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Annual Report 2017

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Annual Report 2017 Annual Report 2017 Soneri Bank Limited Registered Office: Rupali House 241-242, Upper Mall Scheme, Anand Road, Lahore - 54000, Pakistan Tel: (042) 35713101-04 Central Office: 10th Floor, PNSC Building, M.T. Khan Road, Karachi - 74000, Pakistan Tel: (021) 111-567-890 24/7 Phone Banking: 021-111-SONERI (766374) Over 285 branches & 300+ ATMs www.soneribank.com SoneriBankPK @SoneriBank_Pk The path that leads up to real treasure is paved with shining discoveries and glittering revelations. Just as the real value of gold never escapes the trained eye of a true Gold miner, Soneri Bank identi�ies the real value of its customers through years of �inest banking experience, and continues to evolve as a progressive and trusted �inancial entity in the region. Soneri Bank strives to be the VESSEL OF LIGHT that shines its beacon of transformation on everyone - the light of equality and diversity, our core ethos. Inspired by one of the most valuable in the world, Soneri Bank continuously reinvents itself to cater to a diverse customer portfolio and aspires towards the golden standard of service quality. CONTENTS 7 Vision 41 Six Years’ Financial Summary 56 Directors’ Report to Shareholders 80 Cash Flow Statement 9 Mission 44 Branch Performance 68 Statement of Internal Controls 81 Statement of Changes in Equity 11 Core Values 45 Concentration of Advances, NPL, Deposits and 69 Code of Conduct 82 Notes to the Financial Statements 12 Board of Directors Off-Balance Sheet Items 72 Mechanism adopted for Board's own 158 Report of Shari’ah Board 14 Senior Management 46 Maturities of Assets and Liabilities Performance Evaluation 160 Notice of the Annual General Meeting 16 Products and Services 47 Key Interest Bearing Assets and Liabilities 73 Statement of Compliance with the Best Practices 163 Jama Punji 26 CSR Activities 48 Statement of Value Addition of Code of Corporate Governance 164 Pattern of Shareholding 30 Fair Treatment of Customer 49 Quarterly Performance 75 Auditors’ Review Report to the Members on 167 List of Branches 32 Organizational Structure 50 Six Years’ Vertical Analysis Statement of Compliance With the Best 171 List of Foreign Correspondents 34 Corporate Information 51 Six Years’ Horizontal Analysis Practices of Code of Corporate Governance 187 Glossary 35 List of Committees’ of the Board of Directors 52 Cash Flow Analysis 76 Auditors’ Report to the Members 37 Board and Committees’ Meetings 53 Market Statistics of SNBL Shares 77 Statement of Financial Position 38 Management Committees 54 Financial Calendar 78 Profit & Loss Account 40 Key Performance Indicators 55 Chairman’s Review Report 79 Statement of Comprehensive Income Soneri Bank Limited | Annual Report 2017 | 07 VISION To better serve customers to help them and the society grow. Our brand promise, Roshan Har Qadam exudes the PURITY OF GOLD. Whatever we create and offer to our customers is an embodiment of our philosophy. Soneri Bank Limited | Annual Report 2017 | 09 Like meticulous CRAFTSMEN, our employees shape every part of our business, leading to achievement and success. MISSION We provide innovative and efficient financial solutions to our customers. Soneri Bank Limited | Annual Report 2017 | 11 Our business is conducted with a GOLDEN TOUCH of excellence and highest echelons of integrity and transparency. CORE VALUES We are customer centric We have high moral standards We take ownership We are proactive We collaborate Soneri Bank Limited | Annual Report 2017 | 13 BOARD OF DIRECTORS Nooruddin Feerasta Alauddin Feerasta Mohammad Aftab Manzoor Amin A. Feerasta Muhammad Rashid Zahir Manzoor Ahmed Inam Elahi Jamil Hassan Hamdani Director Chairman President & Chief Executive Officer Executive Director Director Director Director Director Soneri Bank Limited | Annual Report 2017 | 15 SENIOR MANAGEMENT Mubarik Ali Amin A. Feerasta Mohammad Aftab Manzoor Mirza Zafar Baig Shahid Abdullah Ahmed Saqib Asad Iqbal Zaidi Ali Hassan Shah Anita Lalani Muhammad Qaisar Masood Tyabji Syed Asim Ali Country Credit Head Executive Director President & Chief Executive Chief Financial Officer Head of Treasury, Chief Information Officer Head of Compliance Head of Operations Head of Human Head of Commercial & Head of Corporate & Head of Audit Officer Capital Markets, FI & PRI & Control Resources Retail Banking Investment Banking Soneri Bank Limited | Annual Report 2017 | 17 At Soneri Bank, we strive to offer the most vibrant range of products and services to exceed our customer’s expectations. Our commitment to the customers is to leverage our brand promise “Roshan Har Qadam” by constantly innovating our products suite to best match the personal and business needs of our customers, including Commercial, Retail & Corporate and Islamic segments. With our corporate vision "To better serve the customers to help them and the society grow”, and our mission "To provide innovative and efficient financial solutions to our customers" we serve them with excellent solutions and constantly raise our performance standards. CURRENT ACCOUNTS Customers can open any current account for their transactional needs and enjoy banking convenience offered via over 285 branches and a growing network of 300+ ATMs across the country. Our current accounts include: Soneri Ikhtiar Account minimum documentation requirement. It is Soneri Ikhtiar is the flagship current account offered in both current and savings account which is ideally suited for businesses in search types and is suitable for self-employed of a convenient and feature-rich bank account individuals, students, housewives and daily to fulfill their daily banking needs. This account wagers. offers numerous free facilities, including: Banker’s Cheque Issuance, Online Banking, Soneri Pensioners Account Cheque Books, Standard Master Debit card Soneri Bank branch network across Pakistan and much more. In addition, Soneri Ikhtiar facilitates in opening of Pensioners Account. Account offers free Worldwide Accidental Branches effectively coordinate with various Insurance and ATM Withdrawal Coverage to Pension disbursing departments to ensure help protect customers and their loved ones. hassle-free disbursement / credit of Pension in the respective Pensioner’s account. Soneri Current Account Soneri Current Account lets the customers Soneri INSTA PAY Payroll Solution enjoy a host of free banking services with no It is an efficient employee payroll solution for restriction on number of transactions. It also companies. The product is a bundled Each aspect of our offering provides complete peace of mind with free proposition providing one-stop tailored solution, Worldwide Accidental Insurance and ATM catering to the specific needs and requirement GLIMMERS Withdrawal Coverage. of the client and its employees. with the scintillating diversity that best meets Basic Banking Account the speci�ic needs of our It is a non-profit bearing account with no customers, ensuring a truly minimum balance requirement. Initial deposit for splendorous customer account opening is Rs.1,000. Unrestricted experience. number of withdrawals from the account through ATMs are permissible, subject to applicable per day withdrawal limit for amounts Real-time Speed Finance Personal Products & Services salary transfer Loan in force. Soneri Asaan Account Car Finance Bancassurance Payroll Solution Soneri Asaan Account offers a simple and Silver Gold Platinum Silver Gold Platinum convenient way to fulfill all banking needs with Soneri Bank Limited | Annual Report 2017 | 19 SAVINGS ACCOUNTS FINANCING PRODUCTS Soneri Bank offers a complete range of savings products with attractive returns. These accounts are Soneri Bank ensures meeting all banking needs of its customers by offering variety of financing designed to cater to the specific needs of individuals, senior citizens and corporates. products to facilitate them to grow their businesses and also contribute their share towards industrial Our savings product suite includes: growth of the country. The Bank is also committed to play its role Prime Minister’s Youth Business Loan PLS Savings Account amount in Rupees for a set period ranging from towards strengthening the SME sector by (PMYBL) Scheme Basic deposit account with no minimum 1 month to 3 years at attractive profit rates. The encouraging quality players to avail credit The Government has introduced Prime balance requirement. It can be opened with an depositor has the option to reinvest the deposit facilities through our nationwide branches, Minister’s Youth Business Loan Scheme with a initial deposit of just Rs.100. The complete automatically with or without profit. empowering them to grow beyond financial markup subsidy and partial guarantee facility for range of ADC services is offered on this limitations. In addition to our conventional extension of small business loans. The scheme account, including: Standard Master Debit card, Soneri Diamond Deposits financing products including Running Finance, was launched by the Prime Minister for Internet/Mobile Banking, Online Banking and (Monthly Income Scheme) Cash Finance, Term/Demand Finance, Letter of promoting youth entrepreneurship in the SMS Alerts. Soneri Diamond Deposits provide investment Credits (LCs), Finance against Imported country. The main objective of PMYBL Scheme opportunities to customers looking for additional Merchandise (FIM), Finance against Trust is to provide loans to the unemployed youth for Soneri Savings Account monthly income with an attractive return. Receipts (FATR) and Letter of Guarantees (LGs), establishing or extending business enterprises.
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