank consider investing in the future of our people through our health and education initiatives, creating opportunities for people with potential to uplift their lives as well as the community at large. CORPORATE SOCIAL RESPONSIBILITY CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES Development In Literacy (DIL) Soneri Bank has aimed to enrich the society in all walks of life by truthfully embracing its brand promise of Roshan Har DIL educates and empowers underprivileged students, especially girls, by opening student-centred model schools