Soneri Bank Limited ("SNBL" or the "Bank") was incorporated as a public limited company and commenced operations as a Scheduled Commercial Bank in 1991. The Bank is quoted on the Pakistan Stock Exchange under the category of Commercial Banks.

Soneri Bank was founded by the Feerasta family to serve the underserved SME segment, often overlooked by larger banks. Starting with one branch in Lahore, the Bank operates over 500 branches across more than 200 cities in Pakistan as of Dec'24. With assets over PKR 700bln, the Bank excels in trade finance and continues innovating through advanced banking technologies. Soneri Bank's registered office is situated on the 2nd Floor, 307-Upper Mall Scheme, Lahore, while its central office is located on the 10th Floor, PNSC Building, M.T. Khan Road, Karachi.

The Bank offers a wide range of financial products and services, including conventional and Islamic banking, digital banking solutions, and tailored financing options for individuals and businesses. Their portfolio includes various deposit accounts, consumer and Islamic financing, trade finance, and advanced cash management services. With a strong focus on innovation and customer convenience, Soneri Bank continues to expand its reach through digital platforms and specialized programs. At end-Dec'24, the Bank operates with 544 (end-Dec'23: 443) branches, including 68 Islamic banking branches, and 15 Islamic banking windows. 

At end-Mar'25, the Feerasta Family-sponsors of the Rupali Group, own a 72.48% stake in the Bank, mainly through three trusts and individuals of the sponsor family. Other shareholders mainly include the National Bank of Pakistan (NBP), which, through National Investment Trust Limited (NITL), holds an 8.72% stake. The remaining stake is 18.80%, which is widely spread among financial institutions and the general public.

The ownership structure of the Company is seen as stable as no material ownership changes are expected in the future. The majority stake rests with the Feerasta family.

The Feerasta Family has been associated with a diverse set of businesses, for the last few decades and has been successfully managing them. Their business acumen is considered good.

Given that Soneri Bank has the flagship business of sponsors, the willingness to support the Bank in case the need arises, is considered high.

The overall control of the Bank vests with an eight-member Board of Directors (Board) comprising four non-executive directors, three independent directors, and one executive director, the Chief Executive Officer (CEO). Three of the Board members are nominees of the Feerasta family, while one is a National Investment Trust (NIT) representative. Mr. Amin A. Feerasta has been appointed as the Chairperson after the sad demise of late Mr. Allaudin J. Feerasta last year.

The Board members carry extensive professional experience in banking and other sectors. The Board provides overall guidance in managing risks associated with the Bank’s operations and strategic direction. Mr. Amin A. Feerasta – Chairperson of the Board assumed office on June 6, 2024. With over 26 years at the Bank, he has served in key roles including Chief Risk Officer, Chief Operating Officer, Deputy CEO, and Executive Director. He holds a BSc in Finance from Santa Clara University, USA, and is a Certified Director. He has completed executive programs at the University of Oxford and in Malaysia. He also serves as Chairperson of the Aga Khan Foundation, Pakistan. Mr. Nooruddin Feerasta – Non-Executive Director is the Sponsor Director and CEO/Chairman of several Rupali Group companies. With over 31 years of industrial experience, he specializes in operations, finance, and legal affairs. He holds a BBA from the USA and is a member of the Board’s Credit and Audit Committees. Mr. Ahmed A. Feerasta – Non-Executive Director is a young entrepreneur and CEO of Rupali Foods. A University of Texas at Austin graduate, he brings experience in corporate procurement, finance, and marketing. He is also a Certified Director. Mr. Manzoor Ahmed – Non-Executive Director (NIT Nominee) is the Chief Operating Officer (COO) of National Investment Trust Limited, overseeing a portfolio exceeding PKR 100bln with experience of over 33 years in mutual funds. He holds an MBA, D.A.I.B.P., is pursuing CFA Level III, and is a Certified Director. Mr. Jamil Hassan Hamdani – Independent Director has extensive international banking experience since 1973. He retired as MD of Credit Agricole Indosuez (Suisse) SA and chaired the Pakistan-France Business Alliance. He chairs the Bank’s Audit Committee and is a member of other key board committees. He is a Certified Director. Ms. Navin Salim Merchant – Independent Director is a Supreme Court Advocate with over 26 years of legal experience. She served as an ADR Expert at IFC (World Bank Group) and leads the ICC ADR Commission Pakistan and IBA DRF. She is an Independent Director on several boards and a member of the Chartered Institute of Arbitrators. Mr. Tariq Hafeez Malik – Independent Director has over 36 years of experience in ICT, cybersecurity, and banking. Former CTO of Interactive Group, he is currently CTO at Techaccess Pakistan. He has worked with Sun Microsystems and lectured at global institutions. He holds degrees in Commerce and Applied Science and is a Certified Director from the Institute of Directors, UK.

There are six board committees: i) Audit, ii) Risk & Compliance, iii) Human Resource and Remuneration, iv) Credit, v) Independent Directors, and vi) Information Technology Committee, which assists the Board in the effective oversight of the Bank’s overall operations on relevant matters.

M/s. A.F. Ferguson & Co, Chartered Accountants, classified in category 'A' by SBP and having a satisfactory QCR rating are the external auditors for SNBL. They expressed an unqualified opinion on the financial statement for the year ended 31st December 2024.

Overall operations have been divided into thirteen functions and organized into Northern, Central, and Southern regions for effective management and control.

SNBL’s management team comprises experienced individuals. Mr. Muhtashim Ahmad Ashai – President & CEO joined Soneri Bank Limited on 01 April 2020. With over 32 years of local and international banking experience, he previously served as President & CEO of MCB Islamic Bank and held senior roles at ABN AMRO (Pakistan, Japan, China) and MCB Bank as Group Head Corporate Finance and International Banking. He has expertise in corporate, transaction, and investment banking. Mr. Ashai holds a BSc from the University of Engineering & Technology, an MBA from LUMS, and has completed executive training from the Institute of Chartered Accountants of Pakistan and McGill University. Mr. Ahsan Mushahid Siddiqui - Deputy CEO, brings over 31 years of diverse banking experience. He joined the Bank in 2023 and assumed his current role in July 2024. Reporting directly to the CEO, he plays a key role in leading strategic initiatives, operational efficiency, and digital transformation efforts. With a strong background in customer-centric leadership and innovation, Mr. Siddiqui is instrumental in driving Soneri Bank’s continued growth and service excellence across its expanding network. Mr. Mirza Zafar Baig – Chief Financial Officer, joined Soneri Bank in November 2017, with over 20 years of experience in banking and finance. He previously held senior roles at Bank Alfalah, Faysal Bank, ABN AMRO, and HSBC. He holds a Bachelor of Commerce in Accounting and Finance from the University of Karachi. Mr. Mubarik Ali - Chief Risk Officer joined Soneri Bank in 2011, with a strong background in risk management and policy development. He previously served as CEO of National Asset Management Company and held senior roles at TRUST Investment Bank, Trust Capital, and MCB Bank. He holds an MBA in Finance from the University of the Punjab and brings over three decades of experience in the financial sector. 

SNBL has eight management committees in place, all headed by the CEO. The committees are i) Management, ii) Executive Credit, iii) Compliance, iv) Assets & Liability, v) I.T Steering, vi) Credit Risk Management, vii) Operational Risk Management Committee and viii) Business Continuity Plan Steering,

The Bank made substantial investments to add value to its risk management framework and upgraded its Operational Risk Rating (ORR) monitoring and related systems through in-house developments and external consultant support. Moreover, the Bank has also upgraded its data center and disaster recovery solutions and has also deployed a data warehouse to support the business functions.

The Bank’s risk management aims to proactively identify, assess, and control risks to support sustainable growth and protect financial performance. Its integrated framework replaces silo-based risk handling, enabling a holistic view across business functions. Oversight is provided by the Board and specialized committees, including the Board Risk and Compliance Committee (BRCC), Credit Risk Management Committee (CRMC), and Operational Risk Management Committee (ORMC), ensuring adherence to approved policies and maintaining risk within acceptable levels. The policy, aligned with regulatory guidelines, covers all major risk types and is built on core principles such as management oversight, risk recognition and assessment, control activities, segregation of duties, effective communication, and continuous monitoring and correction of deficiencies.

During CY24, Pakistan's Banking sector's total assets posted growth of ~15.81% YoY whilst investments surged by ~14.50% to PKR ~29.79trln (end-Dec23: PKR ~26.01trln). Gross Advances of the sector recorded growth of ~29.11% to stand at PKR ~16.91trln (end-Dec23: PKR ~13.10trln). Non-performing loans witnessed an increase of 7.35% YoY to PKR ~1,068bln (end-Dec23: ~995bln). The CAR averaged at 20.6% (end-Dec23: 19.7%). Looking ahead, given the expected monetary rate cut and high cost environment, Banks are likely to sustain some dilution in profitability by CY25. Source: SBP Compendium

SNBL, a small-sized Bank, holds a customer deposit base of PKR 486.2bln , other than financial institutions at end-Dec24 (end-Dec23: PKR 429.7bln). On such basis, the market share of deposits of the Bank stood at 1.7% (end-Dec23: 1.6%).

In CY24, SNBL’s Net markup income witnessed an increase of 9.6% YoY to stand at PKR 24.9bln (CY23: PKR 22.8bln), on the back of improvement in average volumes, more than offsetting small compression in spreads. While the markup income witnessed an increase of 16.4% YoY to stand at PKR 114bln (CY23: PKR 98bln). Subsequently, the Asset yield of the Bank stood at 19.9% (CY23: 19.1%). Whereas, the Bank’s cost of funds inclined to 14.2% (CY23: 13.3%). The Bank’s spread stood the same as last year at 5.7%. The overall revenue of the Bank indicated an improvement by 8.5% YoY.

In CY24, non-mark-up income increased by 4.6% to stand at PKR 6.8bln (CY23: PKR 6.5bln) mainly due to higher fee and commission income (CY24: PKR 4.3bln; CY23: PKR 3.1bln). Non-markup expenses inclined by 26.2% YoY to PKR 19.5bln (CY23: PKR 15.5bln), which coincides with the elevated inflation levels, especially in the 1QCY24, and expansion of the branch network by adding 101 branches across the country. The non-markup expenses to total income increased to 61.6% (CY23: 52.9%). Net profits decreased by 2.86% to stand at PKR 5.9bln (CY23: PKR 6.1bln).

At end-Dec'24, the Bank operates with 544 (end-Dec'23: 443) branches, including 68 Islamic banking branches, and 15 Islamic banking windows. Moving ahead, the Bank intends to expand its branch network to assist further outreach. The Profitability stream is stable and supports the equity position. The Management’s focus is to improve the Bank's sustained market share while remaining compliant with minimum capital requirements.

At end-Dec24, SNBL's net advances have increased by 18.2% and were reported at PKR 243.3bln (end-Dec23: 205.7bln). The Bank's ADR was reported at 44.8% (end Dec23: 39.7%). The infection ratio decreased to 3.1% (end-Dec 23: 4.9%). This was driven by the incline of the advance base, and a decrease in NPLs (end-Dec24: 7.9bln, end-Dec23: 10.5bln).

The Bank's investment portfolio witnessed a 23.83% increase at end-Dec24, SNBL has an investment book of PKR 384.3bln (end-Dec23: PKR 310.3bln), with a majorly skew towards Government securities (99%). The Government securities are mainly comprised of Pakistan Investment Bonds (PIBs) about PKR 302.4bln (end-Dec23: PKR 202.8bln), followed by T-Bills about PKR 51.1bln (end-Dec23: PKR 76.4bln), which have decreased from the last year. The higher investment in PIBs reflects the Bank’s strategy to secure long-term yields amid anticipated interest rate declines. The reduction in T-Bills indicates a deliberate shift away from short-term instruments, aiming to enhance duration and optimize returns within a stable, low-risk investment framework.

The Bank's investment portfolio is heavily skewed towards government securities, which comprise 99% of total investments. The Bank’s strong focus on government securities shows its cautious and low-risk investment strategy, aimed at capital preservation and ensuring steady returns. Current Account (CA) stood at 30%, the same as last year, and Savings Account (SA) rose to 52% (CY23: 49%). The Bank’s liquidity, in terms of Liquid Assets-to-Deposits and borrowing ratio, inclined to 59.7% (CY23: 56.2%).

The Bank remains well-capitalized, maintaining strong buffers above regulatory requirements. As of end-Dec24, the Capital Adequacy Ratio (CAR) stood at 17.7% (CY23: 18.4%), with a Tier I CAR of 13.9% (CY23: 15.5 %), in full compliance with SBP’s minimum thresholds. The Bank is committed to sustaining capital ratios significantly above the regulatory benchmarks to ensure robust risk absorption capacity. The Bank's core equity is supported by a perpetual ADT 1 instrument of PKR 4bln, which was raised in 2018 and Tier-II TFCs amounting to PKR 4bln, raised in the year 2022.